USD 532.49 Million
Global Spirulina Market Size, Share, Growth Analysis, By Type(Arthrospira Platensis, Arthrospira Maxima), By Application(Nutraceuticals, Food & Beverages), By Drug Formulation(Powder, Tablet & Capsule) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2776 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
70
Global Spirulina Market Insights
Global Spirulina Market size was valued at USD 532.49 Million in 2022 and is poised to grow from USD 588.9 Million in 2023 to USD 1318.6 Million by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).
Spirulina supplements have gained prominence for their dense nutrient profile, emerging as a pivotal solution to combat malnutrition across several nations. This has spurred heightened demand among companies, prompting localized production in their respective countries.
Moreover, amidst shifting lifestyles and the aftermath of the COVID-19 pandemic, consumer preferences have veered towards natural food coloring over synthetic alternatives. Spirulina, renowned for its vibrant natural hues, has garnered increased favor among these health-conscious consumers seeking wholesome, organic solutions. Consequently, the convergence of nutritional richness and the preference for natural food colors has positioned spirulina supplements as a desirable dietary choice in today's evolving market landscape.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Tablet & Capsule
Growth Rate
10.6% CAGR
Global Spirulina Market ($ Bn)
Country Share for North America Region (%)
Global Spirulina Market By Drug Formulation (%)
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Global Spirulina Market Segmental Analysis
The global spirulina market is segmented into four segments i.e. by application, type, formulation, and region. Based on Type, the market is segmented as, Arthrospira Platensis, and Arthrospira Maxima. Based on Application the market is segmented as, Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, Others. Based on Drug Formulation the market is segmented as, Powder, Tablet & Capsule, Liquid, Granule & Gelling Agent. Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, France, Italy, UK, Spain, Rest of Europe, Asia-Pacific, China, Japan, India, Australia, Rest of Asia-Pacific, LAMEA, Brazil, South Africa, Rest of LAMEA.
Analysis by Drug Formulation
The powder category emerged as the dominant force within the spirulina market, capturing a significant 78% share in 2022 and is projected to exhibit the most rapid CAGR of 10.7% during the forecast period. This remarkable growth trajectory is largely attributed to heightened demand from nutraceutical manufacturers, fueled by a widening awareness among consumers regarding health and wellness.
The tablet & capsule segment stands as a significant player in the spirulina market, offering a convenient and easily consumable format for the integration of spirulina into daily dietary routines. Tablets and capsules serve as popular delivery methods for spirulina supplements, catering to consumer preferences for hassle-free and precise dosage intake. The rising demand for health supplements among health-conscious individuals seeking the benefits of spirulina's rich nutritional content is considered a key growth promoter.
Analysis by Application
The largest market share is earned by the nutraceutical category as of 2022 report and this dominance is likely to continue throughout the forecast period. Factors supporting growth of this segment include the rise in consumer concerns about health and nutrition, coupled with a growing preference for natural alternatives to conventional pharmaceutical products.
The veterinary segment is likely to register the fastest growth rate in the spirulina market, particularly in animal nutrition and health. Spirulina's incorporation as a feed additive has gained considerable traction within veterinary practices in the last few years. Its rich nutrient profile, comprising proteins, vitamins, and essential minerals, contributes to enhancing animal health and growth. Veterinarians and animal nutritionists increasingly advocate for spirulina due to its potential to boost immune systems, improve digestion, and support overall well-being in various animal species.
Global Spirulina Market By Drug Formulation , 2023 (%)
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Global Spirulina Market Regional Insights
North America earned the largest market share of 51% in 2022, outpacing Europe and Asia Pacific. This is expected to continue during the forecast period as well, attributed to the escalating demand within the region for organically derived food coloring agents.
The spirulina market is poised for significant expansion in the Asia Pacific region, primarily attributed to robust production hubs in countries such as Korea, China, and Indonesia. The anticipated dominance stems from these nations' substantial cultivation of this algae. Additionally, the region's spiraling market growth is bolstered by a rising trend: the integration of this algal species into nutraceuticals, particularly in non-dairy products. This strategic fusion aligns with evolving consumer preferences for fortified and health-focused alternatives, consequently propelling the regional market's upward trajectory during the forecast period.
Global Spirulina Market By Region, 2024-2031
- Largest
- Fastest
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Global Spirulina Market Dynamics
Drivers
Advancements in Food Formulation Technologies to Energize the Market
- The spirulina market's evolution is intricately influenced by the advancements in food formulation technologies, spearheaded by both research institutions and private enterprises. The introduction of spirulina into the realm of the food industry has sparked a wave of innovation, offering numerous pathways for creative development within this market. Recognizing these opportunities, major industry players are strategically investing in research and development endeavors.
Restraints
Limitations in the Stability and Sustainability of Spirulina-Derived Natural Colors to Impede Market Growth
- The anticipated limitations in the stability and sustainability of spirulina-derived natural colors pose potential hurdles to market growth in the forecast period. The constraints primarily revolve around the restricted availability of spirulina resources, which are sourced from freshwater environments limited to select regions. This scarcity acts as a bottleneck, impeding broader market expansion.
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Global Spirulina Market Competitive Landscape
The competitive environment of the global Spirulina Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Cyanotech Corporation
- DOHLER GmbH
- DIC Corporation
- Dongtai City Spirulina Bio-engineering Co., Ltd.
- Cabassi & Giuriati SpA
- DDW
- Pond Technologies Inc
- Prolgae Spirulina Supplies Pvt. Ltd.
- Dongtai City Spirulina Bio-engineering Co., Ltd.
- Sensient Technologies Corporation
- Givaudan international SA
- E.I.D. Parry Limited
- Echlorial
- Algenol Biofuels Inc.
Recent Developments
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In February 2024, The National Organization for Medicines (EOF), Greece, has banned the distribution and sale of an imported dietary supplement containing spirulina, citing excessive levels of polycyclic aromatic hydrocarbons (PAHs) exceeding legal limits. The decision affects the product “VITAMIR SPIROULINA 500mg” imported from German company OLYMP HANDELS GmbH.
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In September 2023, American Public University System (APUS) has announced that the Spirulina Algae Group, part of the University's Supernova Search Group, has received a NASA research grant to study the use of spirulina, for growing plants in space environments.
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In August 2023, the state government of Haryana, an Indian state, has said that it would introduce a spirulina-based product to combat malnutrition in children with a six-month pilot project planned in Nuh district. A study conducted by the Institute of Health Management and Research (IHMR), Bengaluru, demonstrated a reduction in malnutrition by administering spirulina to children for six months.
Global Spirulina Key Market Trends
- Consumer health awareness and mounting apprehensions regarding the adverse effects of artificial food colorings have spurred a surge in the demand for plant-based food products. This shift towards healthier options aligns with the rising trend of clean labeling and the escalating popularity of minimally processed foods. Spirulina, recognized for its natural properties, has emerged as a pivotal ingredient in this movement, particularly as a natural food colorant.
Global Spirulina Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Spirulina market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The spirulina market is experiencing substantial growth propelled by diverse factors, including its role in addressing hunger during humanitarian crises and military operations. The escalating demand for spirulina-based products in such scenarios fuels the market's expansion, highlighting its significance as a valuable nutritional resource in critical situations. Moreover, the global market is being propelled by the increasing utilization of spirulina as a feed additive, particularly for enhancing animal growth and progression. This shift toward integrating spirulina into animal husbandry and aquaculture practices aligns with an industry-wide trend moving away from chemical-based feed supplements to embrace organic alternatives.
| Report Metric | Details | Market size value in 2023 | USD 532.49 Million | Market size value in 2031 | USD 1318.6 Million | Growth Rate | 10.6% | Forecast period | 2024-2031 | Forecast Unit (Value) | USD Million | Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) | Companies covered |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Spirulina Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Spirulina Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Spirulina Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Spirulina Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Spirulina Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Spirulina Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Spirulina Market Report Snapshots
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