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.

Global Spirulina Market Report Snapshots

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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. '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.'

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.

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.

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.

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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

Global Spirulina Market Insights

Global Spirulina Market Report Snapshots

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