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Meticulous Research®– leading global market research company in collaboration with the European Algae Biomass Association (EABA) published a research report titled “Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), and Application (Nutraceuticals, Food & Beverages, Agriculture, Animal Feed)- Global Forecast to 2025”.
According to this latest publication from the EABA & Meticulous Research®, the global spirulina market is expected to grow at a CAGR of 9.4% from 2019 to reach $629.6 million by 2025. In terms of volume, this market is expected to grow at a CAGR of 13.6% from 2019 to reach 68,025.2 tons by 2025. The growth of the spirulina market is mainly attributed to growing health & wellness trends and dietary supplements industry, growing demand for natural food colors, increasing vegetarianism, and growing malnutrition. Moreover, factors such as stringent regulations regarding the inclusion of synthetic colors and flavors; increasing preference for spirulina sourced products, especially pigments and omega-3 fatty acids; growing use of spirulina in aquaculture diets; and increase in number of products that include spirulina as ingredients across the globe further support the growth of the global spirulina market. However, low awareness about the benefits of spirulina and challenges associated with the production of spirulina is expected to hinder the growth of the global spirulina market to some extent.
The global spirulina market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025-by distribution channel (consumer channel, business channel), product type (powder, tablets, capsules, flakes, phycocyanin extract), and application (nutraceuticals, food & beverages, agriculture, animal feed). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Check complete table of contents with a list of table and figures:: https://www.meticulousresearch.com/product/spirulina-market-5070/
Based on the distribution channel, the spirulina market is segmented into consumer and business channel. The business channel segment is estimated to command the largest share of the overall spirulina market in 2019. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceutical, food and beverages, and animal feed, among others for further product development.
Based on product type, the spirulina powder segment is estimated to command the largest share of the overall spirulina market in 2019, which is primarily attributed to its huge demand by the nutraceutical manufacturers owing to growing health consciousness among consumers as well as growing use as an ingredient in a variety of food and beverages products. However, phycocyanin extract is expected to grow at the highest CAGR during the forecast period, due to its tremendous demand from the food industry, where it is used as a natural food colorant. Considering the high potential, world leaders in this field are investing several million dollars in production lines of phycocyanin.
Based on application, the spirulina market is segmented into nutraceuticals, food & beverages, agriculture, animal feed, and cosmetics. Nutraceuticals application is estimated to command the largest share of the overall spirulina market in 2019. The largest share of this segment is attributed to the booming nutraceutical sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
This research report also analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, the Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Thailand, and RoAPAC), Latin America, and Middle East & Africa. North America is estimated to command the largest share of the overall spirulina market in 2019, followed by Asia-Pacific and Europe. The large share of this region is mainly attributed to huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and biofertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities, especially in the U.S. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period, majorly driven by China. The growth in this market is expected to be driven by the presence of many local and regional players in this region, growing dietary supplement industry, growing need to eradicate malnutrition, and favorable climatic conditions and low production cost. Moreover, various government initiatives to promote the use of spirulina and ongoing research on exploring the various application areas for spirulina further drive the growth of the spirulina market in the APAC region.
The major players operating in the global spirulina market are Earthrise Nutritional, LLC (U.S.), DIC Corporation (Japan), Yunnan Green A Bio-engineering Co., Ltd (China), Algene Biotech (India), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India), Far East Bio-Tec. Co. Ltd. (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia) among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of distribution channel, product type, application, and region/countries?
- What was the historical market for spirulina across the globe?
- What are the market forecasts and estimates for the period 2019-2025?
- What are the major drivers, restraints, and opportunities in the global spirulina market?
- Who are the major players in the global spirulina market?
- What are the recent developments in the global spirulina market?
- What are the different strategies adopted by the major players in the global spirulina market?
- What are the geographical trends and high growth regions/ countries?
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. For more information, please visit www.meticulousresearch.com/
The general objective of EABA is to promote mutual interchange and cooperation in the field of algae biomass production transformation and use, including biofuels uses and all other utilizations. It aims at creating, developing and maintaining solidarity and links between its Members and at defending their interests at European and international level. Its main target will be to act as a catalyst for fostering synergies among scientists, industrialists, and decision-makers in order to promote the development of research, technology and industrial capacities in the field of algae biomass. The Association is technology-neutral and does not aim at favoring a particular kind of production, processing or of the final use of the algae biomass. This approach reflects the fact that all the algae production technologies and all the final uses of algae biomass are to be considered as interdependent. Macro and microalgae biomass interested organizations and individuals are represented by EABA as the sector organization. For more information, please visit www.eaba-association.org
For more information:
Mr. Khushal Bombe
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Mr. Vítor Verdelho
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