Redding, California - September 17, 2024
Spirulina Market to Reach $1.20 Billion by 2031
Spirulina Market Size, Share, Forecast, & Trends Analysis by Product Type (Powder, Capsules, Flakes, Phycocyanin), Production Technique (Ponds), Category (Organic), Distribution Channel (B2B, B2C), Application (Nutraceuticals) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Spirulina Market—Global Opportunity Analysis and Industry Forecast (2024-2031).’ According to this latest publication from Meticulous Research®, the Spirulina market is expected to reach $1.20 billion by 2031, at a CAGR of 9.4% from 2024 to 2031.
Increasing health & wellness trends, the growth of the dietary supplements industry, the rising demand for natural food colorants, the growing popularity of vegetarianism, the positive environmental impact of spirulina cultivation, strict regulations on the utilization of synthetic colors & flavors, the rising preference for spirulina-based products, expanding use of spirulina in aquaculture, and increased investments from natural color manufacturers are driving the growth of the spirulina market. However, the low awareness of the benefits associated with spirulina, the complexities in algae production, and the risk of contamination restrain the market’s growth.
Furthermore, new application areas, increasing demand for phycocyanin, rising demand for spirulina from biorefineries, and increasing demand for fresh/frozen spirulina are expected to offer growth opportunities for market players. Additionally, the adoption of new production technologies, such as photobioreactors, is a prominent trend in this market.
Key Players:
The spirulina market is characterized by a moderately competitive scenario due to the presence of several large- and small-sized global, regional, and local players. The key players operating in the spirulina market include Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), Yunnan Green A Biological Project Co., Ltd. (a Subsidiary of Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan Comp Spirulina Co., Ltd (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Vedan Biotechnology Corporation (Taiwan), AlgoSource SA (France), Tianjin Norland Biotech Co., Ltd. (China), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), JUNE Spirulina (a Part of JUNE Group of Companies) (Myanmar), Ordos Xinyuli Spirulina Industry Group Co., Ltd. (China), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), BlueBioTech Group (Germany), Sea & Sun Organic GmbH (subsidiary of Sea & Sun Technology GmbH) (Germany), Pond Technologies Inc. (Canada), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), Givaudan SA (Switzerland), Nutragreenlife Biotechnology Co. Ltd. (branch of Greenlife Biotechnology Co., Ltd.) (China), Xi’an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), and Necton S.A. (Portugal).
The spirulina market is segmented by product type, production technique, category, distribution channel, and application. The report also evaluates industry competitors and analyzes the market at the regional and country levels.
By product type, in 2024, the powder segment is expected to account for the largest share of 46.6% of the spirulina market. This segment’s large market share is attributed to the increasing health consciousness among consumers, the increasing incorporation of spirulina powder into food & beverage products, the growing popularity of vegan diets, the increasing use of herbal ingredients in cosmetics, and the increasing demand for spirulina powder among nutraceutical manufacturers.
By production technique, in 2024, the ponds segment is expected to account for the largest share of the spirulina market. This segment’s large market share is attributed to the large number of manufacturers engaged in pond spirulina cultivation due to the benefits offered by pond cultivation, including simplicity, cost-effectiveness, minimal investment, low energy expenses, reduced operational costs, and high biomass yield.
By category, in 2024, the non-organic spirulina segment is expected to account for a larger share of the spirulina market. This segment’s large market share is attributed to the lower production costs associated with non-organic spirulina, which is cultivated using conventional methods. These methods often result in higher yields and greater availability, further contributing to the segment's large market share.
By distribution channel, in 2024, the business channel (B2B) segment is expected to account for the larger share of the spirulina market. This segment’s large market share is attributed to the direct procurement of spirulina in bulk by producers in sectors such as animal feed, food & beverage, and nutraceuticals for future product development. Additionally, the ease of sourcing premium spirulina directly from suppliers supports effective supply chain management and ensures consistency in product quality, further contributing to the segment's large market share.
By application, in 2024, the nutraceuticals segment is expected to account for the largest share of 50.4% of the spirulina market. This segment’s large market share is attributed to the increasing consumer awareness of the link between nutrition and health, rising health concerns among the aging population, and a growing preference for natural alternatives to conventional pharmaceuticals.
This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S., Canada), Europe (France, Germany, U.K., Italy, Spain, Netherlands, Denmark, Sweden, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa).
By geography, in 2024, North America is expected to account for the largest share of 51.1% of the spirulina market, followed by Asia-Pacific and Europe. North America's spirulina market is estimated to be worth USD 327.2 million in 2024. North America’s large market share can be attributed to the growing awareness about the health benefits of natural food products, stricter regulations on synthetic colors, increasing demand for nutraceuticals, and the expansion of related industries such as cosmetics and biofertilizers. Additionally, the rising preference for natural protein sources and the presence of major spirulina manufacturers with significant production capacities, particularly in the U.S., contribute to the region's large market share.
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Key Questions Answered in the Report:
- What is the revenue generated from the sales of spirulina globally?
- At what rate is the global demand for spirulina projected to grow for the next five to seven years?
- What is the historical market size and growth rate for the spirulina market?
- What are the major factors impacting the market’s growth at the global and regional levels?
- What are the key opportunities for market players?
- Which product type, production technique, category, distribution channel, and application segments are expected to create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in this market?
- Who are the key players in the spirulina market? What are their specific product offerings in this market?
- What are the recent developments in the spirulina market? What are the impacts of these strategic developments on the market?
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