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Redding, California - July 2, 2021

Spirulina Market Worth $968.6 million by 2028

Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2028


Meticulous Research® – a leading global market research company published a research report titled Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2028”.

According to this latest publication from Meticulous Research®, ®, the spirulina market is expected to record a CAGR of 13.2% from 2021 to 2028 to reach $968.6 million by 2028. In terms of volume, the spirulina market is expected to register a CAGR of 18.1% from 2021 to 2028 to reach 98,768.5 tons by 2028. The growth of this market is expected to be driven by factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; growing investments from leading color houses, and increase in number of products that include spirulina as ingredients across the globe. However, low awareness about the benefits of spirulina and challenges associated with spirulina production are expected to hinder the growth of the spirulina market to some extent.

The global spirulina market study presents historical market data in terms of value and volume (2019 and 2020), estimated current data (2021), and forecasts for 2028- by distribution channel (business channel and consumer channel), product type (powder, tablets, capsules, flakes, phycocyanin extract, and frozen spirulina), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture). The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on the distribution channel, the spirulina market is mainly segmented into consumer and business channels. In 2021, the business channel segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers, such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.

Based on product type, in 2021, the spirulina powder segment is estimated to account for the largest share of the overall spirulina market, 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, the phycocyanin extracts segment 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. In 2021, the nutraceuticals segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly 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.

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Geographic Review

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 (Brazil, Mexico, and RoLATAM), and Middle East & Africa.

North America is estimated to account for the largest share of the overall spirulina market in 2021, 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, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period. 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 Asia-Pacific region.

Key Players:

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 2021-2028?
  • 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?

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Spirulina Market - Global Opportunity Analysis and Industry Forecast (2021-2028)
Report ID: MRFB - 104371 Pages: 238 Formats*:PDF Category: Food and Beverages
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