Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia Spirulina Market by Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Cosmetics, Agriculture) - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the South East Asia Spirulina Market is projected to reach $21.9 million by 2030, at a CAGR of 7.2% from 2023 to 2030. The growth of the South East Asia Spirulina is mainly attributed to increasing health & wellness trends and the growing dietary supplements industry, rising demand for natural food colors, the positive environmental impact of spirulina cultivation, growing preference for spirulina-sourced products, and increasing use of spirulina in aquaculture. Furthermore, growing demand for phycocyanin and rising demand for spirulina among biorefineries are expected to create market growth opportunities. However, low awareness regarding the benefits of spirulina and the complexities in algae production is expected to hinder the market to some extent.
The South East Asia spirulina market is segmented by product type (powder, tablets, capsules, flakes, phycocyanin, and frozen spirulina), distribution channel (business channels, and consumers channels), application (nutraceuticals, food & beverages, animal feed, cosmetics), and geography (Thailand, Vietnam, Malaysia, Indonesia, Singapore, and Rest of South East Asia). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the product types studied in this report, the powder segment is expected to account for the largest share of the South East Asia spirulina market in 2023. The large market share of this segment is attributed to the rising demand for spirulina powder among nutraceutical manufacturers due to growing health consciousness among consumers, the growing popularity of the vegan diet, the increasing use of spirulina powder as an ingredient in various food & beverage products, and the increasing incorporation of herbal ingredients in cosmetic products.
Among all the distribution channels studied in this report, the business channel segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the direct purchase of large quantities of spirulina by nutraceutical, food & beverage, and animal feed manufacturers, among others, from the business channel for further product development.
Among all the application categories studied in this report, the nutraceuticals segment is expected to account for the largest share of the South East Asia spirulina market in 2023. The large market share of this segment is attributed to factors such as the growing health concerns of the aging population in SEA countries, the booming nutraceuticals sector, the growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers of the link between nutrition and health.
Among all the regions studied in this report in 2023, Thailand is expected to account for the largest share of the South East Asia spirulina market. The large market share of this region is mainly attributed to the presence of many local and regional spirulina-producing players in this region, the growing need to eradicate malnutrition, growing health & wellness and clean label trends, and growing technological advancements in the food & beverage industry.
The South East Asia Spirulina Market is characterized by a moderately competitive scenario due to many large and small-sized regional and local players. The key players operating in the South East Asia spirulina market are Aurospirul (India), Far East Microalgae Ind Co., LTD (FEMICO) (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), 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), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Allmicroalgae Natural Products, SA (Portugal), Algalimento SL (Spain), Hangzhou Ouqi Food Co., Ltd. (China), JUNE Spirulina (a Part of JUNE Group of Companies) (Myanmar), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), Sea & Sun Organic GmbH (a subsidiary of Sea & Sun Technology GmbH) (Germany), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), Givaudan SA (Switzerland), and Necton S.A. (Portugal).
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