Spirulina refers to blue-green algae that grows in freshwater and salt lakes. Spirulina contains high concentrations of protein, Vitamin B1, B2, B3, B6, iron, and gamma-linolenic acid. It is considered as a superfood owing to its high nutritional content. Spirulina is used in food processing applications as a natural colorant. It can be consumed as a dietary supplement to aid weight management, balance blood pressure, and cholesterol levels.
The global spirulina market size is estimated to be valued at US$ 484.7 million in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the spirulina market Cyanotech Corporation, Sensient Technologies Corporation, NB Laboratories Pvt Ltd, DIC Corporation, Fuqing King Dnarmsa Spirulina Co. Ltd, Evergreen Agro Creations, Indian Agri Farm, Alpspure Lifesciences Pvt. Ltd., Ideal Natural Extract, Lifevision Healthcare, Grenera Nutrients Private Limited, and Far East Bio-Tec Co., Ltd.
Spirulina Market Demand are increasing consumer awareness about health benefits of spirulina acts as a major opportunity. The growing popularity of organic and natural ingredients in food and beverages is augmenting the demand for spirulina.
Asia Pacific region accounts for over 35% of the global spirulina market share owing to increasing consumption in India, China, and other developing nations. Well-established manufacturers in North America and Europe are focusing on new product launches to meet evolving consumer demands.
Market Drivers
The rising prevalence of lifestyle diseases such as diabetes, obesity, and cardiovascular disorders has raised health consciousness among consumers. Spirulina helps in glucose regulation, boosting metabolism, and reducing bad cholesterol. The health advocacy by key players regarding the antioxidant and nutritional superiority of spirulina compared to other superfoods is driving its adoption. Expanding application scope in nutraceuticals, dietary supplements, cosmetics industry has made spirulina an essential ingredient which is further triggering the market growth.
PEST Analysis
Political: The government policies and regulations play a significant role in dictating the growth of the spirulina market. Any supportive initiatives or regulations from the governments focusing on encouraging spirulina consumption can positively influence the market growth.
Economic: The global economy and economic growth directly impact the purchasing power of consumers. As disposable incomes rise, people tend to prefer nutrition-rich foods like spirulina which can boost the market revenues over the forecast period.
Social: Rising health consciousness among people and growing awareness regarding the nutritional benefits of spirulina fuel the market demand. Its usage in nutraceuticals, pharmaceuticals, food, and feed industries enhances its social acceptance.
Technological: Advancements in cultivation and harvesting techniques aid in reducing production costs and improving spirulina yields. New technologies for downstream processing, extraction and product development further expand the applications of spirulina.
The spirulina market in terms of value is concentrated highly in North America and Europe. The regions account for over 60% of the global spirulina market share due to rising consumer awareness about the health advantages of spirulina. Developed economies in these regions have healthcare systems that increasingly focus on preventive care which boosts the adoption of nutraceuticals containing spirulina.
Asia Pacific is poised to emerge as the fastest growing regional market for spirulina over the forecast years. This can be attributed to increasing health consciousness, growing middle-class population with higher disposable incomes, and expansion of healthcare infrastructure in developing countries like China and India. Rising emphasis on alternative medicine and availability of low-cost production facilities further support the market growth of spirulina in Asia Pacific.
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