USD 532.49 Million
Spirulina Market Size, Share, Growth Analysis, By Product Type(Powder, Tablets, Capsules, Flakes), By Application(Nutraceuticals, Food & Beverage, Animal Feed, Cosmetics), By End User(Business Channel, Consumer Channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2776 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
92
|Figures:
70
Spirulina Market Insights
Global Spirulina Market size was valued at USD 532.49 Million in 2022 and is poised to grow from USD 588.9 Million in 2023 to USD 1318.6 Million by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).
Rapidly increasing awareness regarding health benefits of spirulina and other types of algae is projected to primarily boost the demand for spirulina going forward. Increasing use of spirulina in the development of functional foods, beverages, nutraceuticals, and dietary supplements will also create new opportunities for spirulina companies in the long run. Surging popularity of veganism and rising demand for plant-based food products around the world is also expected to bolster the consumption of spirulina in the future. Launch of new supportive government initiatives to promote algae production. Evolving consumer preferences, high demand for natural ingredients in products, and rising adoption of sustainable practices are other factors that indirectly benefit the demand for spirulina on a global level. On the contrary, limited awareness in developing countries, risks of contamination, and availability of alternative superfoods are estimated to be the key constraints for spirulina market development in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Tablet & Capsule
Fastest Growth
Powder
Growth Rate
10.6% CAGR
Global Spirulina Market ($ Bn)
Country Share for North America Region (%)
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Spirulina Market Segmental Analysis
Global Spirulina Market is segmented by Product Type, Application, Distribution Channel, and region. Based on Product type, the market is segmented into Powder, Tablets, Capsules, Flakes, Phycocyanin, and Frozen Spirulina. Based on Application, the market is segmented into Nutraceuticals, Food & Beverage, Animal Feed, Cosmetics, and Agriculture. Based on End User, the market is segmented into Business Channel, Consumer Channel. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product Type
Spirulina in powder form is projected to account for a dominant share of the global spirulina market. Ease of transportation and use in multiple applications allows the powder form to account for a major chunk of the market share. Easy absorption in the body and more bioavailability of nutrients in powder form are also expected to create new opportunities for spirulina companies looking to maximize their revenue generation from this segment in the future.
On the other hand, the demand for spirulina tablets and capsules is projected to surge at a notable pace over the coming years. Growing consumption of nutraceuticals and dietary supplements around the world is projected to bolster the demand for spirulina in this segment. Rising availability of spirulina tablets and capsules will also help this segment offer new opportunities for spirulina suppliers across the study period and beyond.
Analysis by Application
Nutraceuticals are projected to spearhead the global demand for spirulina due to high nutrition and the title of superfood given to spirulina. Growing health consciousness among people around the world and rising consumption of nutrition supplements are helping the nutraceutical application segment maintain its dominance. Growing emphasis on preventive healthcare and rising awareness regarding benefits of nutraceutical consumption will also aid the dominance of this segment.
Meanwhile, the demand for spirulina in animal feed applications is projected to increase at a robust pace over the coming years. Growing emphasis on improving animal health and rising investments in development of better animal feeds are also expected to help create new business scope for spirulina companies. Increasing demand for plant-based animal feed and rising use of superfoods in animal feed formulation will also bolster spirulina demand in this segment going forward.
Global Spirulina Market By Application
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Spirulina Market Regional Insights
North America is estimated to spearhead the demand for spirulina on a global level. Rising health consciousness and growing nutraceutical consumption in this region make it the top market for spirulina companies. Moreover, growing use of spirulina as a natural coloring agent in multiple industry verticals is also expected to create new business scope for spirulina companies operating in this region. The United States and Canada are expected to create highly rewarding setting for spirulina companies in the long run. Rising popularity of veganism and plant-based food products will also play a crucial role in helping North America remain a dominant market.
The Asia Pacific region is emerging as the fastest-growing market for spirulina companies in the world. Growing awareness regarding superfoods, evolving consumer preferences, and increasing willingness of people to spend on nutraceuticals and dietary supplements are expected to bolster the demand for spirulina. Availability of supportive government initiatives to promote spirulina production will also help provide new opportunities for market players. China, Japan, and India are estimated to be the top markets to keep a close eye on in the Asia Pacific region.
Global Spirulina Market By Region
- Largest
- Fastest
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Spirulina Market Dynamics
Drivers
Growing Nutraceutical Consumption
- Rapidly increasing awareness of health and nutrition worldwide is boosting the consumption of nutraceuticals. Antioxidant, anti-inflammatory, and immune-boosting properties of spirulina are making it a key ingredient in many nutraceuticals and dietary supplements to drive market growth.
Rising Preference for Plant-based Ingredients
- People around the world are opting for plant-based products and refraining from chemical or synthetic materials. This preference for plant-based ingredients provides lucrative opportunities for spirulina providers across multiple industry verticals ranging from food and beverages to animal nutrition.
Restraints
Limited Awareness in Developing Countries
- Awareness regarding benefits of spirulina is quite high in developed countries but is relatively low in developing or underdeveloped countries. This limits the scope of spirulina demand and impedes market growth to a certain extent in the future.
Competition from Other Superfoods
- While spirulina is a robust superfood, the world is familiar with other superfoods that are quite popular and even more affordable as compared to spirulina. This competition from alternatives is estimated to slow down the demand for spirulina in the long run.
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Spirulina Market Competitive Landscape
Creating affordable spirulina products and increasing awareness regarding the health benefits of spirulina among people around the world will be the top priority for all spirulina companies. Incorporation of spirulina in cosmetics and personal care could also provide lucrative business for market players in the future. Spirulina companies should capitalize on the veganism and plant-based trend to maximize their revenue generation potential in the long run.
Top Player’s Company Profiles
- Cyanotech Corporation
- E.I.D. – Parry (India) Limited
- BlueBioTech Group
- Aliga Microalgae (Denmark)
- Roquette Klötze GmbH & Co. KG
- ALGALIMENTO SL (Spain)
- Sea & Sun Organic GmbH
- Algenol Biofuels Inc.
- Prolgae Spirulina Supplies Pvt. Ltd.
- Dongtai City Spirulina Bio-engineering Co.
- Fuqing King Dnarmsa Spirulina Co., Ltd.
- Fraken Biochem Co., Ltd
Recent Developments
- In September 2024, SimpliiGood, a leading name in the spirulina market announced its plans to launch its spirulina-based smoked salmon in Europe in early 2025. The company is known for its wide range of spirulina-based products that comply with the clean label trend.
- Back in August 2021, sweet spirulina powder and spirulina protein bar was launched in Chennai, India by Prolgae Spirulina Supplies Pvt. Ltd. The India-based company is a leading supplier of sun-dried organic spirulina and it expanded its business scope through this new launch.
- Back in December 2021, Ful, a renowned provider of non-alcoholic beverages launched a new range of beverages in the United Kingdom. Ful Spirulina Fizz range offers the health benefits of spirulina along with a sparkling beverage feel and is available in three flavors.
Spirulina Key Market Trends
- Organic Spirulina Products: Spirulina companies take their business one step further by using organic spirulina. Increasing awareness and preference for organic products and ingredients will bolster the demand for organic spirulina going forward. Moreover, this trend will also help companies stand out from their competition.
- Development of Innovative Spirulina Products: Spirulina market players can focus on developing new spirulina products that help them stand out from the competition. Exploring the application scope of spirulina in different products ranging from food and beverages to personal care can surely provide new opportunities for business growth in the long run.
Spirulina Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Spirulina market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The spirulina market is experiencing substantial growth propelled by diverse factors, including its role in addressing hunger during humanitarian crises and military operations. The escalating demand for spirulina-based products in such scenarios fuels the market's expansion, highlighting its significance as a valuable nutritional resource in critical situations. Moreover, the global market is being propelled by the increasing utilization of spirulina as a feed additive, particularly for enhancing animal growth and progression. This shift toward integrating spirulina into animal husbandry and aquaculture practices aligns with an industry-wide trend moving away from chemical-based feed supplements to embrace organic alternatives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 532.49 Million |
| Market size value in 2031 | USD 1318.6 Million |
| Growth Rate | 10.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Spirulina Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Spirulina Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Spirulina Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Spirulina Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Spirulina Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Spirulina Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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