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

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.