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

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.