July 31, 2020

Spirulina Market Analysis | COVID – 19 Outbreak, Key Players and Forecast to 2023

Market Overview

Spirulina is a multicellular and filamentous microalga that is blue-green in color. It is used as a food supplement to overcome malnutrition. Spirulina is an abundant source of protein, vitamins, carotenoids, minerals, and antioxidants. Spirulina grows in fresh water and can also be produced artificially, based on its nutritional value. Spirulina has gained popularity owing to its diverse scope of application, specifically in the food industry and as a potential supplement.

The global spirulina market is anticipated to register a lucrative CAGR of 8.02% during the forecast period. Spirulina is considered as an excellent natural feed additive which is used for animals as well as poultry. With its full scope of application in agriculture and aquatic farming and hatchery, the global spirulina market is assessed to grow at a fast pace. The demand for spirulina is mainly increasing in developing economies owing to the proliferating awareness regarding the product and the benefits of the consumption of spirulina. This has opened new growth avenues for many manufacturers to expand their markets in many emerging countries of the world. Additionally, governments and organizations are considering spirulina as a solution to curb malnutrition. With rising initiatives taken by these governments and other organizations to raise awareness about the health benefits of spirulina with various promotional campaigns are promoting positive upscaling in the global spirulina market.

Key Players

Global Spirulina Market Analysis is influenced by the activities of many notable market vendors during the forecast period. Some prominent players, as profiled in the latest report by Market Research Future (MRFR), include Cyanotech Corporation (Hawaii), E.I.D. Parry (India) Limited (India), DIC Corporation (Japan), Tianjin Norland Biotech Co. Ltd (China), Jiangxi Alga Biotech (China), Hydrolina Biotech Private Limited (India), and Synergy Natural Products Pty Ltd. (Australia).

Industry Update

May 2019: Parry Organic Spirulina from Parry Nutraceuticals recently announced their successful passing of the United States Pharmacopeia’s voluntary and rigorous Dietary Ingredient Verification Program (DIVP). This program aids manufacturers to differentiate and gain a competitive edge over their market peers.

Market Segmentation

The latest MRFR report has been studied for various segments of the global spirulina market. This segmentation has been carried out on the basis of form, application, and region. On the basis of form, the global spirulina market is segmented into powder, liquid, capsule & tablet, and gelling agent. Among these, the powder segment is expected to hold the largest share in the global spirulina market during the forecast period. The powder segment is likely to develop at 8.23% CAGR through the forecast period.

On the basis of application, the spirulina market is segmented into food & beverages, nutraceuticals, cosmetic & personal care, and pharmaceuticals. Among these segments, the nutraceutical segment is estimated to witness the fastest and highest growth rate during the assessment period. The nutraceutical segment is projected to register an 8.34% CAGR through the review period.

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Detailed Regional Analysis

The global spirulina market is geographically segmented into North America, Europe, Asia Pacific, and Rest of the World. Among these segments, Asia Pacific is estimated to spearhead the global spirulina market over the forecast period. Asia Pacific is projected to expand at an 8.45% CAGR over the review period. This can be accredited to the high production of spirulina in China, Japan, India, and many other East Asian countries.

Additionally, Asia Pacific is a fragmented market for spirulina owing to the presence of many small manufacturers in India and China. China is projected to lead the country-specific region in Asia Pacific, just like it did in 2019, holding around 40% share in the spirulina market. North America is likely to reach a market valuation of USD 129.20 million by the end of the forecast period. Alternatively, Rest of the World is expected to expand at a moderate CAGR of 7.54% CAGR during the assessment period of 2019-2023.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.