Global spirulina market was valued at US$ 703.6 million in 2016, according to Global Spirulina Market Report, by Form (Powder, Tablet / Capsules, Liquid, Granules), by Composition (Protein, Carbohydrates, Minerals, Lipids, and Others), by End-use Industry (Food & Beverages, Nutraceuticals, Cosmetics and Personal Care, Feed, Pharmaceuticals, and Others) published by Coherent Market Insights. The spirulina market is expected to register a CAGR of 12.39% over the forecast period (2017-2025), reaching US$ 1,958.4 million by 2025.
The major factor propelling growth of this market is growing awareness regarding the health benefits of spirulina among consumers such as improved weight management, eyesight, and immune system. These benefits are attributed to it being a natural product, containing high contents of phytonutrients, vitamins A, K, and B12, protein, and manganese. Furthermore, growing inclination towards consumption of naturally derived food colors among the populace coupled with high adoption of these natural colors in the food and beverages industry is expected to propel major market growth.
However, low stability of spirulina derived food colors are expected to hamper growth of the market for spirulina, to some extent.
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Browse 300 market data tables* and 90 figures* on “Spirulina Market” – Global forecast to 2025.
Key Trends and Analysis of the Global Spirulina Market:
Among form, the powder segment held a dominant position in the global spirulina market in 2016 and is expected to retain its dominance throughout the forecast period. Demand for spirulina powder among vegetarian consumers has increased worldwide, as spirulina is a complete dietary supplement for vegetarian consumers with high content of omega-3.
Among composition, the protein segment accounted for the major share in the spirulina market in 2016 and is expected to maintain its dominance during the forecast period. Furthermore, among end users, the food and beverages segment is expected to record tremendous growth in the global spirulina market during the forecast period.
Key Takeaways of the Market:
Europe held a dominant position in the global spirulina market and was valued at US$ 225.1 million in 2016. The region is projected to witness a CAGR of 12.00% in terms of value, during the forecast period. Stringent regulations imposed by the governmental authorities, including European Food Safety Authority (EFSA), limiting the daily consumption of synthetic colors, is majorly supporting spirulina derived natural food colors. Phycocyanin, a primary pigment of spirulina, is a protein that imparts vibrant blue color and is the most popular food color among the food and beverages manufacturers. Furthermore, in 2013, the Food and Drug Administration (FDA), approved the usage of spirulina extracts as a natural blue coloring agent, in a wide range of food products such as ice-creams, beverage mixes, yogurts, puddings, cottage cheese, desserts, ready-to-eat cereals, and gelatin. Continuous support from such reputed authorities is expected to largely propel growth of the market in the near future.
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Asia Pacific is projected to be the fastest growing market, witnessing highest CAGR of 14.48% during the forecast period, owing to the steadily growing food processing and the pharmaceutical industries in the region. Rapid urbanization, shifting preference towards consumption of nutritious and healthy food products, and the growing penchant towards clean label food products, which supports the usage of natural food colors over synthetic food colors are the major factors propelling demand for spirulina. Furthermore, rapidly growing aquaculture in the region, which employs spirulina for aquatic farming and hatchery, is expected to fuel growth of the spirulina market during the forecast period. According to the Food and Agriculture Organization of the United Nations (FAO), aquaculture in the region has recorded a tremendous growth in the past three decades with an average annual rate of around 10% and contributed around 90% to the global aquaculture production in 2014.
Major players operating in the spirulina market include Sensient Technologies Corporation, Algaetech International Sdn Bhd, DDW The Color House, Algene Biotech, Chr. Hansen. Holding A/S, Cyanotech Corporation, DIC Corporation, Fuqing King Dnarmsa Spirulina Co. Ltd, and Sunrise Nutrachem Group Co.Ltd.