Spirulina is a microscopic blue-green algae that contains powerful antioxidants, vitamins, minerals, and proteins. It has various health benefits such as supporting the immune system, lowering cholesterol levels, and reducing inflammation. Spirulina is widely used as dietary supplements and as food colorants and thickeners. It finds applications in cosmetic products as well. The global spirulina market is driven by rising consumer inclination towards vegan diets and natural products. With rising awareness about the health benefits of spirulina, the demand for spirulina-based nutritional and dietary supplements has increased substantially.
The global spirulina Market is estimated to be valued at US$ 594.6 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global spirulina market is expected to be flourished by the rising focus on veganism and nutraceuticals. With increasing health awareness, consumers are shifting their preference towards plant-based protein sources and plant-based foods. Spirulina contains higher protein levels than meat and is suitable for vegan and vegetarian diets. Hence, the increasing vegan population is expected to boost the demand for spirulina. Additionally, rising consumer awareness about the various health benefits of spirulina such as supporting immune function, heart health, and muscle building is anticipated to drive its demand in dietary supplements and functional foods. Spirulina is a rich source of antioxidants, vitamins, minerals, and protein and is gaining immense popularity as a ‘superfood’. The nutraceutical application of spirulina is expected to witness robust growth over the forecast period.
Segment Analysis
Spirulina has two major market segments: nutraceuticals and feed. The nutraceutical segment dominates the spirulina market and is expected to continue its dominance over the forecast period. Spirulina is high in protein, vitamins, minerals, and antioxidants and is consumed as a dietary supplement due to its various health benefits. Increasing health consciousness amongst consumers is driving the growth of the nutraceutical segment.
PEST Analysis
Political: The government of various countries is supporting the growth of the spirulina market by providing subsidies and implementing regulations to ensure quality standards.
Economic: Rising income levels and growing health expenditure are positively impacting the market. Consumers are willing to pay premium prices for functional foods with health benefits.
Social: Changing lifestyles, increasing stress levels, aging population, and growing awareness about preventive healthcare are fueling the demand for nutraceuticals, dietary supplements, and functional foods.
Technological: Advancements in cultivation and harvesting techniques are helping lower production costs and increase yield. Automation is being introduced to make the process more efficient.
Key Takeaways
The Global Spirulina Market Growth is expected to witness high over the forecast period. The global spirulina Market is estimated to be valued at US$ 594.6 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Asia Pacific is expected to be the fastest growing as well as the largest region owing to increasing health awareness, rising disposable incomes, and growing demand from countries like China, India, and Japan.
Key players operating in the spirulina market are Archer Daniels Midland Company, Sime Darby Plantation Berhad, Bunge Limited, Olam International Limited, Cargill Incorporated, Golden Agri-Resources, Kuala Lumpur Kepong Berhad, Fuji Oil Holding Inc., Wilmar International Limited, PT Astra Agro Lestari Tbk. Key players are focusing on strategic collaborations to expand their regional presence and product portfolio. They are also investing in R&D to develop innovative product formulations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.