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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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.
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