Spirulina Market, 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), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 484.7 Mn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 7.6% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
The major factor propelling growth of the global spirulina market is growing awareness regarding the health benefits of spirulina among consumers, such as improved weight management, eyesight, and immune systems. These benefits are attributed to it being a natural product, containing high contents of phytonutrients, vitamins A, K, and B12, protein, and manganese. Furthermore, the growing inclination towards consumption of naturally derived food colors among the populace, coupled with the high adoption of these natural colours in the food and beverage industry, is expected to propel major market growth. However, the low stability of spirulina derived food colors is expected to hamper growth of the market for spirulina, to some extent.
Global Spirulina Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
Grocery demand changed drastically during COVID-19 as the pandemic encouraged restaurants and food services to close. As a result, shoppers kept shifting to grocery stores, raising the need for packaging. This tendency is driven by consumers' desire to stock up on food, drinks, and home care items. However, as stores close and customers start to cut back on their spending, demand for luxury packaging other than food has fallen. As a result, the pandemic's effects on the packaging sector have been inconsistent. The COVID-19 outbreak has produced significant medical, social, and financial challenges. COVID-19 is predicted to have an impact on the majority of manufacturing enterprises' operations. Food and beverage industry participants around the world are reporting a considerable reduction in product consumption. Companies are also experiencing supply chain delays as a result of lockdowns in various parts of the world and limitations on product shipment. Reduced agricultural productivity has affected raw material goods, as has a lack of labor in manufacturing companies and disruptions in the distribution system.
Recent Developments
- In August 2021, Prolgae Spirulina Supplies Pvt Ltd. India's largest manufacturer of sun-dried organic spirulina. Prolgae Spirulina Supplies Pvt Ltd. launched its sweet Spirulina powder and Spirulina protein bar all-in-one superfood products in India.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Spirulina Market”- Forecast to 2031, Global Spirulina Market, 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), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/spirulina-market-972
Key Takeaways of the Market
- The global spirulina market was valued at US$ 484.7 Mn in 2024 and is forecast to reach a value of US$ 808.4 Mn by 2031 at a CAGR of 7.6% between 2024 and 2031
- Major players operating in the global 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.
- Key players operating in the global spirulina market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.
