April 13, 2024
Spirulina Market

Spirulina Market Estimated to Witness Growth Owing to Rising Demand for Nutraceuticals

Spirulina is a type of blue-green algae that is popular for its nutritional and medicinal properties. It is rich in nutrients like protein, vitamins, minerals, and antioxidants. Spirulina is consumed in powder or tablet form and used widely in nutraceuticals, dietary supplements, food and beverages industry due to its high levels of nutrients and health promoting qualities. The rising demand for natural nutritional supplements and functional foods have boosted the demand for spirulina globally.

The Global spirulina market is estimated to be valued at US$ 684.98 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the spirulina are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc. Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.

The key opportunities in the spirulina market includes its increasing usage in nutraceuticals, dietary supplements, food products, cosmetics, pharmaceuticl products due to its anti-inflammatory, cardio protective and anti-cancer properties. Moreover, growing consumer awareness about nutritional benefits and rising popularity of plant-based protein is anticipated to propel market growth over the forecast period.

Global Spirulina Market
is witnessing expansion owing to its rising demand across regions like North America, Europe, Asia Pacific and rest of world. Increase in production of spirulina and wide application base in different industries is boosting the global production scale of spirulina.

Market drivers

The spirulina market is driven by the rising health consciousness among consumers and increasing product launches in the nutraceutical segment. Spirulina has gained widespread popularity due to its high nutritional value and presence of antioxidants, vitamins and proteins. Growing cases of chronic diseases is prompting consumers to adopt preventive healthcare approach through consumption of nutritional supplements like spirulina, which is propelling the market growth.

PEST Analysis

Political: The spirulina market is positively impacted by various government initiatives and regulations that promote the usage of natural colors, nutrients, and food products. Rules and regulations related to nutrition labels and certifications also influence the spirulina market.

Economic: Changes in disposable income levels and rising health awareness among consumers positively impact the demand for spirulina. The cost of production and R&D investments associated with spirulina products also influence the economy of this market.

Social: Rising focus on fitness, health, and wellness trends influences the adoption of superfoods like spirulina. Growth in veganism and preference for plant-based sources of nutrients boosts the social factors.

Technological: Advances in cultivating techniques help achieve higher yields and improve the nutrient content of spirulina. New processing technologies aid in the development of innovative product formats like tablets, gummies and beverages.

In terms of value, the spirulina market is highly concentrated in North America and Europe. The US and Germany represent the largest markets due to high consumer awareness and spending towards nutritious superfoods. Asia Pacific is the fastest growing regional market, led by countries like China, India and Japan. Rising middle-class population, increasing health consciousness and availability of domestic production in countries like China are driving the growth in Asia Pacific.

The spirulina market in South America is also witnessing rapid expansion, especially in Brazil and Argentina. Factors such as suitable environmental conditions for cultivation, government funding for algae production and rising adoption of vegan diets fuel the market growth. Africa is projected to emerge as a lucrative geographical region over the forecast period attributed to a growing young demographic and focus on indigenous superfoods.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it