July 16, 2024
Spirulina Market

Spirulina – A Sustainable solution for Nutrition, is driven by Growing Consumer Awareness

Spirulina is a blue-green algae that is a highly nutritious superfood used as a dietary supplement. It is rich in protein, fiber, vitamins, antioxidants and minerals. Some of its key nutritional advantages include being one of the best plant-based sources of protein, providing essential vitamins and minerals like vitamins A, B1, B2, B3 and E, iron, calcium and potassium. It supports overall wellness by boosting energy levels, supporting immune function, lowering cholesterol and blood pressure. Spirulina is easy to cultivate and harvest and can be produced sustainably using brackish or salty water, making it a reliable solution for meeting increasing global demand for nutrition. The global spirulina market plays an important role in addressing malnourishment and micronutrient deficiency worldwide through naturally fortified and sustainable means.

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 key trends:

Consumer awareness about the nutritional benefits of spirulina is a key driver of market growth. Its high protein content makes it popular as a natural vegan and vegetarian protein alternative. Rising health consciousness and preference for plant-based and organic products are propelling the demand for spirulina supplements. Technological advancements in spirulina cultivation techniques have improved yield and quality. Investment in R&D is also helping expand spirulina’s applications in food and beverages, cosmetics and animal feed. However, inconsistency in quality standards and production globally remains a challenge for the market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the spirulina market is moderate due to the requirements for technical expertise and high capital investments required for production facilities.

Bargaining power of buyers: The bargaining power of buyers in the spirulina market is moderate. Buyers have some level of influence over prices due to the availability of substitute products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials for spirulina production such as microalgae are perishable in nature with few substitutes available.

Threat of new substitutes: The threat of new substitutes is moderate. Alternatives such as plant-based proteins and other microalgae have been emerging but none have established as a prime substitute.

Competitive rivalry: The competitive rivalry in the spirulina market is high owing to the presence of several manufacturers globally. Key strategies adopted by players include new product launches and strategic partnerships.

Key Takeaways

The Global Spirulina Market Demand is expected to witness high growth 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.

The Asia Pacific region currently dominates the market due to high production and consumption in countries like China. Countries like India are also emerging as key cultivators. North America and Europe are other prominent markets driven by increasing health and wellness trends.

Key players: 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, and Avril Group. Players are focused on expansion and new product launches.

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