The research report titled “Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) – Global Forecast to 2028” is expected to reach $968.6 million by 2028, at a CAGR of 13.2% during the forecast period 2021 to 2028. Also, in terms of volume, the spirulina market is expected to record a CAGR of 18.1% from 2021 to 2028 to reach 98,768.5 tons by 2028
The growth of this market is expected to be driven by the factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina-sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; growing investments from leading color houses, and increase in number of products that include spirulina as ingredients across the globe. Moreover, the emergence of new application areas, growing demand for phycocyanin, growing demand for spirulina from biorefineries, and increasing demand for fresh/frozen spirulina are expected to create lucrative opportunities for manufacturers in the spirulina market. However, low awareness about the benefits of spirulina and challenges associated with spirulina production is expected to hinder the growth of the global spirulina market to some extent.
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Spirulina is a type of blue-green algae that contains several nutrients, including B vitamins, beta-carotene, and vitamin E. Spirulina also contains antioxidants, minerals, chlorophyll, and phycocyanobilin and is commonly used as a source of vegan protein. It is an area of high innovation. Many leading natural-color manufacturers are investing in the new natural blue color phycocyanin derived from spirulina. The production cost of spirulina, the parent product of phycocyanin, is very economical in the U.S. However, phycocyanin pigments are likely to find growing applications in cosmetics, pharmaceuticals, nutraceuticals, food supplements, dietary supplements, milkshakes, sweet cake decorations, desserts, alcoholic drinks, chewing gum, soft drinks, ice-creams, and fermented milk products. Dietary-supplement manufacturing companies in the U.S. are taking immense efforts to enter joint ventures to enhance their capabilities and developing synergistic partnerships.
The Impact of COVID-19 on the Spirulina Market
The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, negatively impacted many industries. Most manufacturers of food products in the F&B sector continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across Asia, the U.S., Europe, and the rest of the world. The manufacturers of consumer food & beverage products face challenges such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only the most essential products. In addition, government bodies have passed various rules and regulations on the purchase of essential goods. Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items. According to trade organizations in the nutritional products industry, there has been a significant impact on many points in the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of spirulina biomass among end-users, impacting the growth of the Spirulina market.
In the algae industry, a major slowdown in spirulina sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and distribution of the final spirulina biomass.
The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world’s largest producers and one of the leading consumers of spirulina globally. In China, factory closures, spirulina processing facilities operating at reduced capacities, and restrictions on importing and exporting spirulina biomass strongly impacted the spirulina market. Moreover, the pandemic is also expected to adversely affect the spirulina market in many countries globally, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial spirulina production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic spirulina production.
However, good nutrition intake is the top priority of everyone to maintain an optimal immune system during the COVID-19 outbreak supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms as a protein source. In addition, some of the algal protein products are believed to support the human immune system. For instance, spirulina has an immune-boosting and anti-viral property. According to various researches, spirulina inhibits influenza virus replication and reduces virus-induced mortality. For instance, according to the finding by immunologists at the University of California Davis School of Medicine, the addition of spirulina to cultured immune system cells significantly increased the production of infection-fighting cytokines.
Key Findings in the Spirulina Market Study:
Based on distribution channel, the spirulina market is mainly segmented into consumer and business channels. In 2021, the business channel segment is estimated to account for the largest share of the overall spirulina market. The large share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.
Based on product type, in 2021, the spirulina powder segment is estimated to account for the largest share of the overall spirulina market, which is primarily attributed to its huge demand by the nutraceutical manufacturers owing to growing health consciousness among consumers as well as growing use as an ingredient in a variety of food and beverages products. However, the phycocyanin extracts segment is expected to grow at the highest CAGR during the forecast period due to its tremendous demand from the food industry, where it is used as a natural food colorant. Considering the high potential, world leaders in this field are investing several million dollars in production lines of phycocyanin.
Based on application, the spirulina market is segmented into nutraceuticals, food & beverages, agriculture, animal feed, and cosmetics. In 2021, the nutraceuticals application segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly attributed to the booming nutraceutical sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
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Geographic Review
North America is estimated to account for the largest share of the overall spirulina market in 2021, followed by Asia-Pacific and Europe. The large share of this region is mainly attributed to huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and biofertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities, especially in the U.S. However, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period due to many local and regional players in this region, the growing dietary supplement industry, growing need to eradicate malnutrition, favorable climatic conditions, and low production cost. Moreover, various government initiatives to promote spirulina and ongoing research on exploring the various application areas for spirulina further drive the growth of the spirulina market in the Asia-Pacific region.
Key Players
The major players operating in the global spirulina market are Earthrise Nutritional, LLC (U.S.), DIC Corporation (Japan), Yunnan Green A Bio-engineering Co., Ltd (China), Algene Biotech (India), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India), Far East Bio-Tec. Co. Ltd. (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia), among others.
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Key questions answered in the report-
- Which are the high-growth market segments in terms of distribution channel, product type, application, and region/countries?
- What was the historical market for spirulina across the globe?
- What are the market forecasts and estimates for the period 2021-2028?
- What are the major drivers, restraints, and opportunities in the global spirulina market?
- Who are the major players in the global spirulina market?
- What are the recent developments in the global spirulina market?
- What are the different strategies adopted by the major players in the global spirulina market?
- What are the geographical trends and high growth regions/ countries?
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