Spirulina market is expected to register considerable growth over the coming years due to the increasing demand of superfoods and the widening recognition of spirulina as a rich source of plant protein. Besides protein, it also contains copious amounts of vitamins, carotenoids minerals and antioxidants which has added traction to the spirulina market as the microalgae is also used as food supplement. The food and beverages industry is increasingly catering to consumer demand for added nutrients and for phasing out of artificial colorants. Spirulina also finds significant application in the cosmetic & personal care products, especially in anti-aging creams.
For its nutritious qualities, it is also used as natural feed additives for animals, aquafeed and poultry. Spirulina is a clean label product and therefore the spirulina market has grown due to increased demand of such products not only by consumers but by food manufacturers as well. Besides, health and wellness awareness about environmentally friendly ingredients and consumption of less animal protein and more plant protein is expected to drive spirulina market growth.
Besides such benefits, studies conducted on spirulina has shown that the microalgae can potentially reduce body weight. The FDA in Iran and Kermanshah University of Medical Sciences researchers have conducted a clinical study on 278 people and found that the microalgae can reduce body weight and body fat percentage. Apparently spirulina has beneficial effects on appetite, gut microbiota, food absorption and inflammatory cascades.
As per MRFR Analysis, global spirulina market is expected to grow at a CAGR 8.02% from 2018 to 2023 (forecast period).
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Spirulina Market to Register an Average of 8% CAGR from Various Segments:
Spirulina market includes classification on the basis of form and application.
Forms of spirulina include powder, liquid, capsule & tablet and gelling agents. The powder segment is projected to account maximum market proportion and projected to grow at CAGR of 8.23% during the forecast period. Apparently, spirulina is easily made available to consumers in the powdered form and can be consumed by mixing it in smoothies or water.
By applications, the spirulina market is segmented as nutraceuticals, food & beverages, pharmaceuticals, cosmetic & personal care, and others. Among all the applications, nutraceutical segment is estimated to witness the highest growth at a CAGR of 8.34% over the forecast period.
Asia Pacific to Emerge as a Region Leader in the Spirulina Market:
The global spirulina market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific is projected to hold a dominant position in the spirulina market during the forecast period owing to robust economic growth, rapid urbanization, and burgeoning middle class population. North America spirulina market size is estimated to reach USD 129.20 million by 2023. However, market growth in the Rest of the World is projected be rather moderate and registering a CAGR of 7.54% during 2018-2023.
Competitive Analysis:
Some of the prominent players in the spirulina market include DIC Corporation, Cyanotech Corporation, I.D. Parry Limited, Hydrolina Biotech Private Limited, Tianjin Norland Biotech Co. Ltd, Jiangxi Alga Biotech and Synergy Natural Products Pty Ltd.
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ScotBio Business Expansion indicates Greater Demand of Spirulina from FMCG Market:
The growth of the spirulina market can be indicated through such developments as launch of new products and expansion of existent production lines. For instance, ScotBio, a Scottish biotech business that offers spirulina extracts recently opened a new production facility in Lockerbie, Scotland. Spirulina when grown in outdoor ponds are prone to contamination. However, ScotBio has developed a system to grow this natural food colorant in indoor systems and has been testing the method for production in 50,000-liter tanks. Over the next year the company plans to add several other 50,000-liter vessels. The company also plans to expand in U.S., Europe and Eastern Asia to respond to the worldwide demand for clean labels and products free from artificial colors.
Apparently, the new facility supplements the existing R&D and head office facility of ScotBio at BioCity which is located outside Glasgow and is expected to play a key role in the company’s effort to scale up its business.
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