Market Overview:
Spirulina is a type of cyanobacterium that is grown worldwide for its high nutritional value. It is high in protein, vitamin A, vitamin B12, calcium, iron and essential fatty acids. Spirulina is consumed as powder or tablets and is widely used as a dietary supplement in the food and beverage industry. It is promoted as a superfood owing to its various health benefits such as boosting energy and immunity, lowering blood pressure, aiding weight loss and managing blood sugar levels. The growing awareness about the numerous health advantages of spirulina has led to a surge in demand for various spirulina-based supplements and foods 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 market 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 growing demand in the spirulina market is attributed to its use across various applications such as nutraceuticals, food & beverages, cosmetics, agriculture and feed. Spirulina is widely utilized in dietary supplements due to its high protein and antioxidant content. Its use in foods & beverages is rising with increased demand for plant-based, natural ingredients. Furthermore, spirulina is also gaining traction as an ingredient in cosmetic products due to its anti-ageing and skin hydrating properties.
Globally, The Spirulina Market is expanding rapidly with growth in both production and consumption across regions. North America dominates the market owing to high health awareness and expenditure on supplements. Meanwhile, Asia Pacific is witnessing fastest growth led by China, which accounts for over 70% of global spirulina production. Other emerging economies including India, Brazil, and African countries are also offering significant opportunities for spirulina producers and stakeholders.
Market Drivers
One of the key drivers fueling the spirulina market is rising awareness about its nutritional superiority and health benefits compared to other sources. Spirulina contains all essential amino acids, vitamins and minerals required by the human body. It is among the best sources of plant-based protein and is highly alkaline forming. The ability of spirulina to boost immunity, manage blood pressure and glucose levels, aid weight loss and improve metabolism is encouraging greater consumption globally. Changing lifestyle diseases are compelling consumers to opt for superfoods like spirulina to fulfill their daily supplement needs.
Impact of current geopolitical situations on Spirulina market growth
The spirulina market is facing challenges due to the ongoing geopolitical tensions and conflicts across various regions. The Russia-Ukraine conflict has disrupted global supply chains and export of spirulina from major cultivating regions. Both Ukraine and Russia are among the leading producers and exporters of spirulina. The blockade of Ukrainian and Russian ports is limiting the international trade of spirulina. This has increased supply uncertainty and price volatility in the global spirulina market.
The market players need to closely monitor the geopolitical developments and consider diversifying their supply networks. Establishing alternative sourcing options from cultivating centers in other regions like Americas and Asia Pacific can help address supply chain risks. Developing local production capacities closer to major consumer markets will also reduce dependence on problematic trade routes. Adopting sustainable and localized business models can make the spirulina industry more resilient to geo-trade disruptions. Investing in advanced cultivation technologies for spirulina will support improving yields while minimizing land and water usage.
Geographical regions with high Spirulina market concentration
The North America region dominates the global spirulina market in terms of value. The U.S. accounts for the largest share due to growing consumer awareness about the health benefits of spirulina. Easy availability through retailers like pharmacies, health stores, and e-commerce websites has boosted the U.S. spirulina market size. The growing trend of consuming plant-based foods and beverages as alternatives to animal-derived products is further driving the demand.
Fastest growing region for Spirulina market
The Asia Pacific region is projected to be the fastest growing market for spirulina during the forecast period. Rising health consciousness, increasing incomes, and expansion ofspirulina production capacities in various countries are fueling market growth. Countries like China, India, Japan, Australia, and South Korea are attracting major investments for spirulina farming due to favorable environmental conditions. With its large population base and fast adoption of superfoods, the Asia Pacific region is expected to surpass other regions interms of spirulina market value by 2030.
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