Spirulina refers to blue-green algae that is rich in proteins, minerals, vitamins and phytonutrients. It is cultivated worldwide and used as a dietary supplement due to its unique blend of nutrients and health promoting properties. The spirulina industry has grown in recent years due to increasing consumer awareness about the antioxidant, anti-inflammatory and cardiovascular benefits of spirulina.
The global spirulina market size is estimated to be valued at US$ 484.7 million in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the spirulina market Cyanotech Corporation, Sensient Technologies Corporation, NB Laboratories Pvt Ltd, DIC Corporation, Fuqing King Dnarmsa Spirulina Co. Ltd, Evergreen Agro Creations, Indian Agri Farm, Alpspure Lifesciences Pvt. Ltd., Ideal Natural Extract, Lifevision Healthcare, Grenera Nutrients Private Limited, and Far East Bio-Tec Co., Ltd
Key opportunities: The rising popularity of superfoods, the growing vegan population, and increased promotional efforts by industry players are expected to boost Spirulina Market Demand, creating lucrative opportunities for growth.
Technological advancements: Advancements including development of high yielding spirulina strains and construction of state-of-the-art production facilities are helping reduce costs and boost production volumes.
Market drivers: Increasing health consciousness among consumers, shifting preference towards natural colors and flavors, and growing acceptance as a protein-rich alternative to meat and dairy are expected to drive the market over the forecast period.
Current challenges in Spirulina market:
The spirulina market is currently facing many challenges like inconsistent supply, achieving scale, quality control and standardization. As spirulina cultivation requires careful monitoring of various factors like temperature, pH and nutrients level, maintaining consistent quality and supply has been a major roadblock. Additionally, lack of advanced cultivation technology and infrastructure in many regions further impacts the ability to scale up production. Achieving set quality standards also remains a challenge given variability in cultivation processes.
SWOT Analysis
Strength: Nutritious value and various health benefits of spirulina; Increasing consumer awareness.
Weakness: Inconsistent quality and supply issues; Relatively high production costs.
Opportunity: Untapped growth regions; Rising demand for plant-based foods and supplements.
Threats: Threat from other plant-based alternatives; Vulnerability to climate changes affecting cultivation.
Geographical regions of concentration:
The value concentration of the spirulina market is currently in North America and Europe. This is due to high consumer awareness levels, demand for natural products, presence of spirulina producers and distributors in these regions. Major spirulina cultivating and producer countries include the US, France, China, India among others who collectively account for over 60% of the global market value currently.
Fastest growing region:
The Asia Pacific region is projected to be the fastest growing market for spirulina during the forecast period. This is attributed to factors like rising health consciousness, growing disposable incomes, expansion efforts by producers in countries like China and India along with investment and cultivation projects underway. The large consumer base further makes Asia Pacific an attractive high growth market for spirulina going forward.
Get More Insights on Spirulina Market
Get this Report in Japanese Language
Get this Report in Korean Language
Read More Articles Related to this Industry –
Health Benefits and Safety of Citric Acid in Food and Beverages
About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
Comments
0 comment