Spirulina Market is projected to Reach US$ 968.6 Million by
Farmington, March 19, 2023 (GLOBE NEWSWIRE) — The Spirulina Market is expected to reach USD 968.6 Million by 2030, at a CAGR of 13.2% during the forecast period 2022 to 2030. Spirulina is a type of blue-green algae, which is another name for this type of plant. Spirulina is called a “superfood” because it has a lot of good nutrients. Protein, beta-carotene, fatty acids, vitamins, copper, and iron are all in spirulina. Spirulina comes in two main types: Arthrospira and Arthrospira. Phycocyanin is a blue pigment that is taken from algae. It is mostly used as a natural colorant in foods and drinks. The global spirulina market is growing because more and more people want green ingredients in their food.
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Spirulina has antioxidant and cleaning qualities, and it also has trace elements like selenium and zinc that are important for skin health. Also, it makes the skin firmer and more flexible. Spirulina is used in many cosmetics and personal care items because it contains phycocyanin, which helps the skin get rid of toxins and stay moist.
Spirulina Market Recent Developments:
- In 2020, Chrome. Global bioscience company Hansen A/S presents “FruitMax® blue”. The launch of spirulina-based products is expected to help the company strengthen its business and increase its revenue share.
- In 2018, food manufacturing company Algama Foods focused on relaunching its spirulina water after extensive product development to improve taste and stability. Made with concentrated, dried extracts of blue spirulina, rich in phycocyanin, vitamins, and minerals, Spring Wave is an antioxidant-rich and refreshing drink.
- In August 2019, Scottish biotechnology company ScotBio developed a patent-protected method to improve the phycocyanin pigment content of spirulina. Phycocyanin produced by incorporating this new method provides a 5-fold higher yield compared to conventional extraction.
Spirulina Market Dynamics:
The main things that are driving the growth of the global spirulina market are the increasing demand for natural food products and the fact that spirulina can be used in many different ways in the food and beverage and biotechnology industries. Also, the rise of the segmented target market is likely to be helped by the fact that major players are doing more research and development on new products and are coming up with new solutions.
The growth of the global spirulina market is likely to be slowed by high production costs and changes in the prices and supply of raw materials. Also, strict government rules about product approval are likely to slow the rise of the target market. But players in the spirulina market are likely to find new opportunities as key players spend more on product development and focus on finding untapped markets. Deals in the target market are also likely to be helped by the growing number of partnerships and agreements to improve distribution networks.
The study forecasts revenue growth at the global, regional, and country levels and looks at recent industry trends in each subsegment from 2017 to 2030. By 2021, it is expected that North America will have the biggest part of the global spirulina market. But the market for spirulina is projected to grow quickly in the Asia-Pacific region, especially in China, India, and Japan, over the next few years. The rise of the market is likely to be driven by the presence of local and regional players, the growing dietary supplement industry, the growing need to end malnutrition, good weather conditions, and low production costs. The Asia-Pacific spirulina market is also growing because the government is doing things to promote the use of spirulina and because study is still going on to find new ways to use spirulina.
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Scope of Report:
|Growth Rate||13.2% from 2023 to 2030|
|Revenue Forecast by 2030||USD 968.6 Million|
|By Type||Arthrospira Platensis, Arthrospira Maxima|
|By Applications||Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture|
|By Formulation||Powder, Tablet & Capsule, Liquid, Granule & Gelling Agent|
|By Companies||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 Biotech Co. Ltd., (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia), Hydrolina Biotech, GreeNatr Premium, Nutrex Hawaii, Health Force, Source Naturals, Triquetra Health, Solaray (Nutraceutical International Corporation), Viva Naturals, and Others|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
Spirulina Market Key Segments Covered:
Top Market Players:
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 Biotech Co. Ltd., (China), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), and Australian Spirulina (Australia), Hydrolina Biotech, GreeNatr Premium, Nutrex Hawaii, Health Force, Source Naturals, Triquetra Health, Solaray (Nutraceutical International Corporation), Viva Naturals, and Others.
Spirulina Market by Types:
- Arthrospira Platensis
- Arthrospira Maxima
Spirulina Market by Applications:
- Food & Beverages
- Animal Feed
- Tablet & Capsule
- Granule & Gelling Agent
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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