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The Spirulina market is projected to reach USD 1,039.91 million by 2030. However, market growth is hindered by the availability of alternative synthetic colorants and low awareness of spirulina's uses and benefits.
Overview
Spirulina is an edible multi-cellular alga made from blue-green microalgae or cyanobacteria known as Arthrospira platensis. These microbes live in lakes, ponds, rivers, and saltwater bodies. The microalgae are harvested and easily processed due to their rich nutritional value such as proteins, provitamins, minerals, amino acids, and pigments.
The increasing demand for spirulina is due to its high nutritional value along with rising malnutrition problems among individuals that cause serious concerns across the globe. Also, the National Aeronautics and Space Administration (NASA) uses spirulina products as dietary supplements for astronauts on space missions to adjust immune functions and as an anti-inflammatory supplement, which has been driving the growth of the market.
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Moreover, the growing industry of spirulina market is widely diversified in dietary supplements, health & wellness, agriculture, food industry, colors, pharmaceutics, and perfumery, which is further expected to propel the growth of the market. The availability of other synthetic colorants coupled with low awareness about the uses and benefits of spirulina hinders the market growth. On the contrary, spirulina-based natural food color has a high potential to replace synthetic food color, which is expected to create ample growth opportunities for the market in the coming years.
The spirulina market is segmented based on nature, type, form, application, distribution channel, and geography. On the basis of nature, the market is bifurcated into organic and conventional. On the basis of type, it is segmented into arthrospira platensis and arthrospira maxima. On the basis of form, the market is divided into capsules, tablets, powder, gelling agents, and liquid. On the basis of application, the market is categorized into nutraceuticals, food & beverages, cosmetics, spa treatment, animal feed, and biofuels. On the basis of distribution channels, the market is classified into consumer channels and business channels. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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Also, the presence of major players in the region that are involved in various innovations and product launches, including Cyanotech Corporation, Aim Grow Biotech Co. Ltd., and Earthrise Nutritionals boosts the market growth in this region. Asia-Pacific is expected to witness steady growth in the spirulina market during the forecast period, owing to the presence of prominent exporters in this region which includes India, China, and Malaysia that export spirulina products to countries such as the United States, Vietnam, and Peru. Moreover, the a high demand for spirulina extract in sectors such as bio-fertilizers, cosmetics, and nutraceuticals.
The spirulina market comprises various market players such as Chr. Hansen A/S, DIC Corporation, ScotBio, GNC Holdings LLC, Dongtai City Spirulina Bio-Engineering Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., E.I.D -Parry (India) Limited, Cyanotech Corporation, NOW Foods, Naturya, Aim Grow Biotech Co. Ltd, Algenol Biotech, DDW Inc., Echlorial, and Givaudan, among others. These market players are adopting various strategies including product launches, joint venture strategies, and planning expansion of business across various regions to maintain their dominance in the spirulina market.
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