Global Spirulina Market Projected to Reach $704.8 Million by 2025
According to this latest publication from Data N Analysis, the global spirulina market size was $298.6 million in 2018, and is projected to reach $704.8 million by 2025, growing at a CAGR of 8.4% from 2019 to 2025. Rise in demand for natural ingredients, growing health and wellness trend, growing vegetarian population, and promotion of the production of spirulina by government have fueled the growth of the global spirulina market. Conversely, low awareness of benefits of spirulina and complex production has hindered the growth of this market to some extent.
The global spirulina market study presents historical market data in terms of values (2017 and 2018), projected current data (2019), and forecasts for 2025- by type (arthrospira platensis, arthrospira maxima, and spirulina fusiformis), application (nutraceutical, cosmetics, food & beverages, animal feed, pharmaceutical, and others), and formulation (powder, tablet, capsule, liquid, and flakes). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of application, food & beverages segment accounted for the major share of the global spirulina market in 2018. The large share of this segment mainly attributed to the growing health concerns of aging population mainly in developing countries, growing desire for natural alternatives to traditional products, and increased awareness among consumers on the link between nutrition and health.
On the basis of formulation, powdered spirulina held the largest share of the global spirulina market in 2018. The large share of this segment is mainly attributed to its advantages over other form, such as better consistency, ease of handling, simple transport economics, and better stability.
On the basis of geography, the spirulina market analysis is conducted across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America held the major share in global spirulina market in 2018, and is expected to remain dominant throughout the forecast period. The huge share of this market is attributed to its increased demand for naturally derived ingredients, increasing regulations against synthetic colors, and rising alertness among consumers for natural food products. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. The fastest growth of this region primarily attributed to robust growth of the food processing industry, increasing presence of vegetarian consumers, and growing numbers of national and provincial level research.
Key players include in spirulina market are Cyanotech Corporation, Tianjin Norland Biotech Co., Ltd., Naturya, Guangzhou Endless Biotech Co. Ltd., DIC Corporation, Algene Biotech, Chr. Hansen Holding A/S, E.I.D. Parry (India) Ltd., Dongtai City Spirulina Bio-engineering Co., Ltd., Now Foods, Prolgae, Sensient Technologies Corporation, DDW Inc., Naturex S.A., and TAAU Australia Pty Ltd.
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