This research report provides an in-depth analysis of spirulina market in five major geographies and emphasizes on the current market drivers, opportunities, trends, market size, market share, and forecast till 2025.
The global spirulina market is expected to reach $629.6 million by 2025 at a CAGR of 9.4% during the forecast period of 2019 to 2025. In terms of volume, the spirulina market is expected to grow at a CAGR of 13.6% from 2019 to reach 68,025.2 tons by 2025.
The factors such as growing health & wellness trends and dietary supplements industry, growing demand for natural food colors, increasing vegetarianism, growing malnutrition, growing use of spirulina in aquaculture diets, and increase in number of products that include spirulina as ingredients across the globe are driving the growth in the global spirulina market.
The global spirulina market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025 - by distribution channel (consumer channel, business channel), product type (powder, tablets, capsules, flakes, phycocyanin extract), and application (nutraceuticals, food & beverages, agriculture, animal feed). The study also evaluates industry competitors and analyzes the market at a regional and country level.
The report states that phycocyanin extract market is expected to grow with the fastest CAGR during the forecast period, which is attributed to factors such as tremendous demand from food and beverage industry, where it is used as a natural food colorant; growing investment from leading players; and expanding application areas of phycocyanin. However, nutraceutical application segment is estimated to command the largest share of the overall spirulina market in 2019. The largest share of this segment is attributed to the booming nutraceutical sector, growing health concerns of aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
An in-depth analysis of geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America estimated to command the largest share of the spirulina market in 2019, followed by Asia-Pacific and Europe. The large share of this region is mainly attributed to huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and bio fertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities.
Key Topics Covered
1. Executive Summary
2. Market Overview 2.1. Key Findings 2.2. Introduction 2.3. Evolution 2.4. Market Segmentation 2.4.1. Spirulina Market, by Distribution Channel 2.4.2. Spirulina Market, by Product Type 2.4.3. Spirulina Market, by Application
3. Industry Trends 3.1. Introduction 3.2. Spirulina Formulation 3.2.1. Recommended Basic Dose of Spirulina 3.3. Common Formulations of Spirulina 3.4. Value Chain Analysis 3.4.1. List of Key Producers, by Size 220.127.116.11. Micro-farmers (1-2 Ton/Year) 18.104.22.168. Small Farmers (2-20 Ton/Year) 22.214.171.124. Large Farmers (20-200 Ton/Year) 126.96.36.199. Very Large Farmers (More than 200 Ton/Year) 3.4.2. Handling and Packaging Companies 3.4.3. List of Some of the Key Buyers* 3.4.4. Pricing Analysis 188.8.131.52. Producer to Manufacturer 184.108.40.206. Manufacturer to Distributor/Wholesaler 220.127.116.11. Distributor/Wholesaler to Retailer 18.104.22.168. Retailer to Consumer
4. Market Insights 4.1. Introduction 4.2. Drivers 4.2.1. Growing Health & Wellness Trends and Dietary Supplements Industry 4.2.2. Growing Demand for Natural Food Colours 4.2.3. Growing Vegetarianism 4.2.4. Strict Regulations Regarding the Inclusion of Synthetic Colors and Flavors 4.2.5. Growing Malnutrition 4.2.6. Increasing Preference for Spirulina Sourced Products, Especially Omega-3 Fatty Acids 4.2.7. Growing Use of Spirulina in Aquaculture 4.2.8. Increase in the Number of Products that Include Spirulina as an Ingredient 4.3. Restraints 4.3.1. Low Awareness about the Benefits of Spirulina 4.3.2 Complex Production of Algae Products 4.4. Opportunity 4.4.1. Emergence of New Application Areas 4.4.2. Growing Demand for Phycocyanin 4.4.3. Growing Demand of Spirulina from Bio Refineries 4.5. Trends 4.5.1. Growing Adoption of New Production Technologies (Photobioreactors) 4.6. Standard Regulations 4.6.1. North America 4.6.2. Europe 4.7. Force Field Analysis
5. Global Spirulina Market, by Distribution Channel 5.1. Introduction 5.2. Consumer Channel 5.3. Business Channel
6. Global Spirulina Market, by Product Type 6.1. Introduction 6.2. Powder 6.3. Tablets 6.4. Capsules 6.5. Flakes 6.6. Phycocyanin Extract