Spirulina Powder Market Size to Grow at a CAGR of 8.2% During the Forecast Period 2021–2026

Spirulina Powder market size was estimated at $153 million in 2020, growing at a CAGR of 8.2% during the forecast period 2021-2026. Spirulina is a nutrient-rich blue-green microalgae frequently used as a dietary supplement in the food and beverage industry and it is also used as sustainable algae biomass source for energy and fuel. It is a natural appetite suppressant that helps in endurance and tiredness reduction. Spirulina powder is widely preferred owing to its high nutritional values. It possesses hypolipidemic and anti-inflammatory properties also it is good source of linoleic acid. Spirulina contain phycocyanin extract which is pigment-protein complex synthesized by blue-green microalgae and this pigment is used as natural coloring in food industry. Spirulina is high in antioxidants and helps to reduce inflammation by balancing the body's pH. It is used as a dietary supplement and in a variety of recipes, including salads, breakfast meals, desserts, and a variety of other foods. Spirulina powder can also be added to beverages including water, juices, and smoothies. Increasing demand of natural ingredient across the globe coupled with rising awareness about nutritional benefit of spirulina powder are the major factors driving the growth of the market. Increasing application of spirulina in various industries such as food and beverage, animal feed, dietary supplements, cosmetics and others is set to further enhance the overall market development of the Spirulina Powder Market for the period 2021-2026.

Key Takeaways

• North America dominated the Spirulina Powder Market in 2020 owing to increasing demand for natural food supplements coupled with changing lifestyle of the people. The Spirulina Powder Market scope for different regions will be provided in the final report.
• Increasing government support for production of spirulina powder are set to aid the market growth of the Spirulina Powder Market report.
• Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Spirulina Powder Market report.
• High price of spirulina powder and availability of substitute products such as chlorella is poised to create the hurdles for the Spirulina Powder Market.

Spirulina Powder Market Revenue Share, By Geography, 2020(%)

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Spirulina Powder Market Segment Analysis – By Nature

Based on nature, the Spirulina Powder market is segmented into organic and conventional. Conventional held the largest share in the Spirulina Powder market in 2020. Conventional spirulina powder is cost effective compared to organic spirulina powder and also it provides fast results also as it is good source of easily digestible proteins, linoleic acids, micronutrients and omega fatty acids besides essential minerals, vitamins, antioxidants and fiber thereby increasing Spirulina Powder market. However, organic is estimated to register higher CAGR of 11.4% during the forecast period 2021-2026 owing to rising demand for vegan, organic and non-genetically modified organism (?GMO) products.

Spirulina Powder Market Segment Analysis – By Application

Based on application, the Spirulina Powder market is segmented into Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, and others. Food and Beverages held the largest share in the Spirulina Powder market in 2020. Spirulina powder is widely used in food and beverage industry for making various products such as confectionery items, ready to eat products and many other food products. It is used as natural coloring agent in food and beverages. Moreover, spirulina extract has been recognised by the US Food and Drug Administration for use as a natural blue colouring component in food and beverages thereby increasing Spirulina Powder market. However, dietary supplements is estimated to register higher CAGR of 12.2% during the forecast period 2021-2026 owing to rising consumption of dietary supplements among the people across the globe.

Spirulina Powder Market Segment Analysis – By Geography

North America dominated the Spirulina Powder market with a major share of 36% in 2020. This is attributed to growing awareness about nutritional benefits of spirulina powder among the people in this region coupled with rising spending capacity of the people. Moreover, increasing prevalence of obesity in this region which leads to rise in health consciousness among the people. According to, Centres for Disease Control and prevention (CDC), prevalence of obesity in US was 42.4% in 2017-2018. Furthermore, changing lifestyle of the people and consumers are shifted towards food supplements which are contributing to the growth of the market in this region.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing government support for production of spirulina powder and presence of key manufacturers in countries such as India, China and others contribute the growth in this region. Increasing demand for natural food agent in food and beverage industry in this region is also increasing the growth of the market in this region.

Spirulina Powder Market Drivers

• Increasing Demand of Spirulina Powder From Dietary Supplement Industry

Increasing demand of spirulina powder from dietary supplement industry owing to its nutritional benefits is increasing the growth of the Spirulina Powder Market. Spirulina is widely used as a self-care method for energy, nutritional security, weight loss, and cleaning. Furthermore, rising health consciousness among consumers thereby increasing the growth of the Spirulina Powder market during the forecast period 2021-2026.

• Growing Demand of Natural Ingredient

Increasing demand of natural ingredient among the people is increasing the growth of the Spirulina Powder market. Furthermore, shift in preference of the people towards healthy food supplements is driving the growth of market. Moreover, spirulina is natural algae powder that is high in protein and a good source of antioxidants, B-vitamins and other nutrients thereby increasing the growth of the Spirulina Powder Market during the forecast period 2021-2026. 

Spirulina Powder Market Challenges

• Availability of Substitutes

Major factor that is set to impede the growth of the Spirulina Powder market is availability of substitute such as chlorella powder in market. Another factor which hamper the growth of market is spirulina can induce liver damage, nausea, vomiting, thirst, weariness, rapid heartbeat, shock, and even death if it is contaminated.

Spirulina Powder Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Spirulina Powder Market. In 2020, the Spirulina Powder Market share is consolidated by the top ten players present in the market. The Spirulina Powder Market, top 10 companies are, Algene Biotech, Naturex S.A, Cyanotech Corporation, Now Health Group Inc., Sensient Technologies Corporation, DIC Corporation, Australian Spirulina, E.I.D. Parry, Tianjin Norland Biotech Co., Ltd. and Algenol Biofuels Inc.

Development:

• In January 2021, SNACK Brand, Inc., the expert in farm fresh spirulina launched Superfood Cluster and Spirulina Powder on Amazon Prime.

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