The spirulina market is expected to record a CAGR of 13.2% from 2021 to 2028 to reach $968.6 million by 2028. In terms of volume, the spirulina market is expected to register a CAGR of 18.1% from 2021 to 2028 to reach 98,768.5 tons by 2028.
The factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; growing investments from leading color houses, and increase in number of products that include spirulina as ingredients are driving the growth in the global spirulina market. However, low awareness about the benefits of spirulina and challenges associated with spirulina production is expected to hinder the growth of the global spirulina market to some extent.