Spirulina Market Insights and Industry Analysis by Form (Powder, Capsule & Tablet, Liquid and Gelling Agent), Application (Nutraceuticals, Food & Beverages, Pharmaceuticals, Cosmetic & Personal Care and others) and Region (North America, Europe, Asia Pacific and Rest of the world), Competitive Market Size, Share, Trends, and Forecast to 2027
New York, US, July 01, 2021 (GLOBE NEWSWIRE) — Spirulina Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Spirulina Market Information by Form, Application, and Region – Forecast till 2027”, the market is estimated to reach USD 897 Million by 2027 at 10% CAGR.
Market Scope:
Spirulina is a multicellular alga that resembles blue-green filamentous microalgae. Spirulina can be found in a variety of alkaline waterways, including lakes, rivers, and ponds in warm climates. When it comes to harvesting and processing, this type of microalgae has a simple procedure. Furthermore, these microalgae are significant since they have high micro and macro content. Spirulina is also utilized as a human health food and a protein supplement. It has acquired a lot of traction as a result of all of these factors, particularly in the human health food market. Spirulina microalgae is being used as a supplemental nutritional item in the feed for poultry animals such as hens and chickens in several mushrooming economies. Spirulina is also being utilized more frequently as a source of protein and micronutrients for fish.
Market Drivers
Spirulina supplements are known to have a high nutrient density and to aid in the prevention of malnutrition among people in various nations. This is one of the key reasons why firms are demanding these supplements and starting to manufacture them in their own countries. In addition, as people’s lifestyles change and the negative consequences of the emerging coronavirus epidemic become more apparent, potential customers are shifting and increasing their preference for natural food colors over artificial ones. This is pushing the market’s expansion on a global scale even further.
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Competitive Landscape:
The Notable Players in Spirulina market are:
- Cyanotech Corporation (Hawaii)
- DIC Corporation (Japan)
- I.D. Parry (India) Limited (India)
- Tianjin Norland Biotech Co. Ltd (China)
- Hydrolina Biotech Private Limited (India)
- Jiangxi Alga Biotech (China)
- Synergy Natural Products Pty Ltd. (Australia)
Various governments are investing in research and development projects in order to develop immunity boosters that are available to their citizens. In addition, widespread demand is forcing leading market participants to develop spirulina supplements in large quantities in order to match supply chain expectations. This is playing a critical role in assisting temporarily closed manufacturing enterprises in resuming production and supply. This demand is also assisting workers in returning to their production line employment and assisting the worldwide market in recovering from the pandemic losses.