According to Persistence Market Research,
- Over 128,000 tons of spirulina was globally consumed in 2016, revenues from which touched US$ 718.7 Mn
- Increasing applications of spirulina as a core ingredient in production of food & beverages, animal feed and nutraceuticals will continue instrumenting the growth of global spirulina market
- By the end of 2026, the global spirulina market will have soared at 10% CAGR to reach US$ 1,855.8 Mn value
- Through 2026, the global spirulina consumption will account for sales of more than 321,000 tons, exhibiting an impressive CAGR of 9.6%
Growing awareness about nutritional benefits of spirulina serves as a key driver for the market’s growth. Scientifically proven, spirulina contains the highest amount of proteins found in any naturally-cultivated food ingredient in the world. In the years to come, spirulina will continue to be in great demand across several regions in the world.
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Spirulina Market Segmented By Powder, Tablet and Capsule, Liquid, Gelling agent and granules form for Nutraceutical Food and beverage, Animal feed, Cosmetics and Spa treatment, Bio-fuel
The global spirulina market is expected to register a CAGR of 10% during the forecast period, and is estimated to be valued at nearly US$ 2,000 Mn by 2026, from more than US$ 700 Mn in 2016 owing to factors such as increased application of spirulina in cosmetics. Moreover, the EU government regulations have become stringent and have banned the usage of synthetic food colors in the food industry, which is expected to boost the sales of spirulina based natural food colors in the region during the forecast period.
Key players profiled in the report include
- Chr. Hansen A/S
- Cyanotech Corp.
- DDW Inc.
- DIC Corporation
- Dongtai City Spirulina Bio-Engineering Co., Ltd.
- Fuqing King Dnarmsa Spirulina Co., Ltd.
- GNC Holdings, Inc.
- GNT Holding B.V.
- Now Health Group Inc.
- Sensient Technologies Corp.
- Others
The report reveals that regulatory bodies from around the globe are approving the use of spirulina in production of new food items & beverages. Leading foodmaker The Mars Inc.’s petition for approval of spirulina as a key ingredient in production of new products was conceded by the FDA, garnering attention of other prominent manufacturers of food & beverage products.
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Furthermore, commercial-scale production of spirulina has also become more feasible due to advent to technological advancements. Cost-effectiveness of such production procedures are guaranteeing higher profit margins for spirulina manufacturers, effectuating a significant rise in entry of new players in the market.
In 2016, sales of nearly 90 thousand tons of spirulina powder was recorded across the globe. Highlighting this, the report reveals that revenues from global sales of powdered spirulina will soar at the highest CAGR of 10.4%. Demand for spirulina in the form of tablets & capsules will also gain traction at a comparatively steady pace.
Based on the applications, more than 250,000 tons of spirulina will be consumed globally for production of nutraceuticals by the end of 2026. Throughout the forecast period, the demand for spirulina will remain high in production of nutraceuticals, followed by food & beverages.
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