Spirulina market 2027 is all set to acquire a strong CAGR of 10.32% with a market value of USD 1,007.24 million says the new study by Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
COVID-19 Spirulina Market Analysis:
COVID-19 analysis on the Spirulina Market Analysis by MRFR says that health and hygiene have become the key focus since the COVID-19 outbreak, leading to higher demand for food products that boost immunity. Even prior to the novel coronavirus pandemic, the food and beverages industry had been phasing out unnatural or artificial colors, considering the mounting safety concerns along with the soaring demand for natural colors. Spirulina, being a natural food color, has gained favor among various food & beverages manufacturers in recent years. It has garnered even more interest following the onset of SARS-CoV-2, as it is known to boost the production of infection-fighting proteins, antibodies, and various cells that bolster the immunity and ward off any infection.
Although the COVID-19 impact on supply chains has been detrimental, especially post the worldwide lockdown, the market can remain resilient due to the strong demand for spirulina across a number of developing as well as under-developed nations like India and Africa in the wake of the growing prevalence of malnutrition.
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Top Drivers and Restraints:
Spirulina is a biomass of cyanobacteria that is edible for humans and animals. There are primarily two spirulina species that are currently being processed to explore their application range. These are Anthrospira maxima and Arthrospira plantensis. Arthrospira is extensively deployed in dietary supplements and is available in the form of capsules, tablets, powder, flakes, as well as liquid. Spirulina is also largely utilized as a feed supplement in aquaculture, poultry and aquarium industries worldwide. Given the extensive and still growing application range of spirulina, it is expected that the market can expand significantly in the years to come.
Introduction of new natural food colors derived from spirulina, and the surge in government initiatives that help boost the production could also be favorable for the global market over the next few years. Governments across nations are focused on bolstering the production of spirulina to facilitate stable income source in rural areas. Governments of countries like Angola, Ghana and India are constantly backing the spirulina industry and create a robust gateway for the advancements of this superfood, which can mean further business growth in the following years.
The fact that spirulina comprises Vitamin A, C and E as well as beta-carotene in massive quantities have helped foster its demand, since these antioxidants help cure numerous medical conditions and diseases. Also, evolving consumer preferences with regard to healthy and nutritious products is viewed as a huge opportunity by leading firms, who are increasingly launching new products that can capture the attention of a wider audience across the globe.
A case in point, in September 2020, Nature's Path launched a ramge of Superfood Granolas that consists of various functional ingredients like spirulina as well as wheatgrass, barley grass, chlorella, broccoli, kale and more that help improve health and endurance, sharpen mental focus and also boost stamina.
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The spirulina industry has been considered for form and application.
Form-wise, the major categories are capsule & tablet, powder, gelling agent and liquid. The powder segment could gain maximum momentum in the global market and is projected to advance at a rate of 8.23% in the next couple of years.
Depending on applications, the spirulina industry caters to food & beverages, nutraceuticals, cosmetic & personal care, pharmaceuticals, and more. Between these, the nutraceutical segment can achieve the fastest growth rate of 8.34% between 2017 and 2023.
The study of the spiraling industry has considered Asia Pacific or APAC, Europe, North America, along with RoW or Rest of the world as the primary regions across the world.
APAC can remain the strongest market over the conjectured period, given the fast economic growth, surging urbanization, and the expanding middle-class populace. The market growth in the region is also the outcome of the extensive presence of several regional vendors and the rapidly advancing dietary supplement sector, in addition to the rising cases of malnutrition and the favorable climatic factors. Moreover, the efforts by the government to boost the utilization of spirulina along with the rise in research to explore its application range can work in favor of the APAC market’s favor.
By 2023, the North American market could potentially touch USD 129.20 million. The demand for nutraceuticals is quite strong in the region, especially in the United States, on account of the rapid innovations in science and technology, rising healthcare costs and the evolving food laws that affect product and label claims. Also, the rising focus on wellness with proper diet has also given way to massive market growth in North America.
Rest of the World or RoW can procure a moderate advancement rate of 7.54% between 2018 and 2023, as a result of the mounting health concerns and the surging preference for natural pharmaceutical products.
Top Market Contenders:
Some of the eminent market contenders profiled in the report are E.I.D. Parry (India) Limited (India), Tianjin Norland Biotech Co. Ltd (China), Jiangxi Alga Biotech (China), Cyanotech Corporation (Hawaii), Cyanotech Corporation (Hawaii), Synergy Natural Products Pty Ltd. (Australia), Hydrolina Biotech Private Limited (India), DIC Corporation (Japan), to list a few.
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About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
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