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Spirulina Market

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Spirulina Market report categorizes the global market by Form (Powder, Tablet / Capsules, Liquid, Granules), by Composition (Protein, Carbohydrates, Minerals, Lipids, and Others), by End-use Industry
Spirulina Market, by Form, Composition,
End-use Industry, Insights, and Industry
Forecast till 2025
Spirulina is a nutritional supplement, majorly obtained from the two species of
cyanobacteria, including arthrospira maxima and arthrospira platensis. Spirulina is
defined as a type of algae that grows naturally in the alkaline waters of lakes, ponds,
and rivers in warm regions. Spirulina is associated with high nutritional value, including
vitamins A, C, E, and B12, and minerals, protein, carbohydrates, and essential lipids.
Arthrospira is used in dietary supplements, as whole food, and is available in varied
forms such as capsules, tablets, flakes, powder, and liquids. Furthermore, spirulina is
extensively used as a feed supplement in aquaculture, aquariums, and poultry
industries.
Growing awareness regarding the health benefits of spirulina super food among
consumers and wide variety of natural colors produced by spirulina are the major
factors propelling growth of the spirulina market. Furthermore, the government of
countries such as India, Ghana, and Angola are promoting the production of spirulina,
considering its health benefits, thus strengthening this market. Spirulina comprises high
anti-oxidant, hypolipidemic, beta-carotene, and anti-inflammatory properties. Owing to
exceptional properties, spirulina offers health benefits including reduced cholesterol and
blood pressure. Growing penetration of spirulina in the cosmetics and pharmaceutical
industries is further expected to propel tremendous growth to this market during the
forecast period (2017 – 2025).
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However, lower stability of natural colors derived from spirulina as compared to
synthetic colors is considered as a threat against market growth. These natural colors
have poor sustainability against the effect of light, thereby changing its color easily.
In terms of revenue, Europe held a dominant position in the market in 2016, accounting
for 32.00% share in the global market for spirulina. Growth of the market in the region is
attributed to the increasing demand for naturally derived food coloring agents in the
region. Furthermore, in 2014, the European Food Safety Authority (EFSA) has lowered
the acceptable daily intake for synthetic food color, including sunset yellow FCF (E110),
ponceau 4R (E124), and quinolone yellow (E104). This in turn, increased the demand
for natural food colors in the region, thus supporting growth of the spirulina market. As
spirulina has a high content of a natural pigments that imparts blue color and is
combined with other colors, in order to obtain new customized colors such as lavender,
violet, and green. However, the blue spirulina color is used extensively in the food and
beverages industry and is the most popular natural food color in the region.
Asia Pacific is expected to be the fastest growing market for spirulina, witnessing
highest CAGR of 14.48%, owing to robust growth of the food processing industry in the
region. Furthermore, growing demand for spirulina powder among vegetarian
consumers is another factor fueling growth of this market, as spirulina is a 100%
vegetarian dietary supplement. According to the Food and Agriculture Organization of
the United Nations, India recorded the lowest rate of meat consumption in the world in
2007, which is due to the large number of vegetarian demographics, residing in India.
Rapidly growing aquaculture in the region is expected to fuel the spirulina market during
the forecast period, owing to the extensive consumption of spirulina in aquatic farming
and hatchery. According to the Food and Agriculture Organization of the United Nations
(FAO), the aquaculture in Asia Pacific has recorded an appreciable growth in the past
three decades and in 2014. Owing to this, Asia Pacific was projected as the key supplier
to the global seafood trade, with Asian aquaculture being the major contributor in the
traded seafood commodities. This fully fledged aquaculture in the region is in turn
boosting growth of the spirulina market.
On the basis of form, the global spirulina market is segmented into powder,
tablets/capsules, liquids, and granules. The powder segment held a dominant position,
in terms of volume, in 2016 due to its ease of application as compared to the liquid form.
The segment is expected to maintain its dominance during the forecast period,
witnessing highest CAGR among others. Furthermore, the tablets and capsules
segment is expected to be the second largest segment during the forecast period.
On the basis of composition, the market is segmented into protein, carbohydrates,
minerals, lipids, and others, with protein being the major contributor in the global growth
of spirulina market, as of 2016. This is majorly due to its high protein content and
presence of all essential amino acids with less amounts of cysteine, lysine, and
methionine as compared to standard proteins, including milk, eggs or meat. However,
the spirulina protein is superior to all standard plant protein, including legumes.
Major players operating in the spirulina market are Sensient Technologies Corporation,
Algaetech International Sdn Bhd, DDW The Color House, Algene Biotech, Chr. Hansen
Holding A/S, Cyanotech Corporation, DIC Corporation, Fuqing King Dnarmsa Spirulina
Co. Ltd, and Sunrise Nutrachem Group Co. Ltd.
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aniket
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