Spirulina Market Report Scope & Overview:

The Spirulina Market Size was valued at USD 533.90 million in 2022 and is expected to reach USD 1.20 billion by 2030, and grow at a CAGR of 10.7% over the forecast period 2023-2030.

Spirulina addresses the biomass of cyanobacteria that can be consumed by people and different creatures. Chiefly two types of spirulina are additionally handled for different applications. These incorporate Arthrospira plantensis and Anthrospira maxima. Arthrospira is developed overall and is utilized in dietary enhancements and as entire food. It is accessible in tablets and cases, chips, powder, and fluid structures. Further, spirulina is additionally utilized as a feed supplement in aquarium, hydroponics, and poultry businesses generally.

The developing shopper mindfulness towards various medical advantages of spirulina in relieving the gamble of a few constant illnesses, including heart failure, unfavorably susceptible rhinitis, disease, renal sicknesses, and so forth, is essentially driving the market development. Moreover, the growing nutraceutical area is increasing the wide accessibility of spirulina as powder, tablets and containers, gels, fluid, and so forth. Also, the pervasive pattern of veganism has prompted the rising movement from a meat-based protein diet toward veggie lover options, including spirulina, with high protein content. Aside from this, spirulina is widely embraced in the drug area for creating various medications for repressing viral replication. Furthermore, the developing interest for spirulina-based items in lightening outrageous cravings during crisis philanthropic catastrophe help, and military battle circumstances is likewise supporting the market development. Other than this, the rising usage of spirulina as a feed added substance for upgraded creature development and further developed efficiency is further catalyzing the worldwide market. The changing tendency from synthetic-based feed added substances towards natural choices across the creature farming and hydroponics areas is additionally driving the market development.

Market Dynamics:

Driving Factors:

• Expansion sought after for regular fixing and R&D interests in business spirulina items.

Restraining Factors:

• Presence of other manufactured food tones.

Opportunity:

• The huge development of the food handling industry.

Challenges:

• Influence on spirulina creation because of environmental change.

Impact of Covid-19:

The COVID-19 has cultivated the development of the spirulina market ascribed to the need for healthful consideration and nutrients as a likely cure against the COVID-19 infection. Consequently, specialists certainly stand out toward conceivable job of green growth in postponing the beginning of COVID-19. Furthermore, ocean growth's capability to battle COVID-19 is perceived in many examinations concentrates completed by the associations like the World Health Organization (WHO), accordingly making adequate space to rebalance the kelp business.

Market Estimations:

Side-effect type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. The Arthrospira Platensis portion held a predominant piece of the pie in 2019 and is expected to keep up with its situation during the conjecture time frame. This is credited to various factors, for example, flood in medical care mindfulness and the joining of spirulina in counting calories as a superfood universally.

By application, the nutraceuticals area represented a significant piece of the pie in 2019. This is owing to the ascent in concern concerning sustenance and wellbeing and expansion in inclination for regular options in contrast to conventional drug items. Spirulina is additionally generally utilized in the food and refreshment area as it has high happiness of regular shades that bestow blue tone and is joined with different varieties to get new altered tones like lavender, violet, and green. Spirulina additionally tracks down its significant application in the corrective and individual consideration industry. It is predominantly utilized in superficial and individual consideration items, particularly for the counter maturing items.

Key Market Segmentation:

By Type:

• Arthrospira Platensis

• Arthrospira Maxima

By Application:

• Nutraceuticals

• Food & Beverages

• Cosmetics

• Animal Feed

• Others

By Formulation:

• Powder

• Tablet & Capsule

• Liquid

• Granule & Gelling Agent

Regional Analysis:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America                  

By district, North America is supposed to stay prevailing all through the conjecture period because of its advanced medical services industry, presence of driving makers in the locale, high reception pace of spirulina, and expansion popular for normally inferred food shading specialists in the area. Notwithstanding, Asia-Pacific is supposed to encounter the most elevated development rate during the conjecture time frame, as it offers rewarding open doors for the market players because of the huge development of the food handling industry in the area.

Key Players:

Major company profiles included are Yanotech Corporation, DIC Corporation, Cabassi & Giuriati Spa, DDW, DÖHLER Gmbh, Dongtai City Spirulina Bio-Engineering Co., Ltd., Echlorial, E.I.D. Parry Limited, Givaudan International SA, Prolgae Spirulina Supplies Pvt. Ltd.

Yanotech Corporation-Company Financial Analysis