(I-BusinessNews.Com, June 08, 2021 ) Spirulina Powder Market size is $321Million in 2020, growing at a CAGR of 9.2% during the forecast period 2021-2026. Spirulina are blue-green multicellular and filamentous microalgae that emerge naturally in warm regions in the alkaline waters of lakes, ponds and rivers. These microalgae can be easily harvested and processed and have a considerably high content of macro- and micronutrients. Spirulina powder is used in hair and skincare products and has antioxidant, anti-inflammatory and hypolipidemic effects. Their use in the biofuel and bio-fertilizer industry has further boosted the demand for spirulina powder. Spirulina has gained significant prominence in the human health food industry and in many developing and underdeveloped countries such as India and Africa, where malnutrition is prevalent owing to its use as a protein supplement and as a human health food. Growing awareness of natural ingredients can mainly be attributed to substantial growth in sales of organic spirulina powder. Without any additives and chemicals, customers prefer natural and organic products.
Spirulina Powder Market Segment Analysis – By Application
In 2020, Food & Beverages segment dominated the Spirulina Powder Market in terms of revenue owing towards rising production of monoclonal antibodies (MAb) therapeutics. In addition, the use of spirulina extract as a natural blue colouring ingredient in food and beverage applications has been approved by the United States Food and Drug Administration (FDA). Increased demand for natural food color spirulina is driven by increased consumer awareness of natural foods as opposed to synthetic foods combined with health-promoting properties of natural food colors. Candy and chewing gum, frostings, ice cream and frozen sweets, cake coatings and toppings, drink mixes and powders, yoghurts, custards, puddings, cottage cheese, gelatin, breadcrumbs, and ready-to-eat cereals are increasingly used in confectionery products abetting towards the growth of the market. Dietary Supplements is estimated to record the fastest CAGR of 9.6% during the forecast period 2021-2026. In dietary supplements, manufacturers are introducing creative and unique products that attract customers, which in turn drive growth.
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Spirulina Powder Market Segment Analysis – By Geography
In 2020, the North America dominated Spirulina Powder Market in terms of revenue with a market share of 41% owing towards rising public & private funding for R&D in this region with increasing production and demand for organic spirulina powder. In addition, The Energy Department is investing money to facilitate the feasibility and efficacy of the use of algae as a fuel. They announced US$18 million in funding for algae bio-fuel development in August 2015. Moreover, approval of the use of spirulina by medical practitioners in the region has also contributed to the development of the North American spirulina powder industry. Owing to the high cost of these products, the suppliers in the country make their products accessible to consumers in order to broaden their consumer base aids to the market’s growth. In addition, improving living standards are forecasted to drive the demand in this region. Asia-Pacific is forecasted to record the fastest growth rate during the forecast period 2021-2026 owing to increased understanding of the benefits and availability of dietary supplements. With the rise in disposable income, the use of health care goods, and the increasing vegan population driving the market growth.
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Spirulina Powder Market Drivers
Rising Demand For Cyanobacteria
The growth of the spirulina market is expected to fuel demand for cyanobacteria due to their contribution to weight loss and the growing number of health clubs and fitness centres in the coming years. Cyanobacteria’s health benefits have helped them find use for desserts, smoothies, juices, salads, and breakfast meals aids to market growth. In addition, the rising popularity of the vegan diet and the use of herbal ingredients in cosmetic products are further boosting the growth of the spirulina powder market.
Spirulina Powder Market Challenges
Stringent Regulation Concerns
In contrast to synthetic colours and strict government regulations, lower stability and poor sustainability of natural colours derived from spirulina are projected to impede market development. Also, contaminated spirulina can cause liver damage, nausea, vomiting, thirst, exhaustion, rapid heartbeat, shock, and even death restricting the market growth.
Spirulina Powder Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Spirulina Powder Industry. Spirulina Powder top 10 companies include Algenol Biofuels Inc., Dongtai City Spirulina Bio-engineering Co., Ltd., Prolgae, Sensient Technologies Corporation, Parry Neutraceuticals, DDW Inc., Naturex S.A., Cyanotech Corporation, DIC Corporation, Chr. Hansen Holding A/S, and Algatec.
Acquisitions/Product Launches
In August 2020, Naturex S.A. has acquired a company located in Alderys, Orsay, France. This acquisition allowed the company to broaden the Naturex range of cosmetic and perfumery components that are environmentally friendly.
In October 2020, Cyanotech Corporation launched BioAstin® Hawaiian Astaxanthin®. These are high quality dietary ingredients and supplements that encourage health and well-being.
Key Takeaways
The growing vegan trend is accelerating the Spirulina Powder demand over the forecast years 2021-2026.
The rise is expected to be driven by an increase in demand for cyanobacteria because of their contribution to weight loss and a growing number of health clubs and fitness centres.
Asia-Pacific region is projected to record the fastest growth rate during the forecast period 2021-2026.
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