Spirulina market to reach $1.10 billion by 2030
A new report from ResearchAndMarkets.com predicts that the global spirulina market will reach $1.10 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.4% from 2023 to 2030.
In terms of volume, the market is expected to reach 102,381.3 tons by 2030, at a CAGR of 8.0% from 2023 to 2030. The report attributes the growth to various factors, including the increasing demand for natural food colours, the growth of the dietary supplements industry, rising vegetarianism, and the impact of spirulina cultivation on the environment.
The blue-green alga is a rich source of protein, vitamins, minerals, and antioxidants. It is commonly used in dietary supplements, animal feed, cosmetics, and as a natural food colorant. The report analyses the market based on product type, distribution channel, application, and geography.
Based on product type, the powder segment is expected to account for the largest share of the spirulina market in 2023 due to its rising demand from nutraceutical manufacturers. Based on distribution channel, the business channel is expected to account for the larger share of the spirulina market in 2023 due to the direct purchase of bulk spirulina in large quantities by various manufacturers. Based on application, the nutraceuticals segment is expected to account for the largest share of the spirulina market in 2023 due to the growing health concerns of the ageing population in various countries.
The report also covers the major regions of North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The North American market is expected to dominate the market due to the growing awareness among consumers for natural food products, strict regulations against synthetic colours, and the presence of key spirulina manufacturers.
In conclusion, the spirulina market is expected to experience significant growth over the next few years due to the increasing demand for natural and plant-based products. The report provides insights into the major trends and drivers of the market, along with an analysis of the competitive landscape and key players operating in the market.