New York, United States , Dec. 25, 2023 (GLOBE NEWSWIRE) -- The Global Spirulina Powder Market Size is to grow from USD 480.56 Million in 2022 to USD 1198.95 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 9.57% during the projected period.
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Spirulina is a form of algae rich in nutrients and antioxidants such as protein, copper, magnesium, and potassium. Organic spirulina will differ from inorganic spirulina in that it is produced without chemicals and with natural earth fertilizers. Spirulina is not legally classified as a microalga because its genetic material is not contained in a nucleus. It is a sort of microbiological organism. In contrast to chlorella, which is a human species with a nucleus. The arthroscopic platensis is also known as spirulina. It gets its name from its instantly recognizable spiral shape of about ten micrometres, which is about five times smaller than the diameter of a single hair. The increasing focus on health and well-being is leading people to seek out functional foods that can help them feel better overall. Spirulina powder's potential health benefits, such as immune system support, detoxifying characteristics, and possibly anti-inflammatory effects, correspond with the growing health-conscious customer group. Spirulina powder can aid with a variety of deficiencies, including anemia, owing to its high iron content, as well as in athletics for recovery after exercise and the synthesis of red blood cells (vitamins B6 and B12). The global spirulina market is rising as consumer demand for natural food components rises.
COVID 19 Impact
Grocery demand changed drastically during COVID-19 as the pandemic encouraged restaurants and food services to close. As a result, shoppers kept shifting to grocery stores, raising the need for packaging. This tendency is driven by consumers' desire to stock up on food, drinks, and home care items. However, when stores close and customers start to cut back on their spending, demand for luxury packaging other than food has fallen. As a result, the pandemic's effects on the packaging sector have been inconsistent. The COVID-19 outbreak has produced significant medical, social, and financial challenges. COVID-19 is predicted to have an impact on the majority of manufacturing enterprises' operations. Food and beverage industry participants around the world are reporting a considerable reduction in product consumption. Companies are also experiencing supply chain delays as a result of lockdowns in various parts of the world and limitations on product shipment. Reduced agricultural productivity has affected raw material goods, as has a lack of labour in manufacturing companies and disruptions in the distribution system.
Browse 200 market data Tables and 45 Figures spread through 120 Pages and in-depth TOC on the "Global Spirulina Powder Market Size, Share, and COVID-19 Impact Analysis, By Cultivation Method (Open Pond Cultivation, Closed Photobioreactor Systems, Hybrid Systems), By Processing Method (Spray Drying, Freeze Drying, Sun Drying), By Certification (Organic, Non-GMO, Vegan, Gluten-free), By Application (Dietary, Foods & Beverages, Cosmetics, Animal feed, Pharmaceuticals), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The open pond cultivation segment dominates the market with the largest revenue share over the forecast period
Based on the cultivation method, the global spirulina powder market is segmented into open pond cultivation, closed photobioreactor systems, and hybrid systems. Among these, the open pond cultivation segment is dominating the market with the largest revenue share of 36.74% over the forecast period. This approach is less expensive than closed-system alternatives, allowing for competitively priced spirulina products. It entails building a concrete or plastic pond or tank and filling it with water. The pond is then filled with spirulina culture and exposed to sunlight. The water is regularly pumped and aerated to supply oxygen to the spirulina.
The spray drying segment is witnessing significant CAGR growth over the forecast period.
On the basis of processing methods, the global spirulina powder market is segmented into spray drying, freeze drying, and sun drying. Among these, the spray drying segment is witnessing significant CAGR growth over the forecast period. Spray drying is a gentle method that helps preserve spirulina's health benefits by preserving vital vitamins, minerals, and proteins. Since spray-dried spirulina powder has a lengthy shelf life, it's ideal for products with a longer shelf life.
The organic segment is expected to hold the largest share of the global spirulina powder market during the forecast period.
Based on the certification, the global spirulina powder market is classified into organic, non-GMO, vegan, and gluten-free. Among these, the organic segment is expected to hold the largest share of the spirulina powder market during the forecast period. Organic certification indicates that the spirulina powder is produced according to organic farming standards, without the use of synthetic pesticides, herbicides, or genetically modified organisms. Organic spirulina has antioxidant properties that protect against oxidative damage.
The dietary segment accounted for the largest revenue share of more than 44.1% over the forecast period.
On the basis of application, the global spirulina powder market is segmented into dietary supplements, foods & beverages, cosmetics, animal feed, and pharmaceuticals. Among these, the dietary segment dominates the market with the largest revenue share of 44.1% over the forecast period. Spirulina powder is a common ingredient in nutritional supplements that improve overall health and well-being since it is high in protein, vitamins, minerals, and antioxidants.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 49% market share over the forecast. As a result of the region's highly developed healthcare industry, the presence of leading manufacturers, the high rate of spirulina uptake, and the increasing need for organically derived coloring agents. The growing demand for healthy and clean-label substances like colours has generated a market for spirulina extracts. The US government's tight controls and ban on synthetic food additives are driving the demand for natural additives. In addition, the fundamental driver is an enormous population that is becoming more interested in healthy food items, in which algae-based ingredients play an important part.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. Korea, China, and Indonesia are major producers of algae. This algae species' greater mixing with nutraceuticals in non-dairy products is expected to fuel regional market expansion. Rising food and beverage demand, China, and Korea are all potential markets for spirulina. Consumer preferences are shifting towards less processed meals with more visual appeal, which has boosted the market performance of clean-label ingredients like spirulina.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Spirulina Powder Market include Cyanotech Corporation, DIC Corporation, Parry Nutraceuticals, NOW Foods, Prologue Spirulina Supplies Pvt. Ltd., Dongtai City Spirulina Bio, Engineering Co., Ltd., Tianjin Norland Biotech Co., Ltd., Earthrise Spirulina, Algene Biotech, Hydrolina Biotech, Sensient Technologies Corporation, DIC Lifetec Co., Ltd., Shanghai Fufa Food Co., Ltd., Jiangxi Alga Biotech Co., Ltd., and many others.
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Recent Market Developments
In July 2021, Sensient Technologies (a flavour and colour production firm based in Wisconsin) has announced the successful acquisition of "Flavour Solutions," a food product supplying company based in the United States. The corporation kept the financials of the transaction hidden.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global spirulina powder market based on the below-mentioned segments:
Spirulina Powder Market, Cultivation Method Analysis
- Open pond cultivation
- Closed photobioreactor systems
- Hybrid systems
Spirulina Powder Market, Processing Method Analysis
- Spray drying
- Freeze drying
- Sun drying
Spirulina Powder Market, Certification Analysis
- Organic
- Non-GMO
- Vegan
- Gluten-free
Spirulina Powder Market, Application Analysis
- Dietary
- Foods & Beverages
- Cosmetics
- Animal feed
- Pharmaceuticals
Spirulina Powder Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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