May 18, 2024

Spirulina Market Poised to Grow Considerably due to Advances in Production Technology

Spirulina is a cyanobacterium that grows in warm, alkaline lakes and is known for its high protein and nutrient content. It is harvested and dried into a powder that is used as a dietary supplement and food coloring agent. Spirulina is a rich source of protein, antioxidants, vitamins, minerals, and essential fatty acids. It contains up to 70% complete protein by dry weight and is a good source of vitamin B1, B2, B3, and iron. The growing demand for plant-based protein and superfood ingredients is driving the adoption of spirulina in various food products and supplements.

The Global spirulina market is estimated to be valued at US$ 684.98 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the spirulina market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc. Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.
Growing health consciousness and popularity of veganism have increased the demand for plant-based protein supplements, presenting lucrative opportunities for spirulina producers and suppliers. Recent innovations in large-scale production techniques will further decrease cultivation costs and boost commercial production. Advances in genetic engineering are allowing laboratory cultivation of spirulina strains with enhanced nutritional profiles.

Market drivers
The increasing demand for naturally sourced protein and superfood ingredients from the food and beverage industry is a major driver for the Spirulina Market. Rising health expenditure and growing preference for dietary supplements also contributes significantly to market growth. Increasing adoption of spirulina as a natural food coloring agent boosts its demand from the confectionery, bakery and other processed food segments. Government initiatives and programs to promote cultivation of microalgae like spirulina offer new opportunities for producers.

Challenges in the Spirulina Market
The spirulina market is facing challenges related to production, marketing and sales. Spirulina cultivation requires specific environmental conditions like warm temperatures, alkaline water and plenty of sunlight which increases production costs. Marketing spirulina-based products is difficult due to consumer lack of awareness about its nutritional profile and health benefits. High prices of spirulina supplements compared to other sources of nutrients is also restricting its sales growth in price sensitive regions.

SWOT Analysis
Strength: High nutritional value with presence of proteins, vitamins and minerals. Wide application in food and beverages, cosmetics and pharmaceutical industries.
Weakness: Specific farming requirements and quality concerns regarding contaminants. High dependence on climate conditions.
Opportunity: Increasing consumer health consciousness driving the demand for superfoods. Potential usage of algae in biotechnology applications.
Threats: Threat from substitute products offering similar nutritional benefits. Risk of spirulina cultivation being affected by climate change.

Geographical Regions
North America currently accounts for the largest share in the spirulina market value due to growing usage in dietary supplements and rising health-related expenditure. Europe also captures a significant market share supported by spirulina’s application in pharmaceuticals and cosmetics industries.

Asia Pacific is expected to be the fastest growing region during the forecast period. Increasing disposable income, growing middle class population and rising awareness about functional foods are boosting spirulina sales in developing countries like China and India. Awareness campaigns by government organizations regarding malnutrition are further driving the market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it