Spirulina Market – Overview
Due to diverse application associated to spirulina consumption, the market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Spirulina Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
Diverse application of spirulina as super food and as a potential food color have increased the demand for spirulina on a global level. Spirulina is considered consumed as a functional food based on its rich protein, vitamins, minerals, carotenoids and antioxidants content. The consumption of spirulina is highly advised by the consultants to the population of consumers suffering from malnutrition. The product is globally consumed as a protein supplement. Therefore, growth of the dietary supplements market has also provided an impetus for the increased demand of this sector. However, the presence of heavy metals and harmful toxins that enter via the cultivating water source is identified as a major hindrance in the growth of this market.
Application of spirulina as a potential natural colorant is also one of the major factors that has escalated the sales of spirulina in the global market. With the approval of FDA to consider spirulina as a natural food color in the U.S. in 2013, the market has experienced tremendous growth as a food colorant. Constant indulgence of the manufacturers in the R&D activities has led to product development and innovations leading to unique offering of the product in various forms. However, government regulations, specific functional requirements can cause hindrances to the growth of the spirulina market.
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Latest Industry Updates:
- Jul 2017 Vitality Products Inc. announced its first line launch of 100% vegan supplements including the spirulina capsules and the organic beauty boost capsules. The step was taken in order to suffice the consumers growing demand for vegan and plant based products. The strategy will help the company in expanding their product offerings and also capturing the attention of vegan consumers
- April 2016 Vitality Products Inc. announced the launch of their new product line: VITALITY Power Iron + Organic Spirulina in order to aid the growing iron deficiency in consumers. The unique product offering has already created product differentiation and will help the company in strengthening their business portfolio.
- Jun 2016 in order to support the sustainable development and enhance the production capacity of natural food color, Cynotech Corporation is focusing on developing natural food color from microalgae ingredients including spirulina and chlorella. This will make the company’s position more significant in the spirulina market.
- Jul 2017 Cyanotech Corporation received Halal Certification for BioAstin Hawaiian Astaxanthin Raw Material and vegan soft gels from the Islamic Food and Nutrition Council of America (IFANCA). The company’s strategy to expand their business in the middle-east region will be accomplished by gaining the certificate. Consumers will get attracted towards their product line.
Spirulina Market – Competitive Analysis:
With the rising demand for nutraceuticals, the demand for spirulina as a potential ingredient is experiencing a surge. Companies are aiming to capture a considerable share of the market segment by capturing huge consumer base. Strategic product launch and innovations in the existing product line is the key strategy followed by the manufacturers to create product differentiation among their product offerings. Huge investments in R&D sector is also adding fuel to this market based on the quality product launch which helps the players in promoting their product. Government certification and approval also plays a very significant role to mark their significance on a global level.
The key players profiled in spirulina are as Cyanotech Corporation (Hawaii), DIC Corporation (Japan), E.I.D. Parry (India) Limited (India), Tianjin Norland Biotech Co. Ltd (China), Hydrolina Biotech Private Limited (India), Jiangxi Alga Biotech (China), and Synergy Natural Products Pty Ltd. (Australia)
Spirulina Market – Segments:
The global spirulina market has been divided into form, application and region.
- On The Basis Of Form: Powder, Capsule & Tablet, Liquid and Gelling Agent
- On The Basis Of Fiber Application: Nutraceuticals, Food & Beverages, Pharmaceuticals, Cosmetic & Personal Care and Others
- On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Spirulina Market – Regional Analysis
The global spirulina market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global spirulina market is highly dominated by Asia Pacific due to high demand for functional foods, nutraceuticals and popularity of dietary supplements in that region. North America is the fastest growing region after APAC due to change in consumer’s food consumption preferences and increasing health consciousness. The consumption of spirulina in counties like the U.S., Japan and China is expected to grow in upcoming years.
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