Pune, 6, Dec, 2022: The report analysed by Maximize Market Research, the global healthcare market research firm. The report on Spirulina Market covers an extensive competitive, demand and pricing analysis in the report. North America is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 481.46 million in 2021 to USD 1077.96 million in 2029 at a CAGR of 10.6 percent.
Spirulina Market Scope and Research Methodology
The report is an in-depth analysis of all the key players in the Spirulina Market by market share, revenue, market penetration, financial status and region. Current trends prevailing in the Spirulina Market are presented and historical data is used to forecast growth rate fluctuations to equip stakeholders, investors, market key players and followers about future market conditions. The Spirulina Market is segmented by Type, Drug Formulation, Application and Region for a detailed analysis for understanding the market penetration, competitive structure, pricing and demand analysis. The report aids the formulation of strategic decision-making and finding investment pockets for businesses.
For the competitive landscape, major players and new entrants in the Spirulina Market are collated based on the revenue, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. With each company profile, recommendations are provided on investments and estimations of their market size for the forecast period. New entrants can use the report to understand the future course of the Spirulina Market.
The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected using both primary and secondary data collection methods for the analysis. Methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals, customers and retailers on the demand side and manufacturers, and wholesalers on the supply side were included in the primary methods. Secondary data was methodically collected from a curated selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Spirulina Market while PESTLE was employed to understand the potential impact of the macro-economic, social, political and technological factors affecting the Spirulina Market.
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Spirulina Market Overview
Often referred to as a superfood, Spirulina is a blue-green alga that has several health benefits such as having a high content of protein, vitamins, minerals and antioxidants. It is also said to boost the immune system along with antiviral and anti-cancer properties. It is a feed additive in aquaculture, aquarium and poultry.
Spirulina Market Dynamics
Consumer preferences and lifestyle is witnessing a shift towards being health conscious. Consumer awareness regarding the health benefits offered by Spirulina is rising. Research supports that aqua-coloured algae play a vital role in weight reduction and improving protein intake. A surge is also witnessed in people joining gyms and planning healthy diets. These factors are expected to increase the demand for Spirulina Market growth.
The trend of using natural and organic ingredients is on the rise. The algae lend a soothing blue-green colour to whatever it is added. This is being used to make natural food colouring. This usage in the foods and beverage industry is expected to drive the growth of the Spirulina Market.
The superfood also treats hair loss, grey hair, early wrinkles and fine along with other allergies. This is increasing its demand in the beauty and pharmaceutical industries. The Spirulina Market is also getting support from various government schemes and initiatives that are expected to drive the Spirulina Market during the forecast period.
Spirulina Market Regional Insights
Holding a market share of 51 percent, North America dominated the Spirulina Market in the year 2021 and is expected to continue with the growing streak for the forecast period. The regional growth is attributed to an increase in the consumption of organic and healthy foods.
Asia-Pacific is expected to witness significant growth over the forecast period on the account of the increase in consumption. This rise in consumption mainly coming from developing economies is increasing the market of the food and beverage market in the region. This growth of the foods and beverage industry is expected to drive the Spirulina Market’s regional growth.
Spirulina Market Segmentation:
- Arthrospira Maxima
By Drug Formulation:
- Tablet & Capsule
- Granule & Gelling Agent
- Food & beverages
- Animal and Aquaculture Feed
Spirulina Market Key Competitors include:
- Sensient Technologies Corp.
- Parry Nutraceuticals Limited
- Now Health Group Inc.
- Naturex S.A.
- Naturalin Bio-Resources Co., Ltd
- GNT Holding B.V.
- GNC Holdings, Inc.
- Fuqing King DnarmsaSpirulina Co., Ltd.
- FrakenBiochem Co., Ltd.
- Far East Bio-Tec Co., Ltd.
- Dongtai City Spirulina Bio-Engineering Co., Ltd.
- Dhler GmbH
- DIC Corporation
- DDW Inc.
- Cyanotech Corp
- Chr. Hansen Holding A/S
- Cabassi & Giuriati SpA
- Givaudan international SA
- Yunnan Green A Biological Project Co., Ltd
- Earthrise Nutritionals, Llc
- Zhejiang Comp Spirulina Co., Ltd.
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Key questions answered in the Spirulina Market are:
- What is Spirulina?
- What is the current growth rate of the Spirulina Market?
- What is the growth rate of Spirulina Market for the forecast period?
- What is the nature of competition in Spirulina industry in developed and developing economies?
- Who are the key players in the Spirulina Market?
- Who are the market leaders in Spirulina in Europe?
- Who are the market leaders in Spirulina in USA and Canada?
- Who are the market leaders in Spirulina Market in India, China, Japan and South Korea?
- What are the factors affecting growth in the Spirulina Market?
- Who held the largest market share in Spirulina Market?
- What are the factors for the growth of Asia-Pacific region in Spirulina Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Drug Formulation, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading healthcare research firm, has also published the following reports:
Microalgae based Products Market –The Microalgae based Products Market size is expected to reach USD 21.88 billion by 2029 at a CAGR of 8.5 percent during the forecast period. The Microalgae based Products Market is expected to be driven by growing demand for product using spirulina in pharmaceutical industry and health advantages offered.
Algae Protein Market –The Algae Protein Market size is expected to reach USD 1262.42 billion by 2029 at a CAGR of 6.78 percent during the forecast period. The Algae Protein Market is expected to be driven by growth in plant based protein and its increasing use by food and feed industry.
Natural Food Colors Market–The Natural Food Colors Markets size is expected to reach USD 3.27 billion by 2029 at a CAGR of 7.72 percent during the forecast period. The Natural Food Colors Market is expected to be driven by increasing demand for natural and organic food dyes and increasing demand of food and beverage industry.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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