Spirulina is considered as a superfood that is nutrient-rich preparation of dried algae (bacteria). Consumption of spirulina in any form is said to be boosting the immune system and help treat several diseases and disorders including heart diseases. This is exactly what the vegan and vegetarian populations need as a supplement to add vitamin B12 to their diets.
Spirulina demonstrates medicinal properties like anti-inflammatory and antioxidants which help in balancing the blood sugar due to which, spirulina is widely used in pharmaceuticals & personal care products. As a result, spirulina is garnering more attention, becoming mainstream in today’s contemporary culture. Widely diverse applications of Spirulina in Pharma, food & personal care industry are driving its market. Needless to say, that the Spirulina market is growing rapidly and pervasively. Moreover, the rapidly spreading awareness towards the benefits of Spirulina is escalating its market on the global platform. Health supplements made from Spirulina are widely popular across the world.
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Extensive uses of Spirulina in nutraceuticals, protein/ health supplement, and sports nutrition is a key driving force behind the market growth. This high-quality organic, herbal product is also extensively used in animal and poultry nutrition as a feed additive which, in turn, fosters the growth of the Spirulina market. Besides, it plays a vital role in aquaculture as well, especially in aquatic farming and hatchery. Spirulina is one of the most popular natural food colors among the food & beverages manufacturers. Clean label trend has gone beyond ingredients, and an increasing number of consumers are gaining awareness towards health and wellness. The increasing inclination of consumers towards the uses of spirulina as a natural food color instead of synthetic colors is again a key growth driver contributing to the growth of Spirulina market. Also, the rising demand for clean label products acts as a major tailwind pushing market growth.
Fiercely competitive, the Spirulina market appears to be diversified due to the presence of numerous well-established players having an international presence. These players are investing heavily to enhance product quality and global expansion.
These players operating in the global spirulina market compete on the quality, market reach, financial resources, and pricing, whereas, innovation, brand reinforcement, and mergers & acquisitions remain the prevalent trends of these players. The market is expected to witness fierce competition due to the expected extensions in product & service and product innovations.
Key players leading the global Spirulina market include DIC Corporation (Japan), E.I.D. Parry (India) Limited (India), Hydrolina Biotech Private Limited (India), Universal Cyanotech Corporation (Hawaii), Tianjin Norland Biotech Co. Ltd (China), Jiangxi Alga Biotech (China), and Synergy Natural Products Pty Ltd. (Australia).
February 12, 2019 – Valensa International (the US), a leading global manufacturer of dietary ingredients and condition-specific formulations announced that three of its products (Orlando, FL) microalgae ingredients, Parry organic spirulina and Parry organic chlorella, have been affirmed once again as Non-GMO Project Verified. The company positions these ingredients for the vegan and vegetarian market, where they provide plant-based sources of protein and vitamin B12.
February 01, 2019 –– The University of Cagliari (Italy) in collaboration with the Monte Sini mine, projects Sardinia among the most innovative and efficient producers of superfood at European level launched the Spirulina algae production project during a press conference in Nuraxi Figus.
November 26, 2018 — Lumen Bioscience, Inc. (the US), a synthetic biotechnology company focused on orally delivered antibody therapeutics and other biologics, announced the issuance of the US Patent for Genetic Modification of Spirulina. The Patent issued by the U.S. Patent and Trademark Office has No. 10,131,870, entitled Targeted Mutagenesis in Spirulina.
October 16, 2018 — CBDfx (the US), a leading global provider for the highest quality, full spectrum CBD (cannabidiol) products announced the release of a new edible product – CBD Gummies with Turmeric & Spirulina. These new CBD Gummies with Turmeric & Spirulina represent the culmination of extensive researching, testing, and perfecting a formula that the company has invested. By adding the often-requested superfoods turmeric and spirulina to their original CBD formula, CBDfx is cutting down on the number of different supplements users need to take every day.
For enhanced understanding, the report has been segmented into three key dynamics.
By Form: Powder, Capsule & Tablet, Liquid, and Gelling Agent among others.
By Application: Food & Beverages, Nutraceuticals, Pharmaceuticals, and Cosmetic & Personal Care among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
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The Asia Pacific region, heading with the geographical topology, favorable for the production of Spirulina, dominates the global Spirulina Market. APAC is the largest producer and the consumer of this algae. Moreover, factors such as the well-spread awareness towards bio-based/ Ayurvedic medicines and their benefits drive the growth of the regional market.
Additional factors driving the market growth in the region include increasing uptake of the product in the making of various medications and supplements and the presence of many well-established key players. The APAC is expected to register over 8.45% CAGR, retaining its dominance over the global spirulina market during the forecast period (2017-2023). Among the other APAC countries, China will post the highest as in 9.30% CAGR.
The North American Region, due to the rapidly spreading awareness about the benefits of Spirulina, holds the second-largest share in the global Spirulina market. Heading with the growing number of consumers of health supplements, the Spirulina market in North America is expected to reach USD 129.20 Mn. by 2023.
On the other hand, the European region is emerging as one of the profitable markets for spirulina, primarily due to the presence of Sardinia, a large Italian island in the Mediterranean Sea. In Sardinia Island, spirulina grows in mines due to the ponds of natural hot water, that goes up to a temperature of over 30 degrees, up the aquifer and passing in a plant made of glass tubes and a photobioreactor which makes the spirulina algae grow.
The Rest-of-the-World spirulina market is expected to expand at 7.54% CAGR during the review period (2017-2023).
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