Spirulina, a type of algae that is extremely high in nutrients like antioxidants, protein, iron, essential amino acids, and B-vitamins, accounts for one of the most potent nutrient sources available. It is largely recommended to vegans for essential protein requirement, or to boost the immune system of the body. Demonstrating medicinal properties like anti-inflammatory and antioxidants, Spirulina helps to balance blood sugar and hence it is widely used in pharmaceuticals & personal care products. Attributing to its diverse applications in Pharma, food & personal care industry, Spirulina is garnering a huge prominence over the past few years which is acting as key driving force, increasing the size of the Spirulina market on the global platform.
The high concentration of antioxidant content makes Spirulina ideal for muscle gain hence majorly used in nutraceuticals, protein/ health supplement, and sports nutrition. Besides, it is considered to be of high-quality organic/herbal feed additives, used in animal and poultry nutrition. Spirulina also plays a vital role in aquaculture, especially in the aquatic farming and hatchery. Spirulina is considered to be one of the popular natural food colors among the food & beverages manufacturers.
One of the key driving forces increasing the growth of global Spirulina market is raising the demand of clean label products. Clean label trend has evolved beyond ingredients and indicates that the natural color prepares the food. The increasing consumer awareness towards health and wellness, coupled with their increasing inclination towards the uses of spirulina as a natural food color instead of synthetic colors are some of the factors contributing to the market growth of Spirulina.
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Several large and small players having regional and global presence form the competitive landscape in the market. These players compete on the quality, market reach, financial resources, and pricing, whereas, innovation, brand reinforcement, and mergers & acquisitions remain the prevalent trends for the leading players operating in the global spirulina market. The market will witness fierce competition due to the expected extensions in product & service and product innovations.
Prominent players at the forefront of the market competition are DIC Corporation (Japan), Universal Cyanotech Corporation (Hawaii), E.I.D. Parry (India) Limited (India), Hydrolina Biotech Private Limited (India), Tianjin Norland Biotech Co. Ltd (China), Synergy Natural Products Pty Ltd. (Australia), and Jiangxi Alga Biotech (China). Profiling them in its analysis MRFR finds out the strategies helping them to sustain their positions in the market.
Industry/ Innovation/ Related News:
August 13, 2018 – Kenko Mayo (Japan), a well-known sauce maker launched its new product – a blue-colored salad dressing that contains spirulina extracts and collagen, in an attempt to meet consumer demands for “instagrammable” and healthier food.
Asia Pacific region accounts for the leading market for Spirulina. Factors such as significant economic growth, increasing urbanization and increasing per capita income, especially in the middle-class family substantiate the market growth. Registering 8.45% CAGR during the forecast period of 2017-2023, the region will retain its dominance over the global market. Among the other APAC countries, China will witness the largest as in 9.30%growth.
On the other hand, North America region, emerging as one of the promising markets for spirulina, will reach USD 129.20 Mn. by 2023. While the market in the Rest-of-the-World will expand at 7.54% CAGR of during the review period (2017-2023).
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The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Forms: Comprises Powder, Capsule & Tablet, Liquid and Gelling Agent.
By Applications: Nutraceuticals, Food & Beverages, Pharmaceuticals, Cosmetic & Personal Care and others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The powder segment will grow at 8.23% CAGR during the assessment period.
The Nutraceutical segment is projected to grow at 8.34% CAGR during the review period (2017-2023).
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