Spirulina market size worth $ 897 million by 2027 at 10%
New York, United States, July 01, 2021 (GLOBE NEWSWIRE) – Spirulina Market Overview:
According to a comprehensive research report from Market Research Future (MRFR), “Spirulina market IInformation by form, application and region – Forecast to 2027The market is expected to reach $ 897 million by 2027 at a CAGR of 10%.
Spirulina is a multicellular algae that resembles blue-green filamentous microalgae. Spirulina can be found in a variety of alkaline streams, including lakes, rivers, and ponds in warm climates. When it comes to harvesting and processing, this type of microalgae has a simple procedure. In addition, these microalgae are important because they have high micro and macro content. Spirulina is also used as a human health food and as a protein supplement. It has gained a lot of traction due to all of these factors, especially in the human health food market. Microalgae Spirulina is used as an additional nutritional element in the diet of poultry such as hens and chickens in several growing economies. Spirulina is also more frequently used as a source of protein and micronutrients for fish.
Spirulina supplements are known to have high nutrient density and to help prevent malnutrition in people from various countries. This is one of the main reasons why companies demand these supplements and start manufacturing them in their own country. Additionally, as people’s lifestyles change and the negative consequences of the emerging coronavirus epidemic become more apparent, potential customers are changing and increasing their preference for natural food colors over artificial ones. This pushes the market expansion on a global scale even further.
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Notable players in the spirulina market are:
- Cyanotech Corporation (Hawaii)
- DIC Corporation (Japan)
- ID Parry (India) Limited (India)
- Tianjin Norland Biotech Co. Ltd (China)
- Hydrolina Biotech Private Limited (India)
- Jiangxi Alga Biotech (China)
- Synergy Natural Products Pty Ltd. (Australia)
Various governments are investing in research and development projects in order to develop immunity boosters available to their citizens. Additionally, widespread demand is forcing major market players to develop spirulina supplements in large quantities in order to meet supply chain expectations. This plays a vital role in helping temporarily closed manufacturing companies to resume production and supply. This demand is also helping workers get back to their jobs on the production line and helping the global market recover from losses due to the pandemic.
However, several obstacles stand in the way of the global expansion of the market. Food contamination and adulteration are risks facing the market, further eroding consumer confidence and confidence in the consumption of these supplements globally.
The onset of the pandemic had an influence on the operations of various manufacturing and production facilities. The spread of the pandemic, degree of spread, negative impacts, and death rate have raised significant concerns about health systems in industrialized, emerging, and underdeveloped economies, as well as concerns about the body’s immune system. human and its ability to fight disease. As a result, the need for immunity boosters to fight the pandemic, lessen the negative effects of the coronavirus, and strengthen the immune system in general has increased. Immunity is crucial in fighting disease and hence the global market for proteins and similar supplements is growing.
Browse the in-depth (115 pages) Spirulina market research report: https://www.marketresearchfuture.com/reports/spiruline-market-1321
The market has been segmented into Arthrospira Platensis and Arthrospira Maxima depending on the type of product offered. Due to the growing demand resulting from increased awareness of healthcare and the incorporation of spirulina into people’s meals globally, Arthrospira Platensis is expected to occupy a dominant position as the highest paying category in the world. during the future period ending in 2023.
The market is divided between food industry, agriculture industry, feed, cosmetic brands, and nutraceuticals, among others, based on the applications market segment. The use of natural pigments of various types, such as green, lavender and purple, is in great demand in the market. The personal care and cosmetics industry is gaining ground targeting specific customers with products such as anti-aging creams. By the end of the global forecast year in 2023, the nutraceuticals market segment is expected to have established itself as a dominant market share holder and lead the market growth.
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The North American market is expected to have the highest degree of demand of the spirulina market by the end of the global forecast period in 2027. The increased demand for naturally occurring agents or food coloring is the main driver of this expected growth.
Following the model, the APAC region is expected to have the highest growth in CAGR due to the substantial growth prospects it offers to the major players in the food processing industry market. Spirulina powder is in high demand among vegetarian consumers which is another factor that is expected to drive the market growth by the end of the forecast period in 2027.
During the period under review, the Middle East and Africa region is expected to experience significant growth. Governments in this region, especially South Africa, generally support programs to promote spirulina supplements on a large scale. Governments are also implementing initiatives and programs to educate the public about the health benefits of spirulina supplements. All of these reasons have combined to create massive global demand for the industry.
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