Spirulina Market Qualitative Insights on Application & Outlook by Size, Share, Future Growth
Posted by Sanyukta K on July 18th, 2022
The use of spirulina in food can be beneficial for human health because in its chemical composition, it contains a large amount of vitamins, minerals, phenolics, essential fatty acids, amino acids and pigments. Thus, spirulina plays an important role in this situation. Highly nutritious and eco-friendly Spirulina (Arthrospira platensis) has hypolipidemic, hypoglycemic and antihypertensive properties. Spirulina contains functional compounds such as phenolics, phycocyanins and polysaccharides with antioxidant, anti-inflammatory and immunostimulating effects. Spirulina processing products are employed in agriculture, food industry, pharmaceuticals, perfumery and medicine.
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Impact of climate change on spirulina production hampers market growth. However, the untapped market in developing countries and the ease of spirulina cultivation due to technological development are likely to drive the market growth during the forecast period. Increase in demand for natural ingredients and R&D investment in commercial spirulina products are the major factors driving the market growth. Further, government promotion of spirulina production boosts market growth.
The global spirulina market was valued at 3.6 million in 2019, and is projected to reach 7.61 million by 2027, registering a CAGR of 10.5% from 2020 to 2027.
North America is expected to dominate the forecast period owing to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and growing demand for naturally derived food coloring agents in the region.
COVID-19 Impact Analysis:
Several research studies conducted by organizations such as the World Health Organization (WHO) have identified seaweed's ability to fight against Covid-19, leaving ample room for the seaweed industry to balance. Covid-19 has fueled the growth of the spirulina market, as has the need for nutritional focus and vitamins as a potential remedy against the Covid-19 virus. Thus, researchers have pointed to the potential role of algae in delaying the onset of Covid-19.
The Spirulina market is segmented by type, application, formulation, and region. By type, the market is segmented into Arthrospira platensis and Arthrospira platensis. By application, it is categorized into nutraceuticals, cosmetics, food & beverages, agriculture, feed, and others. By drug formulation, it is categorized into powder, tablet & capsule, liquid, and granule & gelling agent. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Players
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About the AuthorSanyukta K
Joined: July 13th, 2022
Articles Posted: 49
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