Global Spirulina Market Size, Share, Growth Analysis, By Type(Arthrospira Platensis, Arthrospira Maxima), By Application(Nutraceuticals, Food & Beverages), By Drug Formulation(Powder, Tablet & Capsule) - Industry Forecast 2023-2030

Global Spirulina Market size was valued at USD 532.49 Million in 2022 and is poised to grow from USD 588.9 Million in 2023 to USD 1318.6 Million by 2031, growing at a CAGR of 10.6% during the forecast period (2024-2031).

The Global Spirulina Market is experiencing rapid expansion, due to its high nutrient content, and the fact that spirulina supplements have become well-known and are now considered essential in the fight against malnutrition in many countries. Companies are now experiencing higher demand as a result, which is driving localized production in those nations. In addition, consumers now prefer natural food coloring over synthetic ones due to changing lifestyles and the COVID-19 pandemic's aftermath. Renowned for its vivid natural colors, spirulina has become more popular with these health-conscious shoppers looking for natural, organic alternatives. As such, the combination of natural food color preferences and nutritional richness has made spirulina supplements an attractive dietary option in today's changing market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Spirulina Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Spirulina Market Segmental Analysis

There are four segments in the worldwide spirulina market: application, type, formulation, and geography. The market is divided into two segments based on type: Arthrospira Platensis and Arthrospira Maxima. The market is divided into the following segments based on application: Nutraceuticals, Food & Beverages, Cosmetics, Animal Feed, and Others. The market is divided into four segments based on drug formulation: powder, tablet & capsule, liquid, granule, and gelling agent. The market is divided into the following regions: Asia-Pacific, China, Japan, India, Australia, Rest of Asia-Pacific, North America, U.S., Canada, Mexico, Europe, Germany, France, Italy, UK, Spain, and Rest of Asia-Pacific.

Drivers of the Global Spirulina Market

The development of food formulation technology, driven by research institutions and private firms alike, has a significant impact on the spirulina market. Spirulina's entry into the food business has spurred a creative surge of invention that presents a multitude of avenues for innovative growth in this sector. Major industry companies are strategically investing in research and development activities as a result of their recognition of this potential.

Restraints in the Global Spirulina Market

Potential obstacles to the market's growth over the forecast period include the predicted limits on the sustainability and stability of natural colours created from spirulina. The main limitation is the limited availability of spirulina resources, which are obtained from freshwater settings found only in certain places. The bottleneck created by this scarcity prevents the market from expanding further.

Market Trends of the Global Spirulina Market

Demand for plant-based food items has surged due to growing consumer health awareness and concerns about the harmful effects of artificial food colourings. This move toward healthier options is consistent with the growing popularity of less processed foods and clean labelling. Due to its natural qualities, spirulina has become a key component of this movement, especially when used as a natural food colouring.