Spirulina Food & Beverage Market: Current Analysis and Forecast (2024-2032)

Spirulina is a type of blue-green algae that's often consumed as a dietary supplement. It's rich in protein, vitamins, and minerals, making it popular among health enthusiasts. People add it to smoothies and juices or sprinkle it on salads for an extra nutritional boost. It's also available in tablet or powder form for easy consumption. The increasing adoption of plant-based proteins has led to the market's growth. Several other factors, such as rising technological advancements and a surge in company collaborations & acquisitions, are driving the spirulina food & beverage market globally.

The Spirulina Food & Beverage Market is expected to grow at a steady rate of around 9.5% owing to the rising development of new product formulations and flavors. For instance, in February 2022, Food-tech start-up Gavan created a wide range of natural blue colorings for hot and cold drinks via proprietary technology. This includes a method for extracting an entirely natural, pure blue that delivers high performance and stability while being eye-catching. The coloring solutions are based on spirulina. Several factors, including the increasing health consciousness among consumers, the rising demand for plant-based protein sources, expanding distribution channels, and strategic partnerships with health and wellness companies, are driving the market's growth during the forecast period. Apart from this, improving the affordability and accessibility of spirulina food & beverages are also driving this market at a steady rate.

Based on the type, the market is bifurcated into solid food and beverage. The solid food segment dominated the type segment in the year 2023. The solid food segment in the spirulina food & beverage market primarily consists of various products, with spirulina as a key ingredient, providing nutritional value and health benefits. Snack bars, cookies, pasta or noodles, protein bars, bread products, tablets, or capsules infused with spirulina for added nutritional content are healthier alternatives. These solid food products cater to consumers seeking healthier food options, plant-based protein sources, and natural supplements to support their overall well-being. The market for spirulina solid foods continues to grow as consumers become increasingly interested in plant-based nutrition and sustainable food sources. Thus, among the types, the solid food segment held a significant market share in 2023.

Based on the application, the market is segmented into dietary supplements, nutrient enrichment, color for food, and others. The nutrient enrichment segment dominated the market in the year 2023. In the nutrient enrichment segment of the spirulina food & beverage market, various products are designed to provide consumers with concentrated doses of spirulina's nutritional benefits. Spirulina protein powder combines the benefits of spirulina with additional plant-based proteins such as pea protein, hemp protein, or brown rice protein. Food products such as cereal bars, granola, or snack mixes are fortified with spirulina to enhance their nutritional profile. As awareness of spirulina's nutritional benefits continues to grow, the demand for these products is expected to increase, driving further innovation in the spirulina food & beverage market. For instance, in April 2022, in India, under Strategy for Odisha's Pathway to Accelerated Nutrition (SOPAN), a new flagship program of the state government, an innovative move was introduced to provide children with a dietary supplement of Spirulina, a highly nutritious blue-green algae. Sondergard was the first in eastern India to do so. Through 3,801 Anganwadi centers, more than 1.42 lakh children are supplied with Spirulina food & beverage supplements. Children aged seven months to two years are given Spirulina sugar, while children between two and six years are given Spirulina fortified 'Chikki's.' Thus, among the applications, the nutrient enrichment segment held a significant market share in 2023.

Based on the product, the market is bifurcated into online and offline. The online segment is expected to grow with a significant CAGR in the forecast period. In the online segment of the spirulina food & beverage market, companies leverage e-commerce platforms to reach a wide audience of consumers seeking spirulina products. This segment encompasses various online retail channels. Websites specializing in health, nutrition, and wellness products often feature spirulina, allowing consumers to purchase spirulina supplements. The online segment of the spirulina food & beverage market offers several advantages, including accessibility, convenience, and the ability to reach a global audience. Consumers can easily research products, compare prices, read reviews, and make purchases from the comfort of their homes, contributing to the growth and expansion of the spirulina market in the digital era. Thus, the online category is expected to grow with a significant CAGR in the forecast period.

For a better understanding of the market adoption of spirulina food & beverage, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America dominates the market in the current scenario of 2023 due to the rising product launches, company expansions, and rising company collaborations & acquisitions. For instance, in March 2024, Andriani S.p.A., an Italian benefit corporation and healthy food pioneer, announced its expansion into the North American market with the introduction of Felicia. The brand will debut at Natural Products Expo West in Anaheim, highlighting an innovative portfolio of spirulina pasta cultivated entirely from organic agriculture. Other factors, such as the rising adoption of plant-based protein supplements and improving affordability and accessibility, are propelling the market growth in the region. Thus, amongst regions, North America held a significant share of the market in 2023.

Some of the major players operating in the market include Aztec Spirulina, Prolgae Spirulina Supplies Pvt Ltd, BATA FOOD, Lee Biscuits, RKS Healthcare, TABERUMO CORPORATION, DIC CORPORATION, Cyanotech Corporation, Sensient Technologies Corporation, Parry Nutraceuticals Limited.