Rising Health Consciousness among Consumers Driving Spirulina Market at 10.6% CAGR by 2031

Spirulina Market size was valued at USD 588.9 Million in 2023 to USD 1318.6 Million by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).

WESTFORD, MA, UNITED STATES, October 1, 2024 /EINPresswire.com/ -- 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% in the forecast period (2024-2031).

The spirulina marketplace's evolution is intricately stimulated with the aid of the advancements in food formulation technologies, spearheaded by using both research institutions and personal organizations. The introduction of spirulina into the realm of the meals industry has sparked a wave of innovation, supplying numerous pathways for innovative improvement within this market. Recognizing these possibilities, fundamental enterprise players are strategically making an investment in research and improvement endeavors.

Prospects Growth Trajectory in the Next 4-5 Years

Over the next 4-5 years, the spirulina market is expected to witness a steady growth due to the increasing demand for natural plant ingredients, especially in the health and wellness industry known for its high nutrient content, rich source of protein and antioxidant properties. The increasing adoption of spirulina in food supplements, functional foods and beverages, which is gaining popularity among consumers will further fuel the market expansion. Furthermore, its use in animal feed and aquaculture will play an important role in meeting the demand, as the food industry focuses on finding sustainable protein alternatives.

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Spirulina Market Segmental Analysis:

A. Product Type

1. Powder, Tablets
2. Capsules, Flakes
3. Phycocyanin
4. Frozen Spirulina

B. Application

1. Nutraceuticals
2. Food & Beverage
3. Animal Feed
4. Cosmetics
5. Agriculture

C. End User

1. Business Channel
2. Consumer Channel

Long-Term Vision Spirulina’s Sustainable Future Over the Next 10 Years

Looking ahead over the next 10 years, the spirulina market is likely to undergo transformational change as sustainability and climate resilience become increasingly important global commodities. Spirulina, as a crop environmentally friendly and resource-efficient, could become a key role in global food security and nutrition strategies. The long-term impact of spirulina is likely to extend to other applications, including its use in biotechnology, pharmaceuticals and biofuels. Growing concerns about the potential of spirulina to combat malnutrition and its use as an alternative protein in the environmental impacts of meat production.

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Recent Developments:

• In February 2024, The National Organization for Medicines (EOF) in Greece has banned the distribution and sale of imported nutritional supplements containing spirulina, citing excessive levels of polycyclic aromatic hydrocarbons (PAHs) exceeding legal limits.
• In September 2023, the American Public University System (APUS) announced that the Spirulina Algae Group, part of the university’s Supernova Research Group, has received a NASA research grant to study the use of spirulina.

This report covers the following players:

• Cyanotech Corporation
• E.I.D. – Parry (India) Limited
• BlueBioTech Group
• Aliga Microalgae (Denmark)
• Roquette Klötze GmbH & Co. KG
• ALGALIMENTO SL (Spain)
• Sea & Sun Organic GmbH
• Algenol Biofuels Inc.
• Prolgae Spirulina Supplies Pvt. Ltd.
• Dongtai City Spirulina Bio-engineering Co.
• Fuqing King Dnarmsa Spirulina Co., Ltd.
• Fraken Biochem Co., Ltd

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Spirulina Market a Sustainable Superfood for Future
The spirulina market is poised for strong growth, driven by increased consumer demand for nutritious, sustainable natural products. Its wide range of applications from food additives to cosmetics and animal feed make spirulina a versatile and valuable commodity in various industries. In the next 4-5 years the market will benefit from growing health consciousness, technological innovation in agriculture and government support for sustainable food security of spirulina.

Related Report:
Nutraceuticals Market is growing at a CAGR of 9.50% in the forecast period (2024-2031)

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