Emphasis on Type (Solid Food, and Beverage); Application (Dietary supplement, Nutrient enrichment, Color for food, and Others); Distribution Channel (Online and Offline); and Region/Country
The spirulina food & beverage market was valued at approximately ~USD 450 Million and is expected to grow at a strong CAGR of around 9.5% during the forecast period (2024-2032) owing to the rising demand for plant-based protein supplements.
The spirulina food & beverage market has grown steadily in recent years due to increasing awareness of its nutritional benefits and health-conscious consumer trends. Demand for spirulina products has been driven by its high protein content, rich nutrient profile, and potential health benefits, such as boosting immune function and improving energy levels. Spirulina is available in various forms, including powders, capsules, tablets, and as an ingredient in functional foods and beverages. The market is expected to continue expanding as more people seek out natural, plant-based sources of nutrition and more products are being launched in the market. The market is expected to expand as people increasingly prioritize vegan diets at the present time.
For instance, in August 2023, India’s Haryana government announced introducing a spirulina-based product to combat malnutrition in children with a six-month pilot project planned in Nuh district.
Moreover, in November 2022, GNT extended its range of green EXBERRY Coloring Foods with a new powder made from turmeric and spirulina, which is designed to deliver bright, bluish-green shades in dry and powdered applications such as bakery mixes and seasonings.
Also, in December 2021, Ful launched a range of non-alcoholic mixers from its namesake brand in the UK. Each bottle in the Ful Spirulina Fizz range, which comprises White Peach, Lemon & Ginger, Lime, & Mint flavors, contains a formula of the bacteria-based nutrient supplement spirulina.
This section discusses the key market trends that are influencing the various segments of the Spirulina Food & Beverage Market as identified by our team of research experts.
Dietary Supplement Segment Transforming Industry
The dietary supplement segment in the spirulina food & beverage market has seen steady growth over the years, driven by various factors. Increasing awareness about health and wellness has led consumers to seek out nutritious options. Spirulina, a nutrient-rich superfood, is known for its high protein content, essential vitamins (such as B), minerals (like iron and magnesium), and antioxidants. As people prioritize healthier eating habits, products containing spirulina are becoming more appealing. With the rise of plant-based diets and sustainability concerns, consumers actively seek alternatives to traditional spirulina foods that are high in animal protein or have a significant environmental impact. Spirulina, a type of blue-green algae, is a sustainable source of protein and other nutrients. Its cultivation requires less land and water than traditional livestock farming, making it eco-friendly. This broad consumer base contributes to the overall growth and sustainability of the dietary supplement segment in the spirulina market. As these trends continue influencing food preferences, the demand for spirulina-based dietary supplements will expand further, driving future market growth and product innovation. For instance, in November 2023, EverRoot, a dog supplement brand by Nestlé Purina PetCare, partnered with Laila Ali, a retired professional boxer, wellness advocate, and chief executive officer of the LailaAliLifestyle.com brand, to launch a new soft chew supplement format for the brand’s lineup, which are made with spirulina to support immune health, pumpkin to support digestion, and cod liver oil to support skin health.
North America is Expected to Grow with Significant CAGR During Forecast Period
Within North America, the U.S. holds a major share of the market. The major factors boosting the market’s growth in the country are the region’s rapid urbanization, rising research & development activities, rising investments, the growing trend of plant-based protein, innovative product launches, and several market players.
In August 2023, FUL Foods, an Amsterdam-based food-tech startup creating a new category of environmentally efficient, functional nutrition, launched its first product to the U.S. market, FULwater, a naturally vibrant blue functional water. FUL Foods has developed a game-changing process that recycles CO2, transforming one of Earth’s most powerful sources of nutrition, spirulina, into a convenient, delicious ingredient for consumer foods and beverages.
In September 2022, DIC Corporation invested USD 9 million at Earthrise, a U.S subsidiary, and Hainan DIC, a Chinese subsidiary, producing an edible blue-green algae, Spirulina, and the natural blue food colorant, LINABLUE.
The spirulina food & beverage market is competitive, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new type launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Aztec Spirulina, Prolgae Spirulina Supplies Pvt Ltd, BATA FOOD, Lee Biscuits, RKS Healthcare, TABÉRUMO CORPORATION, DIC CORPORATION, Cyanotech Corporation, Sensient Technologies Corporation, Parry Nutraceuticals Limited.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Spirulina Food & Beverage Market Revenue (usd Bn), 2022-2032f
7. Market Segment By Type
8. Market Segment By Application
9. Market Segmentation By Distribution Channel
10. Market Insights By Region
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global spirulina food & beverage market were the three major steps undertaken to create and analyze the adoption of spirulina food & beverage in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global spirulina food & beverage market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the spirulina food & beverage market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the spirulina food & beverage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, distribution channel, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the spirulina food & beverage market. Further, we conducted factor analysis using dependent and independent variables such as type, application, distribution channel, and regions of the spirulina food & beverage market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and type launches in the spirulina food & beverage market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global spirulina food & beverage market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global spirulina food & beverage market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, application, distribution channel, and regions in the global spirulina food & beverage market.
The current & future market trends of the global spirulina food & beverage market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the spirulina food & beverage market's current market size and growth potential?
Q2: What are the driving factors for the growth of the spirulina food & beverage market?
Q3: Which segment has the largest share of the spirulina food & beverage market by type?
Q4: What are the emerging technologies and trends in the spirulina food & beverage market?
Q5: Which region will dominate the spirulina food & beverage market?
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