Top 3 Significant Trends Propelling Growth of Spirulina Market Globally

Recently, a business unit of Archer Daniels Company (ADM), Wild Flavors and Specialty Ingredients (WFSI) extended its portfolio related to the natural coloring foods with additional products that are based on special carrot variety containing lycopene and pumpkin extracts. In addition, a division of EID Parry and a part of the Murrugappa Group, Parry Nutraceuticals has recently received FDA approval for processing and cultivating organic micro-algae. Moreover, ApaxBrands recently launched a line of completely organic supplements that are certified by the USDA line of organic supplements such as FeelGood Organic Superfoods. Due to such factors the global spirulina market will witness a significant growth of in the coming years.

The global spirulina market is expected to witness a growth of 10% CAGR over the forecast period, 2016-2026. The powder segment among other segments will witness 10.4% CAGR over the coming years. Whereas, surge in application of spirulina as an ingredient for the production of food and beverage will further contribute towards growth of the global market in the coming years.

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Significant trends fuelling growth of the global spirulina market include,

  1. Increasing Application in Beauty Products:

Recently, various cosmetic products that are produced naturally along with the other products for aromatherapy have been launched bay various brands working in the natural cosmetics and aromatherapy, that contain 85% of the bio-sourced ingredients. Moreover, most of the cosmetics that are produced with the bio-sourced ingredients, are mainly manufactured through the application of spirulina. Due to such factors, spirulina is likely to witness a significant demand among the manufacturers of range of cosmetic products in the coming years.

Spirulina accounted for over US$ 700 Mn in 2016, which is a significant factor that has majorly contributed towards growth of the global market in the coming years. The powder form among other forms will witness a growth of 10.4% CAGR over the coming years. Moreover, green and blue color is mainly produced by Spirulina, and is likely to witness a robust demand in the previous two years.

  1. Increasing Application in Food and Beverages:

Attributed to various benefits such as detoxification of body, boosting immunity, and antioxidants, Spirulina is likely to witness a significant growth in the global market over the coming years. Moreover, due to increasing consumption, spirulina is likely to witness a significant demand among various manufacturers operating in the food and beverages domain in the coming years. Recently, ApaxBrands launched a line of organic supplements known as FeelGood Organic Superfoods that consists of a range of organic ingredients and capsules. Due to such factors, the global market for spirulina will witness a significant growth over the coming years.

The tablet and capsule segment among others will represent the second highest CAGR of 8.8% in terms of revenue in the coming years. Moreover, nutraceuticals will witness a demand of over 250,000 tons of spirulina over the coming years. Spirulina will further witness high demand in the food and beverages industry in the coming years.

  1. Regional Analysis:

North America, among other regions will witness a growth of 11.5% CAGR in terms of revenues, and will account for over US$ 570 Mn over the coming years. Whereas, APEJ and Western Europe among other regions will represent lucrative growth in the spirulina market in the coming years. However, MEA among other regions will represent a positive gain of +84 BPS over the coming years.

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All in all, due to an upsurge in demand for range of natural cosmetic products and aromatherapy products, the spirulina market will witness a significant growth globally in the coming years. Due to increasing application of spirulina in the food and beverages industry, the global market for spirulina is likely to witness an upsurge in demand over the coming years.

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