The global spirulina market will grow at a CAGR of 7.1% from 2017 to 2022 to reach USD 238.3 million by 2022, according to the latest publication from Meticulous Research®. The global spirulina market is driven by the growing demand for natural food colors, increasing vegetarianism, stringent regulations regarding the inclusion of synthetic colors and flavors, and growing malnutrition across the globe. However, low awareness of the benefits of spirulina and challenges associated with the production of spirulina is expected to hinder the growth of the global spirulina market to some extent.
The global spirulina market is mainly segmented by form (powder, tablet, capsules, and flakes), application (food & beverages, nutraceutical, pharmaceutical, veterinary cosmetic, and others), and geography. Based on form, powdered spirulina held the largest share of the market in 2016 and is expected to dominate global spirulina market during the forecast period, owing to increasing usage of the powder form of spirulina in food.
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Based on application, food & beverages accounted for the major share of the global spirulina market in 2016, owing to the growing health concerns of aging population in various countries, a growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Netherlands, Italy, and RoE), Asia Pacific (China, India, Japan, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share in the global spirulina market in 2016, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed growing awareness among consumers for natural food products, rising regulations against synthetic colors, growth of subsidiary industries like cosmetics and bio fertilizers, and increasing preference for plant protein sources. However, Asia Pacific region are expected to witness significant growth during the forecast period due to increasing investments, increasing government initiatives, and growing numbers of national and provincial level research projects on microalgae classification, breeding and preservation technology in the region.
The key players operating in the global spirulina market are DIC Lifetech co. ltd., Algene Biotech, Algaetech international sdn bhd, Sunrise Nutrachem group co. ltd., Tianjin Norland Biotech Co., Ltd., Naturya, Guangzhou Endless Biotech Co. Ltd., Synergy Naturals, Cyanotech Corporation, E.I.D. Parry (India) Ltd., FEBICO (Far East Bio-Tec. Co., ltd.), Sanatur, Hydrolina biotech, Fuqing King Dnarmsa Spirulina Co., Ltd., Now Foods, Nanjing Zelang Medical Tech. Co., Ltd, Wudi Fengtai Aquaculture Co, Ltd., The All Natural Company, and TAAU Australia Pty Ltd.
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