Spirulina Market -Overview:
The preference for nutritious food options has risen considerably in the past few years, with an improved understanding of the dietary content of food. The market's report is efficiently analysed as per MRFR, which provides outlooks for the global markets. Spirulina Market Size was valued at USD 0.48 Billion in 2021. The Spirulina market industry is projected to grow from USD 0.56 Billion in 2022 to USD 1.14 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.28% during the forecast period (2022 - 2030).
The improved availability of spirulina-infused products is estimated to increase demand for the Spirulina Market Research companies in the upcoming period. Furthermore, the surge in vegan-based diets is estimated to rise in the coming period. Furthermore, the development of the e-commerce channels is estimated to transform the development of the spirulina market in the course of the forecast period.
Segmental Insights:
The segmental assessment of the spirulina market is carried out on the basis of form, application, and regions. The application segment of the spirulina market comprises of food & beverages, pharmaceuticals, cosmetic & personal care and nutraceuticals. The region segment of the spirulina market comprises of North America, Europe, Asia Pacific and other notable regional markets. The form segment of the spirulina market comprises of capsule & tablet, liquid, powder, and gelling agent.
Regional Analysis:
The regional investigation of the spirulina market is carried out on the basis of North America, Europe, Asia Pacific, and other notable regional markets. The spirulina global market demand is anticipated to be the highest in the North American regional market. The foremost reason for this forecasted growth is the important demand for organically derived agents or food coloring. As per the trend, the Asia Pacific region is anticipated to have the uppermost CAGR growth due to the profitable growth chances it has to offer to the significant market companies in the food processing business. In vegetarian consumers, spirulina powder is developing a high requirement, which is expected to help the spirulina market grow by the end of the forecast period. The demand from the European region is estimated to provide a stable level of demand as the end users are becoming aware of the benefits of spirulina and are estimated to demand more of it in the coming period.
Competitive Analysis:
The market is estimated to be driven by positive aspects of the global demand in the forecast period. The companies are estimated to favor the long-term developments in the coming period to ensure the longevity and sustainability of their businesses. The broadening geographical reach of several companies globally is estimated to propel the market's development in the upcoming period. The financing related to innovations is estimated to take precedence in the business goals set by the various players in the market. The present COVID-19 crisis has encouraged companies to oversee a complete appraisal of business portfolios and make long-overdue operative changes. Companies are also adopting an asset-light model to navigate market conditions. The utilization of a dynamic ecosystem business model is estimated further to improve the chances for developments in the forecast period. The incorporation of pioneering technologies and work processes is likely to spur the global market in the impending period.
The central contenders in the Spirulina Market Report are I.D. Parry Limited (India), Jiangxi Alga Biotech, DIC Corporation, Tianjin Norland Biotech Co. Ltd., Cyanotech Corporation, Hydrolina Biotech Private Limited, and DIC Corporation.
Industry Updates:
June 2021 Lumen Bioscience, a clinical-stage biopharmaceutical business developing biologic drugs for very widespread diseases, announced recently that it has participated in research teamwork with Novo Nordisk to assess the usage of Lumen's exclusive drug development and production platform in Novo Nordisk's research and development activities within obesity and other metabolic illnesses. The partnership builds on formerly published research directing to various pertinent biology within the gastrointestinal tract that can theoretically be modulated with therapeutic proteins. In addition, Lumen's exclusive spirulina-based drug development setting unlocks the ability of orally delivered biologic drugs by making them with the scalability and affordability more standard of small-molecule drugs.
Feb 2021 SNACK Brand, a startup, inaugurated a line of clusters last month that mix its farm-fresh, protein-packed spirulina with nutrient-dense elements, counting pumpkin or almonds, sunflower seeds, cashews, flaxseed, dried fruit, and spices. The vegan mixtures, which are grain-free and have no added sugar, are advertised for the two functional benefits of energy and relaxation.
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