Spirulina Market is Rising Vastly Up with Massive CAGR | Industry Forecast, 2019–2026
Spirulina Market garnered $346 million in 2018 and is anticipated to hit $779 million by 2026, growing at a CAGR of 10.6% during the forecast period, 2019–2026.
The growing demand for natural ingredients, the government’s promotion of spirulina production, and research and development efforts to create spirulina as a commercial product have promoted the growth of the global spirulina market. On the other hand, the impact of climate change on spirulina production has hindered growth to some extent. Nevertheless, the development of undeveloped markets and cultivation techniques in developing countries has created multiple opportunities in this segment.
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The key market players analyzed in the report include
Chr. Hansen Holding A/S
Sensient Technologies Corporation
Algatec Dongtai City Spirulina Bio-engineering Co. Ltd.
Algenol Biofuels Inc.
They have adopted number of strategies such as teamwork, partnerships, mergers & acquisitions, developments, joint ventures, and others to come out with flying colors.
Based on type, the arthrospira platensis segment held the highest share in 2018, contributing to nearly three-fifths of the total market. Surge in healthcare awareness and incorporation of spirulina in diets as super food globally have worked as the driving factors. Arthrospira maxima, on the other hand, is projected to grow at the highest CAGR of 10.8% during the forecast period, 2019–2026.
Based on drug formulation, the powder segment accounted for more than half of the total market share in 2018 and is anticipated to maintain its top status during the estimate period. Factors such as launch of new varieties of natural food colors produced from spirulina, natural health benefits of spirulina superfood, and various government initiatives pertaining to the production of spirulina have driven the growth.
Based on region, North America contributed to 32.3% of the total market in 2018 and is expected to dominate during the study period. Rise in the demand for naturally derived food coloring agents in the region has spurred the growth. Simultaneously, Asia-Pacific is expected to register the highest CAGR of 11.4% throughout the forecast period.