Spirulina Protein Market Share, Size, Trends, Industry Analysis Report, By Species (Arthrospira Plantesis and Arthrospira Maxima); By Form; By Application; By Region; Segment Forecast, 2023-2032
- Published Date:Apr-2023
- Pages: 118
- Format: PDF
- Report ID: PM3129
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global spirulina protein market was valued at USD 426.16 million in 2022 and is expected to grow at a CAGR of 9.3% during the forecast period. The emerging health & wellness trend and continuously growing consumption of a variety of dietary supplements, along with increased demand for natural food colors, increasing vegetarianism, and surge in malnutrition across the globe, are among the primary factors driving the growth of the global market over the coming years. In addition, several other factors, such as several stringent regulations regarding the synthetic colors and flavors inclusion, the growing preference among consumers for spirulina-sourced products, mainly pigments and omega-3 fatty acids, and a rise in the number of new spirulina product launches globally, are further expected to create huge market growth opportunities in the forecast period.
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For instance, in November 2022, GNT announced its green Exberry Coloring Foods range with a new powder of spirulina and turmeric. The powder is mainly developed to provide bright, bluish-green shades in dry and powered applications like bakery mixes and seasonings.
Moreover, governments of various countries, especially from the low-medium income category, have started promoting the production of spirulina powder to strengthen the market and create a decent income source, especially for the rural population. Governments are actively supporting the local spirulina protein market and building a strong gateway for the higher development of superfoods, which could change the food course for the entire race.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the spirulina protein market. The rapid emergence and spread of the deadly coronavirus across the globe have adversely hit many economies and forced governments to impose various stringent regulations, including lockdowns and quarantines, to combat the pandemic, resulting in high disruptions in the global supply chain and closure of many manufacturing facilities.
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Industry Dynamics
Growth Drivers
With the rapid increase in the prevalence of chronic diseases, the continuous rise in the global population, and changes in individual lifestyles, there has been significant growth in the consumption of healthy food products and dietary supplements, which are the major factors boosting the market growth for spirulina all over the world. Along with this, spirulina is widely used in removing and transforming pollutants, including nutrients, heavy meals, and xenobiotics, which have also fueled the market in recent years. Furthermore, extensive growth in the demand and need for algae-based products in the pharmaceutical and cosmetics industries, as these products help to improve the elasticity and supplements of the human skin and also stimulate the renewal of various damaged skin cells, thereby experiencing a significant growth in the product demand across the globe.
Report Segmentation
The market is primarily segmented based on species, form, application, and region.
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By Species |
By Form |
By Application |
By Region |
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Arthrospira plantesis segment accounted for largest market share in 2022
The arthrospira plantesis segment accounted for the largest market share in 2022 and is likely to retain its position throughout the forecast period. The growth of the segment market can be attributed to a rapid surge in healthcare awareness and the growing incorporation of spirulina in a variety of diets as a superfood worldwide. Additionally, arthrospira is widely cultivated across the globe and is used as a dietary supplement and as a whole food and is easily available in several forms, including flake, tablet, and powder, which in turn, propelling the growth of the segment market.
The arthrospira maxima segment is expected to grow at a considerable growth rate over the study period. The product is increasingly adopted as a major nutritional supplement due to its high protein content, vitamins, polyphenols, carotenoids, phycocyanins, essential fatty acids, and the cardio-productive and antioxidant activity are the major factors expected to drive the demand and growth of the market.
Powder segment held the largest market revenue share in 2022
The powder segment held a significant market revenue share in 2022, which is mainly attributed to increasing demand for spirulina powder form nutraceutical and food manufacturers, where it is largely used as a supplement and being added in a variety of food recipes including breakfast meals, deserts, and many other food products. Additionally, the growing adoption and acceptance of various natural and plant-based protein alternatives, coupled with the increasing focus of key market manufacturers on introducing new advanced powder products, will further stimulate the consumption of spirulina powder globally and boost the demand and growth of the segment market.
Functional foods & beverages segment is expected to witness highest growth during forecast period
The functional foods & beverages segment is expected to grow at a significant CAGR during the anticipated period, mainly driven by increasing acceptance as a food ingredient across the globe owing to its easy availability and sustainability of production, various bioactive and bioactive and extraordinary nutritional properties, and several suitable functions. The rapidly booming demand for spirulina natural food color is because of the increasing consumer awareness for natural foods compared to synthetic foods and its wide range of health-promoting characteristics, fueling the overall market growth and demand.
Spirulina protein is also gaining high traction, and demand forms the pharmaceuticals sector, especially from the hair and skin care industry, as an ingredient in various treatments such as anti-aging, wrinkles, hair loss, allergies, and grey hair. It is also being utilized in numerous therapies and many pharmaceutical goods due to its health advantages, which further aids in the market expansion over the coming years.
The demand in Asia Pacific region is witnessing fastest growth during forecast period
Asia Pacific region is projected to grow at the highest growth rate and emerge as the fastest-growing region in the global market on account of rapid growth in the dietary supplement industry, the surging need to eradicate malnutrition, and the availability of favorable climatic conditions in countries like India, China, and Indonesia. In addition, an increasing number of government initiatives and efforts to promote the use of spirulina and continuously ongoing research to explore the various application areas for spirulina are further anticipated to drive market growth in the region.
North America dominated the global market for spirulina protein in 2022 and is expected to maintain its dominance throughout the projected period. The regional market growth is highly attributable to the availability of well-developed healthcare infrastructure, the demand for naturally derived food coloring agents, and the presence of the world’s leading manufacturers.
Competitive Insight
Some of the major players operating in the global market include Far East Bio-Tec, Nutrex Hawaii, Phycom Microalgae, Cyanotech Corporation, Yunna Green A Bio-Engineering, Prolgae Spirulina Supplies, Australian Spirulina, Earthrise Nutritional, DIC Corporation, Algene Biotech, Tianjin Norland Biotech, and Dongtai City Spirulina.
Recent Developments
- In March 2022, Cymbiotika introduced its latest Plant Protein, a combination of hemp protein, spirulina, and pea protein. The new product has been developed to support the human immune and digestion system while increasing overall performance and energy. The formula is a complex powder featuring three completely different proteins, fiber, digestive enzymes, and others.
- In August 2021, Prolgae Spirulina Supplies introduced its new sweet spirulina powder & protein bar in India. The product is completely vegan, which helps people stay healthy and boost their immunity while improving their regular work routine.
Spirulina Protein Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 465.02 million |
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Revenue forecast in 2032 |
USD 1,036.98 million |
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CAGR |
9.3% from 2023-2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Species, By Form, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Far East Bio-Tec Co. Ltd., Nutrex Hawaii Inc., Phycom Microalgae, Cyanotech Corporation, Yunna Green A Bio-Engineering Co. Ltd., Prolgae Spirulina Supplies Pvt. Ltd., Fuqing King Dnarmsa Spirulina Co., Australian Spirulina, Earthrise Nutritional LLC, DIC Corporation, Algene Biotech, Tianjin Norland Biotech Co. Ltd., and Dongtai City Spirulina Co. Ltd. |
FAQ's
The global spirulina protein market size is expected to reach USD 1,036.98 million by 2032.
Key players in the spirulina protein market are Far East Bio-Tec, Nutrex Hawaii, Phycom Microalgae, Cyanotech Corporation, Yunna Green A Bio-Engineering, Prolgae Spirulina Supplies, Australian Spirulina, Earthrise Nutritional, DIC Corporation.
Asia Pacific contribute notably towards the global spirulina protein market.
The global spirulina protein market expected to grow at a CAGR of 9.3% during the forecast period.
The spirulina protein market report covering key segments are species, form, application, and region.
