[Research Report] The spirulina protein market size accounted for approximately USD 450 million in 2022 and is projected to register a CAGR of ~ 7% from 2022 to 2030 to reach 850 million in 2030.
Market Insights and Analyst View:
Spirulina is a type of blue-green algae that grows in freshwater and salt water. It contains many nutrients such as protein, thiamin, riboflavin, niacin, and minerals such as copper and iron. It is a rich source of essential amino acids, making it a popular ingredient in human nutrition. The main component of spirulina is phycocyanin, which gives it a blue color. Spirulina powder is widely used as a source of protein and amino acids in smoothies, soups, salads, herbal teas, etc. Its antioxidant and anti-inflammatory properties make it suitable for digestive and heart health. The increasing demand for spirulina due to its rich nutritional profile significantly drives the spirulina market growth. Furthermore, its skin-soothing properties drive its demand across the rapidly growing personal care industry.
Growth Drivers and Challenges:
Over the past few years, people's awareness of environmental sustainability has increased significantly. Climate change has affected the earth's natural ecosystems and poses a significant threat to the present and future generations' well-being. Global population growth and urbanization are the primary causes of natural resource depletion, including water, fossil fuels, and land, contributing to global warming. Due to the rising global population, the demand for food is also increasing. People are heavily reliant on animal sources to meet their nutritional requirements. This factor exerts high pressure on the livestock industry. The livestock industry is one of the significant contributors to anthropogenic greenhouse gas emissions. The livestock industry is one of the major contributors to anthropogenic greenhouse gas emissions. According to the United Nations Food and Agriculture Organization (FAO), the worldwide livestock industry emits 7.1 giga tons of carbon dioxide annually, accounting for 14.5 percent of all human-caused greenhouse gas emissions. According to industry experts, livestock production emits more carbon dioxide into the atmosphere than the whole transportation industry combined. Consumers are rapidly switching to alternate protein sources due to the rising awareness regarding the negative impacts of the meat and livestock industry on the environment. Spirulina is a rich protein source and has many health benefits. Thus, the rising interest in alternative protein sources drives the spirulina protein market growth over the forecast period.
Report Segmentation and Scope:
The "Global Spirulina Protein Market" is segmented based on type, category, application, and geography. Based on application, the spirulina protein market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. The market based on geography is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Based on application, the spirulina protein market is segmented into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceuticals and nutraceuticals segment is expected to hold a significant share of the spirulina protein market. Spirulina is a powerful antioxidant and has anti-inflammatory properties. Due to its low cholesterol levels, it boosts heart health and reduces the risk of cardiovascular diseases. It also has prebiotic properties, which support gut health and reduce digestion problems. Spirulina is a rich protein source, which helps increase muscle strength. The rising awareness of the health benefits of spirulina is driving its demand in the pharmaceuticals and nutraceuticals industry. Spirulina is available in powder, tablets, capsules, and gummies. The rising health concerns due to hectic lifestyles and lack of physical activity drive the demand for nutraceuticals supporting overall immune health. This factor can also boost the growth of the spirulina market across the pharmaceuticals and nutraceuticals space.
Based on geography, the spirulina protein market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Asia Pacific spirulina protein market is expected to grow significantly over the forecast period. Asia Pacific is one of the significantly growing markets for spirulina protein owing to the presence of a potential customer base, low manufacturing costs, cheap skilled labor, and rising demand for sustainable protein sources. Moreover, the region's rapidly growing personal care industry also provides significant growth potential to the spirulina protein market, as spirulina has a wide range of applications in personal care products. Spirulina possesses anti-aging, anti-acne, and soothing properties, which have many benefits in daily skincare. Further, the rising demand for functional food and beverages with high protein content and low environmental impact drives the spirulina protein market across Asia Pacific.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the spirulina protein market are listed below:
1. In November 2022, GNT launched a range of green EXBERRY powder made from spirulina and turmeric.
2. In August 2021, Prolgae Spirulina Supplies, an organic spirulina manufacturer, launched a sweet spirulina powder and spirulina protein bar.
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020.
The pandemic altered global consumer preferences as health became the top priority. The focus on immune health increased dramatically, which is expected to provide lucrative opportunities for immune-boosting ingredients such as spirulina. Also, as sustainability became one of the top priorities in the wake of the pandemic, people started consuming sustainable proteins and reduced animal-derived protein consumption. This factor created significant growth potential for the spirulina protein market. In 2020, the government imposed lockdowns and quarantines, and people were mandated to stay in their homes to curb the spread of SARS-CoV-2. Therefore, the global population began to spend more time on the Internet to escape boredom. This factor created awareness about the availability of healthier and sustainable products, positively impacting the demand for spirulina protein and bolstering market growth.
In 2021, various economies resumed operations as several governments announced relaxation in the previously imposed restrictions, positively impacting the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap.
Competitive Landscape and Key Companies:
A few of the prominent players operating in the global spirulina protein market are Algenol, Cyanotech Corporation, Allmicroalgae, Givaudan, Corbion NV, Medikonda Nutrients, DIC CORPORATION, Far East Microalgae Industries Co Ltd, Bluetec Naturals Co., Ltd, among others. These market players are adopting strategic development initiatives to expand, further driving the spirulina protein market growth.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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8.Far East Microalgae Industries Co Ltd
9.Bluetec Naturals Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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