[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.

Strategic Insights

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).

Segmental Analysis:

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.

Regional Analysis:

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.

COVID-19 Impact:

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.

Download Free Sample

   Inquire for Discount   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
• Request discounts available for Start-Ups & Universities

REGIONAL FRAMEWORK MARKET PLAYERS

Download Free Sample

   Inquire for Discount   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
• Request discounts available for Start-Ups & Universities