Spirulina Protein Market Forecast 2031

Coverage: Spirulina Protein Market covers analysis By Application (Food and Beverages, Pharmaceuticals and Nutraceuticals, Personal Care, and Others) and Geography

  • Report Code : TIPRE00030305
  • Category : Food and Beverages
  • Status : Upcoming
  • No. of Pages : 150
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The spirulina protein market size is projected to reach US$ 850 million by 2031 from US$ 450 million in 2023. The market is expected to register a CAGR of 7% in 2023–2031. Shifting consumer preferences to alternative protein sources is likely to remain key spirulina protein market trends.

Spirulina Protein Market Analysis

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.

Spirulina Protein Market Overview

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.

Strategic Insights

Spirulina Protein Market Drivers and Opportunities

Rising Awareness of Health Benefits of Spirulina Protein to Favor Market

The rising awareness of the health benefits of spirulina is driving the global spirulina market. There is an increasing awareness of the environmental impacts of animal-derived protein across the globe. The livestock industry has significant carbon emissions and is also responsible for animal cruelty. People are taking steps to minimize the environmental impacts of the livestock industry and are seeking alternatives to animal protein. Microalgae, including spirulina, are among the richest non-animal protein sources and are generally marketed as superfoods due to their high bioactive content. The rising demand for sustainable protein sources is driving the growth of the spirulina protein market. Spirulina protein is widely available in powder form and is extensively used in dietary supplements due to its high nutritional value. Spirulina powder is used to make tablets, capsules, and gummies and is consumed in powder format. It is generally used as a functional ingredient in smoothies, salads, soups, stocks, snacks, and baked goods. Spirulina protein powder is used in personal care products as an anti-aging, brightening, and anti-acne agent. It has gained immense popularity in the skincare routines of celebrities. The rising demand for spirulina protein across various application areas significantly propels the spirulina market growth.

Altering Consumer Preferences and Adoption of Sustainable Non-Animal Proteins to Provide Massive Growth Opportunities

The preferences of consumers are changing due to increased health awareness, especially after the COVID-19 outbreak. 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 opportunities for the spirulina protein market.

Spirulina Protein Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Spirulina Protein Market analysis are application and geography.

  • Based on application, the spirulina protein market is divided into food and beverages, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceuticals and nutraceuticals segment held a larger market share in 2023. 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.

Spirulina Protein Market Share Analysis by Geography

The geographic scope of the Spirulina Protein Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. The Asia Pacific spirulina protein market held the largest market share in 2023. 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.

Spirulina Protein Market Report Scope

Spirulina Protein Market News and Recent Developments

The Spirulina Protein Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

  • GNT launched a range of green EXBERRY powder made from spirulina and turmeric. (Source: GNT, Press Release/Company Website/Newsletter, 2022)
  • Prolgae Spirulina Supplies, an organic spirulina manufacturer, launched a sweet spirulina powder and spirulina protein bar. (Source: Prolgae Spirulina Supplies, Press Release/Company Website/Newsletter, 2021)

Spirulina Protein Market Report Coverage and Deliverables

The “Spirulina Protein Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
REGIONAL FRAMEWORK

Spirulina Protein Market Report Analysis

Spirulina Protein Market

  • CAGR (2023 - 2031)
    7%
  • Market Size 2023
    US$ 450 Million
  • Market Size 2031
    US$ 850 Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Algenol
  • Cyanotech Corporation
  • Allmicroalgae
  • Givaudan
  • Corbion NV
  • Medikonda Nutrients
  • DIC CORPORATION
  • Far East Microalgae Industries Co Ltd
  • Bluetec Naturals Co., Ltd
  • Others

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Application
  • Food and Beverages
  • Pharmaceuticals and Nutraceuticals
  • Personal Care
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Spirulina Protein Market Report Scope

Report Attribute Details
Market size in 2023 US$ 450 Million
Market Size by 2031 US$ 850 Million
Global CAGR (2023 - 2031) 7%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Application
  • Food and Beverages
  • Pharmaceuticals and Nutraceuticals
  • Personal Care
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Algenol
  • Cyanotech Corporation
  • Allmicroalgae
  • Givaudan
  • Corbion NV
  • Medikonda Nutrients
  • DIC CORPORATION
  • Far East Microalgae Industries Co Ltd
  • Bluetec Naturals Co., Ltd
  • Others
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. 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.

    1. 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:

    Research Methodology

    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.

    1. 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.

    1. 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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