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Spirulina Market is Experiencing Growth owing to Increased Health Benefits

Spirulina Market

Spirulina is a type of blue green algae with a high concentration of protein, vitamins, minerals, and other nutrients. Spirulina products are consumed as dietary supplements, due to their nutritional content and associated health benefits.

The global spirulina market is estimated to be valued at US$ 594.6 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key drivers propelling the spirulina market growth is the increasing awareness about its health benefits. Spirulina contains phycocyanin, a natural blue pigment with antioxidant properties. It also contains high levels of beta-carotene, vitamins, minerals, and proteins. Regular consumption of spirulina aids in weight management, improves heart health, boosts the immune system, and lowers blood pressure and cholesterol levels. With rising health concerns, consumers are increasingly opting for nutritional supplements like spirulina to maintain overall well-being. The various health advantages of spirulina have boosted its demand from the food and beverage, dietary supplements, and cosmetic industries in recent years.

Segment Analysis

The global spirulina market is dominated by powder segment. Powder form of spirulina is widely used in food and beverages industry for its nutritional value. It is highly stable and economical to use in powder format. The powder segment accounts for over 60% value share due to higher concentration of spirulina content, ease of use and longer shelf life.

Key Takeaways

The Global Spirulina Market Demand is estimated to be valued at US$ 594.6 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the spirulina market with over 40% value share owing to large production and consumption in China and India. The North America spirulina market is projected to grow at a rapid pace during the forecast period. This is attributed to increasing adoption of algae-based products for their high nutritional value in the region. Further, rising health consciousness among consumers and growing usage of natural colors are favoring market growth. The US accounts for over 80% of the North American spirulina market due to high demand for natural colors and ingredients in food and beverages industry.

Key players

Key players operating in the spirulina market are Archer Daniels Midland Company, Sime Darby Plantation Berhad, Bunge Limited, Olam International Limited, Cargill Incorporated, Golden Agri-Resources, Kuala Lumpur Kepong Berhad, Fuji Oil Holding Inc., Wilmar International Limited, PT Astra Agro Lestari Tbk. These players are focusing on expansions and new product launches to increase sales and market presence.

Explore more information on this topic, Please visit -

https://www.insightprobing.com/spirulina-market-share-and-demand-analysis/

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