COVID 19 Analysis
The outbreak of the pandemic has had an impact on the working of various manufacturing and production units. The spread of the pandemic, the degree of spread, the adverse effects, as well as, the death rate has raised major questions related to the healthcare systems of developed, developing, as well as, under-developed economies, and has raised concerns related to the immunity system and disease-fighting ability of the human body. There has been a subsequent increase in the demand for immunity boosters for the people to fight the pandemic, reduce the adverse effects of the coronavirus, and build a stronger immunity in general. For fighting the disease, immunity is of foremost importance and thus, the demand for protein and similar supplements is increasing in the global market.
The governments of various economies are investing in research and development initiatives to develop immunity boosters available to their population. Also, the widespread demand is pushing the key market players to develop spirulina supplements in bulk to meet the supply chain mechanism expectations. This is playing a major role in helping the temporarily shut manufacturing businesses to begin with their production and supply once again. This demand is further helping the workers to get back to their jobs in the production line and help the global market recover from the losses of the pandemic period.
The spirulina supplements are known to be high in nutrient density, as well as, help in curbing malnutrition among the population of various countries. This is one of the main reasons that is driving the companies to demand these supplements and begin the production of the same in their home countries. Also, with the changing lifestyle of people and considering the adverse effects of the novel coronavirus pandemic, the potential customers are changing and increasing their preference for natural food colors in comparison to the artificial ones. This is further fueling the growth of the market on a global scale.
However, the market has many restraints on the way of its global growth. The market is exposed to risks like food contamination and adulteration which further harm the dependency and trust of the consumers over the consumption of such supplements in the global market.
Owing to the enormous amount of health benefits, the global spirulina market is expected to grow at a considerable CAGR by the end of the global forecast period in 2027. There is a growing awareness amongst people related to the health benefits possessed by spirulina and is being disguised as a superfood amongst various consumer groups. Also, the natural colors being used are one of the major advantages. There are many untapped markets are belonging, as well as, the under-developed countries to make use of the lucrative growth opportunities and expand the role of the key market players in these regions.
The spirulina sprouts market is expected to grow at a considerable CAGR quantum by the end of the global forecast period in 2027. The growth of the market is a result of the efforts put in by the market segments, as well as, their performance. The spirulina market size depends on the market bifurcation that is done based on the following:
Based on the type of the product offered, the market had been divided into Arthrospira Platensis, as well as, Arthrospira Maxima. The Arthrospira Platensis market segment registered a good scale and emerged as one of the highest contributors in revenue collection in the historic year of 2020.
Based on the application market segment, the market is bifurcated into the food and beverage industry, agriculture sector, feed, cosmetic brands, as well as, nutraceuticals, amongst others. There is a high demand for the use of natural pigments in the market of different kinds like green, lavender, as well as, violet. The personal care and cosmetic industry are further gaining momentum for targeting the exact customers by providing products like anti-aging creams.
Based on the geographical regions, the global market is functional in 4 major regions namely the North American market, the European region, the Asian Pacific nations, along with Latin America and the Middle East.
By the end of the global forecast period in 2027, the spirulina market demand is expected to have the maximum degree in the North American market. The main reason behind this forecasted growth is the high demand for naturally derived agents or food coloring. Following the trend, the APAC region is expected o have the highest ACGR growth owing to the lucrative growth opportunities it has to offer to the key market players belonging to the food processing industry. Amongst the vegetarian consumers, spirulina powder is having a high demand that is another factor expected to help the market grow by the end of the forecast period in 2027.
The performance of the key market players is attributing to the global demand of the spirulina market trends. The growth of the market is dependent on the performance of the key market players and also to draw a competitive global landscape amongst them. The prominent players of the market are:
The global market valuation of the spirulina market is largely dependent on the amount of revenue collected by the key market players.
In 2020, some of the major key players of the industry, like Cyanotech Corporation, DIC Corporation, and Nature S.A., have come together to form a collaboration that will not only help with the low-cost and budget-efficient properties of the production of the same. Similarly, the liquid form of the product makes its usage a biomass-based production leading to the wide consumption of the product.
In 2020, the Fuquing King Dnarsma also collaborated with the Bio-Engineering Co and, as a result, had its part in witnessing impacts on the market production.
The global spirulina market research report provides a clear picture of the impact of the pandemic on the market, as well as, the market dynamics in the form of opportunities and restraints available to the market in the current forecast period ending in 2027. Also, the reports consist of the takes and opinions of the industry leaders and experts to expect the percentage of CAGR at which the market is expected to grow. Also, the report consists of the bifurcation of the market in its segments, the performance of these segments into 4 major geographical regions of the world, as well as, the recent developments that will help the market reach the estimated market valuation by the end of the global forecast period in 2027.
|Market Size||USD 1,007.24 million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Form, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||I.D. Parry Limited (India),Jiangxi Alga Biotech,DIC Corporation,Tianjin Norland Biotech Co. Ltd.,Cyanotech Corporation,Hydrolina Biotech Private Limited,DIC Corporation|
|Key Market Opportunities||Broad Areas Of Applications|
|Key Market Drivers||High In Nutrients Density, Rising Preference For Natural Food Colors, Helps In Curbing Malnutrition|
Spirulina market is expected to reach USD 1007.24 million by 2027.
Spirulina market is expected to exhibit a strong 10.32% CAGR over the forecast period from 2020 to 2027.
Key players in the spirulina market include Hydrolina Biotech, Cyanotech Corporation, and DIC Corporation, among others.
Asia Pacific is the dominant regional entity in the global spirulina market.
Growing efforts to eradicate the problem of hunger and malnutrition are the major driver for the global spirulina market.