Spirulina Market Research Report- Forecast to 2027

Spirulina Market Global Information by Form (Powder, Capsule & Tablet, Liquid and Gelling Agent), Application (Nutraceuticals, Food & Beverages, Pharmaceuticals, Cosmetic & Personal Care and others) and Region (North America, Europe, Asia Pacific and Rest of the world) - Forecast to 2027

ID: MRFR/F-B & N/0813-CR | February 2021 | Region: Global | 115 pages

Market Overview


The Spirulina Market is expecting a 10.32% CAGR growth by the end of the global forecast period in 2027 and reach a market valuation worth USD 1,007.24 Mn. 

Spirulina is multicellular, as well as filamentous microalgae that are usually blue-green. Spirulina naturally grows in different alkaline waters like lakes, rivers, as well as, ponds belonging to the warm regions. This kind of microalgae has an easy process to follow when it comes to harvesting, as well as processing. Also, these microalgae have a lot of significance as they contain high micro, as well as, macro contents. Spirulina is also used as a protein supplement, as well as, a human health food. Due to all these reasons, it has gained a lot of momentum, especially in the human health food industry. Many mushrooming economies are making use of this spirulina microalgae in the form of a complementary dietary ingredient in the feed that is fed to the poultry animals like hen and chicken. Also, the use of spirulina is experiencing an increase being used in the form of protein, as well as, vitamins, for fishes.


With the impeccable health benefits, as well as, the use of natural colors in its production, the spirulina central market is expected to have a huge rise by the end of the global forecast period in 2027. 


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. 


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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. 


Study Objectives



  • To analyze the market trends, impact of the pandemic on the market trends, as well as, the market dynamics in terms of growth, opportunities, drivers, and restraints for the market

  • To study the performance of the market segments in 4 major geographical regions of the world

  • To understand the growth prospects held by various regions, the performance of the key market players, as well as, the recent developments of these in the regions. Also, to draw a globally competitive scale among the prominent market leaders 


Segment Overview


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:


Type


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 2018.


Application


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.


Geographical region


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. 


Regional Analysis


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. 


Competitive Landscape


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: 



  • I.D. Parry Limited (India)

  • Jiangxi Alga Biotech

  • DIC Corporation

  • Tianjin Norland Biotech Co. Ltd.

  • Cyanotech Corporation

  • Hydrolina Biotech Private Limited

  • DIC Corporation 


The global market valuation of the spirulina market is largely dependent on the amount of revenue collected by the key market players. 


Recent Developments



  • Many developing and under-developed countries like India, as well as, Africa, have a huge population chunk that is exposed to malnutrition, and hence, these countries have a growing demand for spirulina.

  • The Arthrospira Platensis is expected to enjoy a dominant power as the highest-earning segment in the future period ending in 2027 owing to the increased demand that is a result of an increase in healthcare awareness, as well as, the incorporation of spirulina in the diets of people at the global level.

  • By the end of the global forecast year in 2027, the nutraceuticals market segment is expected to emerge as a dominant holder of the market share and is expected to lead the growth of the market by the end of 2027.

  • The governments of the Indian subcontinent, as well as, South Africa, are largely taking up initiatives for a wide-scale promotion of spirulina supplements. Also, the governments are launching strategies and schemes to create awareness related to the health benefits of spirulina health supplements. All these factors are generating a huge global demand for the market. 


Report Overview


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.



Frequently Asked Questions (FAQ) :


Spirulina market is expected to reach USD 897 million by 2027.

Spirulina market is expected to exhibit a strong 10% CAGR over the forecast period from 2020 to 2027.

Growing efforts to eradicate the problem of hunger and malnutrition are the major driver for the global spirulina market.

Asia Pacific is the dominant regional entity in the global spirulina market.

Key players in the spirulina market include Hydrolina Biotech, Cyanotech Corporation, and DIC Corporation, among others.

1 Report Prologue

2 Introduction

2.1 Definition 12

2.1.1 Spirulina 12

2.2 Scope of the Study 12

2.2.1 Research Methodology 12

2.3 Assumptions 12

2.4 Limitations 12

2.5 Market Structure 12

2.5.1 Global Spirulina Market, By Form 12

2.5.2 Global Spirulina Market, By Application 13

2.5.3 Global Spirulina Market, By Region 13

3 Research Methodology

3.1 Research Process 14

3.2 Primary Research 15

3.3 Secondary Research 17

3.4 Forecast Model 18

4 Premium Insights

4.1 Global Spirulina Market: Market Mapping & Research Methodology 19

4.2 Market Overview: Global Spirulina Market 20

4.3 Industry Trends and Market Environment: Global Spirulina Market 21

4.4 Product Innovation: Global Spirulina Market 23

5 Market Dynamics

5.1 Introduction 24

5.2 Drivers: 25

5.2.1 High in nutrients density 25

5.2.2 Rising Preference for Natural Food Colors 26

5.2.3 Helps in Curbing Malnutrition 27

5.3 Restraints: 28

5.3.1 Possibility of Toxic Contamination 28

5.3.2 Not Optimal For Use as Colorant in Ready to Drink Beverages 29

5.4 Opportunities: 30

5.4.1 Broad Areas of Applications 30

5.5 Challenges: 31

5.5.1 Lack of Awareness about Spirulina: 31

5.5.2 Challenges Associated With The Production Of Spirulina: 32

6 Mega Trends

6.1 Macroeconomic indicators analysis 33

7 Market Factor Analysis

7.1 Introduction 36

7.2 Value Chain Analysis 36

7.3 Supply Chain Analysis 38

7.4 Porter's Five Forces 39

7.4.1 Porter's 5 Forces Analysis: Spirulina Market 39

7.4.2 Threat of New Entrants 40

7.4.3 Threat of Substitutes 40

7.4.4 Bargaining Power of Buyers 41

7.4.5 Bargaining Power of Suppliers 41

7.4.6 Intensity of Rivalry 42

7.5 Organizations Promoting Spirulina Production and Consumption 42

7.5.1 IIMSAM 42

7.5.2 Galaxy - Kakamega 42

8 Global Spirulina Market, By Form

8.1 Introduction 43

8.2 Global Spirulina Market, By Form 43

8.2.1 Powder 43

8.2.2 Capsule & tablet 43

8.2.3 Liquid 43

8.2.4 Gelling agent 43

9 Global Spirulina Market, By Application

9.1 Introduction 46

9.2 Global Spirulina Market Segmentation, By Application 46

9.2.1 Nutraceuticals 46

9.2.2 Food & Beverages 46

9.2.3 Pharmaceuticals 46

9.2.4 Cosmetic & Personal care 46

9.2.5 Others 46

10 Global Spirulina Market, By Region

10.1 Introduction 49

10.2 Global Spirulina Market, By Region 49

11 North America Spirulina Market Analysis

11.1 North America Spirulina Market, By Country 51

11.2 North America Spirulina Market, By Form 52

11.3 North America Spirulina Market, By Application 53

11.4 U.S. 54

11.5 Canada 56

12 Europe Spirulina Market Analysis

12.1 Europe Spirulina Market, By Country 60

12.2 Europe Spirulina Market, By Form 61

12.3 Europe Spirulina Market, By Application 62

12.4 Germany 63

12.5 France 65

12.6 Spain 67

12.7 Rest of Europe 69

13 Asia Pacific Spirulina Market Analysis

13.1 Asia Pacific Spirulina Market, By Country 71

13.2 Asia Pacific Spirulina Market, By Form 72

13.3 Asia Pacific Spirulina Market, By Application 73

13.4 CHINA 74

13.5 India 76

13.6 Japan 78

13.7 Australia & New Zealand 80

13.8 ASEAN Countries 82

13.9 Rest of Asia Pacific 84

14 Rest of the World Spirulina Market Analysis

14.1 Rest of the World Spirulina Market, By Country 86

14.2 Rest of the World Spirulina Market, By Form 87

14.3 Rest of the World Spirulina Market, By Application 88

14.4 Latin America 89

14.5 Middle East 91

14.6 Others 93

15 Competitive Landscape

16 Major Market Player Analysis of Spirulina

16.1 Cyanotech Corporation 98

16.1.1 Company Profile 98

16.1.2 Company Snapshot 98

16.1.3 Product and Specifications 99

16.1.4 Key development 99

16.1.5 Business strategy 99

16.1.6 SWOT Analysis 100

16.2 DIC Corporation 101

16.2.1 Company Profile 101

16.2.2 Company Snapshot 101

16.2.3 Product and Specifications 102

16.2.4 Key Developments 102

16.2.5 Business strategy 102

16.2.6 SWOT Analysis 103

16.3 E.I.D Parry (India) Ltd. 104

16.3.1 Company Profile 104

16.3.2 Company Snapshot 104

16.3.3 Product and Specifications 105

16.3.4 Key Developments 105

16.3.5 Business strategy 106

16.3.6 SWOT Analysis 106

16.4 Tianjin Norland Biotech Co.,Ltd 107

16.4.1 Company Profile 107

16.4.2 Company Snapshot 107

16.4.3 Product and Specifications 107

16.4.4 Key Developments 108

16.4.5 Business strategy 108

16.4.6 SWOT Analysis 108

16.5 Hydrolina Biotech Private Limited 109

16.5.1 Company Profile 109

16.5.2 Company Snapshot 109

16.5.3 Product and Specifications 109

16.5.4 Key Developments 110

16.5.5 Business Strategy 110

16.6 Jiangxi Alga Biotech 111

16.6.1 Company Profile 111

16.6.2 Company Snapshot 111

16.6.3 Product & Specification 112

16.6.4 Key Developments 112

16.6.5 Business strategy 112

16.7 Synergy Natural Products Pty Ltd. 113

16.7.1 Company Profile 113

16.7.2 Company Snapshot 113

16.7.3 Product and Specifications 114

16.7.4 Key Developments 114

16.7.5 Business Strategy 114

17 List of Tables

TABLE 1 PESTLE ANALYSIS: U.S. 33

TABLE 2 PESTLE ANALYSIS-CHINA 34

TABLE 3 PESTLE ANALYSIS- INDIA 35

TABLE 4 GLOBAL SPIRULINA MARKET, BY FORM (2020-2027), USD MN 44

TABLE 5 GLOBAL SPIRULINA MARKET, BY FORM (2020-2027), USD MN 45

TABLE 6 GLOBAL SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 47

TABLE 7 GLOBAL SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 48

TABLE 8 GLOBAL SPIRULINA MARKET, BY REGION (2020-2027), USD MN 50

TABLE 9 GLOBAL SPIRULINA MARKET, BY REGION (2020-2027), USD MN 50

TABLE 10 NORTH AMERICA SPIRULINA MARKET, VALUE (2020-2027), USD MN 51

TABLE 12 NORTH AMERICA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 52

TABLE 14 NORTH AMERICA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 53

TABLE 15 NORTH AMERICA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 53

TABLE 16 U.S. SPIRULINA MARKET, BY FORM (2020-2027), USD MN 54

TABLE 17 U.S. SPIRULINA MARKET, BY FORM (2020-2027), USD 54

TABLE 18 U.S. SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 55

TABLE 20 CANADA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 56

TABLE 21 CANADA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 56

TABLE 22 CANADA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 57

TABLE 23 CANADA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 57

TABLE 24 MEXICO SPIRULINA MARKET, BY FORM (2020-2027), USD MN 58

TABLE 25 MEXICO SPIRULINA MARKET, BY FORM (2020-2027), USD MN 58

TABLE 26 MEXICO SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 59

TABLE 27 MEXICO SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 59

TABLE 28 EUROPE SPIRULINA MARKET, VALUE (2020-2027), USD MN 60

TABLE 29 EUROPE SPIRULINA MARKET, VALUE (2020-2027), USD MN 60

TABLE 30 EUROPE SPIRULINA MARKET, BY FORM (2020-2027), USD MN 61

TABLE 31 EUROPE SPIRULINA MARKET, BY APPLICATION (2020-2027), USD MN 61

TABLE 32 EUROPE SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 62

TABLE 34 GERMANY SPIRULINA MARKET, BY FORM (2020-2027), USD MN 63

TABLE 35 GERMANY SPIRULINA MARKET, BY FORM (2020-2027), USD MN 63

TABLE 36 GERMANY SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 64

TABLE 37 GERMANY SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 64

TABLE 38 FRANCE SPIRULINA MARKET, BY FORM (2020-2027), USD MN 65

TABLE 39 FRANCE SPIRULINA MARKET, BY APPLICATION (2020-2027), USD MN 65

TABLE 40 FRANCE SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 66

TABLE 41 FRANCE SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 66

TABLE 42 SPAIN SPIRULINA MARKET, BY FORM (2020-2027), USD MN 67

TABLE 43 SPAIN SPIRULINA MARKET, BY FORM (2020-2027), USD MN 67

TABLE 44 SPAIN SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 68

TABLE 45 SPAIN SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 68

TABLE 46 REST OF EUROPE SPIRULINA MARKET, BY FORM (2020-2027), USD MN 69

TABLE 47 REST OF EUROPE SPIRULINA MARKET, BY FORM (2020-2027), USD 69

TABLE 48 REST OF EUROPE SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 70

TABLE 49 REST OF EUROPE SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 70

TABLE 50 ASIA PACIFIC SPIRULINA MARKET, VALUE (2020-2027), USD MN 71

TABLE 51 ASIA PACIFIC SPIRULINA MARKET, VALUE (2020-2027), USD MN 71

TABLE 52 ASIA PACIFIC SPIRULINA MARKET, BY FORM (2020-2027), USD MN 72

TABLE 53 ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), USD MN 72

TABLE 54 ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 73

TABLE 55 ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 73

TABLE 56 CHINA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 74

TABLE 57 CHINA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 74

TABLE 58 CHINA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 75

TABLE 60 INDIA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 76

TABLE 61 INDIA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 76

TABLE 62 INDIA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 77

TABLE 63 INDIA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 77

TABLE 64 JAPAN SPIRULINA MARKET, BY FORM (2020-2027), USD MN 78

TABLE 65 JAPAN SPIRULINA MARKET, BY FORM (2020-2027), USD MN 78

TABLE 66 JAPAN SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 79

TABLE 67 JAPAN SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 79

TABLE 68 AUSTRALIA & NEW ZEALAND SPIRULINA MARKET, BY FORM (2020-2027), USD MN 80

TABLE 69 AUSTRALIA & NEW ZEALAND SPIRULINA MARKET, BY FORM (2020-2027), USD MN 80

TABLE 70 AUSTRALIA & NEW ZEALAND SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 81

TABLE 71 AUSTRALIA & NEW ZEALAND SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 81

TABLE 72 ASEAN COUNTRIES SPIRULINA MARKET, BY FORM (2020-2027), USD MN 82

TABLE 73 ASEAN COUNTRIES SPIRULINA MARKET, BY FORM (2020-2027), USD 82

TABLE 74 ASEAN COUNTRIES SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 83

TABLE 75 ASEAN COUNTRIES SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 83

TABLE 76 REST OF ASIA PACIFIC SPIRULINA MARKET, BY FORM (2020-2027), USD MN 84

TABLE 77 REST OF ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), USD 84

TABLE 78 REST OF ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 85

TABLE 79 REST OF ASIA PACIFIC SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 85

TABLE 80 REST OF THE WORLD SPIRULINA MARKET, VALUE (2020-2027), USD MN 86

TABLE 81 REST OF THE WORLD SPIRULINA MARKET, VALUE (2020-2027), USD MN 86

TABLE 82 REST OF THE WORLD SPIRULINA MARKET, BY FORM (2020-2027), USD MN 87

TABLE 83 REST OF THE WORLD SPIRULINA MARKET, BY FORM (2020-2027), USD 87

TABLE 84 REST OF THE WORLD SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 88

TABLE 85 REST OF THE WORLD SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 88

TABLE 86 LATIN AMERICA SPIRULINA MARKET, BY FORM, (2020-2027), USD MN 89

TABLE 87 LATIN AMERICA SPIRULINA MARKET, BY FORM (2020-2027), USD MN 89

TABLE 88 LATIN AMERICA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 90

TABLE 89 LATIN AMERICA SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 90

TABLE 90 MIDDLE EAST SPIRULINA MARKET, BY FORM (2020-2027), USD MN 91

TABLE 91 MIDDLE EAST SPIRULINA MARKET, BY FORM (2020-2027), USD MN 91

TABLE 92 MIDDLE EAST SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 92

TABLE 93 MIDDLE EAST SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 92

TABLE 94 OTHERS SPIRULINA MARKET, BY FORM (2020-2027), USD MN 93

TABLE 95 OTHERS SPIRULINA MARKET, BY FORM (2020-2027), USD 93

TABLE 96 OTHERS SPIRULINA MARKET, BY APPLICATION (2020-2027), (USD MN) 94

TABLE 98 COMPETIVE LANDSCAPING: GLOBAL SPIRULINA MARKET: BY STRATEGY (2020-2027) 97

TABLE 99 PRODUCT OVERVIEW 99

TABLE 100 PRODUCT OVERVIEW 102

TABLE 101 PRODUCT OVERVIEW 102

TABLE 102 PRODUCT OVERVIEW 105

TABLE 103 KEY DEVELOPMENTS 105

TABLE 104 PRODUCT OVERVIEW 107

TABLE 105 PRODUCT OVERVIEW 109

TABLE 106 PRODUCT OVERVIEW 112

TABLE 107 PRODUCT OVERVIEW 114


18 List of Figurrs

FIGURE 1 RESEARCH PROCESS OF MRFR 15

FIGURE 2 PRIMARY RESEARCH PROCESS 16

FIGURE 3 SECONDARY RESEARCH PROCESS: TOP DOWN & BOTTOM UP APPROACH 17

FIGURE 4 FORECAST MODEL 18

FIGURE 5 MARKET SEGMENTATION: GLOBAL SPIRULINA MARKET 20

FIGURE 6 PRODUCT LIFECYLE: GLOBAL SPIRULINA MARKET 21

FIGURE 7 PRODUCT LIFECYLE: GLOBAL SPIRULINA MARKET, BY REGION 22

FIGURE 8 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF SPIRULINA MARKET 24

FIGURE 9 VALUE CHAIN ANALYSIS OF GLOBAL SPIRULINA MARKET 36

FIGURE 10 STAGES IN SPIRULINA PRODUCTION 37

FIGURE 11 SUPPLY CHAIN ANALYSIS OF GLOBAL SPIRULINA MARKET 38

FIGURE 12 PORTER'S 5 FORCES ANALYSIS OF GLOBAL SPIRULINA MARKET 39

FIGURE 13 GLOBAL SPIRULINA MARKET, BY FORM 44

FIGURE 14 GLOBAL SPIRULINA MARKET, BY APPLICATION 47

FIGURE 15 GLOBAL SPIRULINA MARKET, BY REGION 49

FIGURE 16 GLOBAL SPIRULINA MARKET:MAJOR PLAYER MARKET DEVELOPMENT SHARE 2020-2027 95

FIGURE 17 GLOBAL SPIRULINA MARKET:STRATEGY ANALYSIS 96

FIGURE 18 GLOBAL SPIRULINA MARKET: MARKET DEVELOPMENT (2020-2027) 97

FIGURE 19 CYANOTECH CORPORATION:COMPANY SNAPSHOT 98

FIGURE 20 CYANOTECH CORPORATION: SWOT ANALYSIS 100

FIGURE 21 DIC CORPORATION: COMPANY SNAPSHOT 101

FIGURE 22 DIC CORPORATION: SWOT 103

FIGURE 23 E.I.D PARRY (INDIA) LTD.: COMPANY SNAPSHOT 104

FIGURE 24 E.I.D PARRY (INDIA) LTD.: SWOT ANALYSIS 106

FIGURE 25 TIANJIN NORLAND BIOTECH CO.,LTD:COMPANY SNAPSHOT 107

FIGURE 26 TIANJIN NORLAND BIOTECH CO.,LTD: SWOT ANALYSIS 108

FIGURE 27 HYDROLINA BIOTECH PRIVATE LIMITED: COMPANY SNAPSHOT 109

FIGURE 28 JIANGXI ALGA BIOTECH: COMPANY SNAPSHOT 111

FIGURE 29 SYNERGY NATURAL PRODUCTS PTY LTD.: COMPANY SNAPSHOT 113