Spirulina Market is Predicted to Record Nearly 9.5% CAGR During 2024-30
According to a recent report published by MarkNtel Advisors, the Global Spirulina Market is anticipating around 9.5% CAGR during 2024-30. The prominent factors fueling the Global Spirulina Market include the growing awareness of the global population regarding the advantages of spirulina coupled with the rising health concerns across the world. Additionally, prominent market contenders are indulging in R&D activities and are escalating this particular biomass production owing to the rising government backing for spirulina production.
Spirulina has numerous benefits, such as it contains antioxidants and hypolipidemic, & anti-inflammatory properties, and is said to aid in lowering cholesterol levels. Moreover, it can shield the body from harm caused by dangerous molecules like free radicals and help in improving overall health. All these properties are leading to the extensive adoption and utilization of spirulina in numerous industries, particularly in the cosmetics & personal care industry & in the human health food industry.
The report further states that even though the Global Spirulina Market is rising rapidly, its limited awareness and benefits among the population across the world might pose a possible restraint in the market growth.
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Unveiling the Prominent Contenders in the Global Spirulina Market
Algenol Biofuels Inc., Chr. Hansen Holding A/S., Cyanotech Corporation, Dongtai City Spirulina Bio-engineering Co., Fuqing King Dnarmsa Spirulina Co., Ltd., Fraken Biochem Co., Ltd., Naturex S.A., Now Foods, Parry Nutraceuticals Ltd., Prolgae Spirulina Supplies Pvt. Ltd., and Sensient Technologies Corporation.
Segmentation Analysis of the Global Spirulina Market
- By Type (Arthrospira Platensis and Arthrospira Maxima)
- By Formation (Powder, Tablet, and Liquid)
- By Application (Food & Beverage, Bakery, Confectionery, Other Processed Foods, Dietary Supplements, Cosmetics & Personal Care, and Agriculture)
- By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)
The Powder is likely to record the fastest growth in the Global Spirulina Market during the coming years 2024-30. The high protein & vitamin content along with its convenient application results in the large-scale usage and implementation of powdered spirulina in the food & beverage industry. Moreover, powdered spirulina is being extensively used as a dietary supplement and in desserts, salads, drinks, etc., which is boosting its demand and leading to an increment in its production. The flourishing demand for powdered spirulina across the nutraceutical & food manufacturers is triggering the overall market growth.
Asia-Pacific will likely exhibit the swiftest market growth in the forecast period 2024-30. The major reasons attributed to the region’s growth in the given market include the humungous production and consumption of spirulina in numerous countries of the region. Several prominent market players are investing substantially given the promising government policies regarding the development of spirulina and its extracts. China leads in the spirulina market across the Asia-Pacific region owing to the rising demand for natural & clean label colors in the food & beverage sector.
Additionally, with the ongoing R&D activities, escalating demand for spirulina in the food and beverage industry, and the wide-scale production of spirulina across the region, Europe is also anticipated to record generous market growth in the coming years.
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