The global spirulina market size is projected to expand speedily owing to the potential benefits of spirulina for COVID-19 patients, finds Fortune Business Insights™ in its report, titled “Spirulina Market, 2022-2029”.
A study published in the journal ‘Marine Biotechnology’ in February 2021 by scientists from Israel and Iceland propounds that extracts from blue-green algae can prevent COVID-19 patients from getting seriously ill. According to the scientists, a derivative of enhanced spirulina can reduce the probability of the cytokine storm triggered by the coronavirus in the lungs, which can cause acute respiratory distress, by 70%. This is possible because the extract from this alga contains a pigment-binding protein that augments anti-inflammation, anti-tumor, and anti-oxidation activities in the body. Another study, conducted in June 2020 by researchers from the Indian Institute of Science Education and Research (IISER), found that spirulina extracts can potentially inhibit the entry of SARS, MERS, and SARS-2 spike pseudotyped virus in vitro. Thus, the coronavirus outbreak is likely to boost the adoption of natural algae extracts and brighten the outlook of this market.
In terms of type, the market has been segmented into Arthrospira platensis and Arthrospira maxima. Based on form, the market has been divided into powder, tablet, and liquid. By application, the market has been clubbed into food & beverage, dietary supplements, cosmetics, and personal care. On the basis of region, the market has been analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Offer?
The report offers an accurate computation of market figures and supplies a comprehensive analysis of the factors, trends, and restraints shaping the size, share, and growth of the market. In addition, the report encapsulates a careful study of market segments and provides a detailed examination of the regional dynamics and competitive milieu of the market.
Spirulina-based Innovations by Startups to Drive Market
The emergence of startups in the algae-based foods domain is driving innovation and fueling the spirulina market growth. These startups are focused on developing algae-based food items, with an aim to cater to the demands of the growing vegan population. For example, in February 2019, Prolgae, a startup based in India, created vegan chocolate bars and cookies formulated from spirulina and its extracts. Furthermore, this species of algae is also seen as a potential instrument against malnutrition, according to the Food and Agriculture Organization (FAO), prompting a few companies to produce algae-based food items and make them accessible to all. In October 2018, for instance, Proalgae announced its plans to produce high-quality, sun-dried spirulina to fight malnutrition in India and Africa. Some other startups intend to popularize this alga’s super-food status. For example, SNACK Brand, a startup launched in January 2021, will be developing farm-fresh versions of this alga in the form of clusters and powders and combine them nutrient-dense ingredients, such as flax seeds and dry fruits.
Widespread Production of Spirulina to Propel the Asia Pacific Market Growth
Asia Pacific is anticipated to command the spirulina market share during the forecast period owing to the high production of the algae in Korea, China, and Indonesia. The increasing blending of this algal species with nutraceuticals in non-dairy products is expected to further support the regional market growth. The market in Europe will be majorly driven by the soaring demand for natural food colors in the continent. In countries such as France and the UK, the rising adoption of veganism and growing demand for natural, nutrient-rich ingredients in the food industry will also aid the regional market. Similar trends are foreseen in North America as well, where the preference for clean-label food and beverage products is steadily increasing.
Advancements in Food Formulation Technologies to Energize the Market
The dynamics of this market are being steered and shaped by the sophistication in food formulation technologies heralded by research institutions and private companies. The advent of spirulina in the food industry has opened multiple avenues of innovation in this market and key players are tapping these opportunities by stepping up their investments in research & development activities, thereby cementing their position in the market.
List of Key Players Covered in the Spirulina Market Report:
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