Meticulous Research®—a leading global market research company, published a research report titled, ‘Asia-Pacific Spirulina Market by Product Type (Powder, Tablets, Capsules, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture) – Forecast to 2030.’
In terms of value, the Asia-Pacific spirulina market is expected to reach $362.1 million by 2030, at a CAGR of 9.3% from 2023 to 2030, while in terms of volume, the market is expected to reach 52,890.9 tons by 2030, at a CAGR of 8.2% from 2023 to 2030. The growth of this market is driven by the increasing health & wellness trends and the growing food supplements industry, rising demand for natural food colors, positive environmental impact of spirulina cultivation, growing preference for spirulina-sourced products, and increasing use of spirulina in aquaculture.
Furthermore, the growing demand for phycocyanin and increasing consumer awareness regarding clean-label products are expected to provide significant growth opportunities for players operating in this market. However, low awareness regarding the benefits of spirulina and the complexities in algae production hinder the growth of this market. The adoption of new production technologies (photobioreactors) is the major trend in this market.
Some of the key players operating in the Asia-Pacific spirulina market are Aurospirul (India), Far East Microalgae Industries Co., Ltd. (FEMICO) (Taiwan), Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. – Parry (India) Limited (A Subsidiary of M/S. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-Engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (A Subsidiary of Yunnan Spirin Biotechnology Co. Ltd) (China), JIANGSHAN COMP SPIRULINA CO., LTD (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China). Allmicroalgae Natural Products S.A. (Portugal), TAIWAN WILSON ENTERPRISE INC. (Taiwan), ALGALIMENTO SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou OuQi Food Co., Ltd. (China), JUNE Spirulina (a Part of JUNE Group of Companies) (Myanmar), Ordos Xinyuli Spirulina Industry Group Co., Ltd. (China), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), Sea & Sun Organic GmbH (Subsidiary of Sea & Sun Technology GmbH) (Germany), Pond Technologies Inc. (Canada), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), Givaudan SA (Switzerland), Nutragreenlife Biotechnology Co. Ltd. (Branch of Greenlife Biotechnology Co., Ltd.) (China), Xi’an Fengzu Biological Technology Co., Ltd. (FZBIOTECH) (China), Necton S.A. (Portugal), and Spring Spirulina SG (Singapore).
The Asia-Pacific spirulina market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by product type, distribution channel, application, and country.
Based on product type, the Asia-Pacific spirulina market is segmented into powder, tablets, capsules, flakes, phycocyanin, and frozen spirulina. In 2023, the powder segment is expected to account for the largest share of the Asia-Pacific spirulina market. The large market share of this segment is attributed to the rising demand for spirulina powder among nutraceutical manufacturers due to growing health consciousness among consumers, the increasing use of spirulina powder as an ingredient in various food & beverage products, the growing popularity of vegan diet, and the increasing incorporation of herbal ingredients in cosmetic products.
However, the phycocyanin segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly driven by the increased adoption of phycocyanin in the manufacturing of therapeutic & nutritional products, growing reluctance toward the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color houses in the phycocyanin space.
Based on distribution channel, the Asia-Pacific spirulina market is segmented into business channel and consumer channel. In 2023, the business channel segment is expected to account for the larger share of the Asia-Pacific spirulina market. The large market share of this segment is attributed to the direct purchase of large quantities of spirulina by nutraceutical, food & beverage, and animal feed manufacturers from business channels for further product development. Moreover, the business channel segment is also expected to witness significant growth during the forecast period.
Based on application, the Asia-Pacific spirulina market is segmented into nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture. In 2023, the nutraceuticals segment is expected to account for the largest share of the Asia-Pacific spirulina market. The large market share of this segment is attributed to the thriving nutraceuticals sector, increased health concerns among the aging population across various countries, a rising preference for natural alternatives to conventional pharmaceutical products, heightened consumer awareness of the relationship between nutrition and health, growing demand for functional and health foods, and a surge in lifestyle-related diseases, leading people to adopt preventive healthcare measures.
However, the food & beverages segment is projected to witness significant growth during the forecast period of 2023–2030. The growth of this segment is mainly driven by the rapid increase in the middle-class population and average household incomes, enhancements in the infrastructure for food and beverage distribution, growing awareness about the health benefits of spirulina-based food and beverages through various social media platforms & advertisements, and the rising sales of spirulina-based food and beverages in E-commerce channels.
Based on country, in 2023, China is expected to account for the largest share of the Asia-Pacific spirulina market. China's major market share is attributed to the rising demand for algae products in dietary supplements due to their high protein content and nutritional value. Furthermore, the shift in dietary habits and lifestyles, coupled with the escalating air and water pollution, has contributed to a significant increase in the prevalence of cancer, heart disease, diabetes, and other chronic conditions. As a result, there is a growing demand for algae products in the pharmaceutical sector, driving the growth of the spirulina market in China.
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of product type, distribution channel, application, and country?
- What is the historical market size for spirulina in Asia-Pacific?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and trends in the Asia-Pacific spirulina market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape for the Asia-Pacific spirulina market?
- What are the different strategies adopted by the major players in the Asia-Pacific spirulina market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the Asia-Pacific spirulina market, and how do they compete with other players?
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