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<strong>Spirulina</strong> <strong>Market</strong> Research Report-<br />
Forecast to 2023<br />
<strong>Market</strong> Overview:<br />
<strong>Spirulina</strong> is a multicellular and filamentous blue-green microalgae. Since <strong>Spirulina</strong> is a rich source of<br />
protein, vitamins, minerals, carotenoids, and antioxidants, it is used for human consumption and to fight<br />
malnutrition. <strong>Spirulina</strong> grows in fresh water and is also grown artificially based on its nutritional value. It<br />
is further procured using various methods and is at the end it is dried and powdered. Over the few<br />
years, <strong>Spirulina</strong> has gained popularity based on its diverse application in food industry (majorly<br />
nutraceuticals) and as a potential protein supplement.<br />
<strong>Spirulina</strong> is considered as a high quality natural feed additives, which can be used for animal as well as<br />
poultry birds. It also plays an important role in aquaculture, especially, in the aquatic farming and<br />
hatchery. The demand for the spirulina is growing mainly in emerging economies owing to increasing<br />
awareness about the product and its various usage, thereby, providing opportunities for the<br />
manufacturer to expand the market in emerging regions of Asia, Africa, and Latin America. Also, the<br />
governments and organizations, specifically in emerging economies of Asia and Africa are considering<br />
spirulina as a solution to curb malnutrition. They are taking initiative to increase awareness about the<br />
health benefits of spirulina with various promotional campaign, which, in turn, will drive the demand for<br />
the product over the review period.<br />
The <strong>Spirulina</strong> <strong>Market</strong> will at the CAGR of 8.02% during the forecast period 2017-2023.<br />
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Major Key Players:<br />
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple<br />
product launch by spirulina market players. It further includes product portfolios and developments of<br />
leading players, which includes<br />
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Jiangxi Alga Biotech (China)<br />
Synergy Natural Products Pty Ltd. (Australia)<br />
Cyanotech Corporation (Hawaii)<br />
DIC Corporation (Japan)<br />
Tianjin Norland Biotech Co. Ltd (China)<br />
Hydrolina Biotech Private Limited (India)<br />
E.I.D. Parry (India) Limited (India)<br />
The market players have increased investment in research and development to identify right<br />
formulation and to improve product functionality to capture maximum share and to create brand<br />
recognition in spirulina market. Most of the companies operating in this market are focusing on<br />
expanding their operations across the geographies, augmenting its capabilities and investing in research<br />
and development to offer products with better functionality.<br />
By Downstream Analysis<br />
Among the form type, powder segment is anticipated to retain its dominance throughout the forecast<br />
period. Also, the segment is projected to register the healthy CAGR of 8.24% during the given period due<br />
to increasing usage of powder forms of product in the organic food & beverages products and various<br />
nutraceuticals manufacturers prefer powder form of spirulina to make their end product. Additionally,<br />
powder form of spirulina is widely used in the medicine and other pharmaceuticals products. Among the<br />
application, nutraceuticals is accounting 45% of the global <strong>Spirulina</strong> market and the segment is<br />
estimated to retain its dominance throughout the forecast period of 2017-2023. The segment is<br />
projected to register a healthy CAGR of 8.32% during the forecast period of 2017-2023.<br />
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Region Analysis<br />
Global <strong>Spirulina</strong> <strong>Market</strong> is segmented into Asia Pacific, North America, Europe and rest of the world<br />
(ROW). Among these, Asia Pacific region is expected to lead the market over the forecast period. The<br />
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market is projected to grow at a CAGR of 8.45% in the review period. This is attributed by the huge<br />
production of spirulina in China, India, Japan, and other south East Asian countries. Additionally, the<br />
spirulina market in Asia Pacific region is fragmented due to the presence of various small manufacturers<br />
in China and India. Among the Asia Pacific countries, China is estimated to hold 40% share in the year<br />
2017 and it is estimated to retain its dominance throughout the forecast period.<br />
Key Findings<br />
<br />
<br />
Asia Pacific is estimated to retain its dominance throughout the forecast period and to grow at a<br />
substantial CAGR of 8.45%. Among the Asia Pacific country, China is projected to witness a<br />
substantial growth of 9.30% during the forecast period of 2017-2023.<br />
<strong>Spirulina</strong> manufacturers find massive opportunity in the U.S. owing to the huge demand of<br />
natural color in the food & beverages.<br />
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