Global Spirulina market projected to reach $932.78 million by 2033, driven by demand for nutritious foods
From GlobeNewswire: 2024-07-23 04:00:00
The Global Spirulina Market is projected to grow from USD 364.58 million in 2023 to USD 932.78 million by 2033, with a CAGR of 9.85%. Spirulina is a popular source of nutrients used in various industries due to its exceptional nutritional content. It offers numerous health benefits and is widely consumed in raw or processed forms. The increasing prevalence of chronic diseases and changing habits are driving the demand for nutritious foods and supplements globally.
Tablets and capsules are expected to dominate the spirulina market, providing an easy and convenient way for consumers to incorporate spirulina into their daily diets. The nutraceuticals segment is anticipated to have the highest market share, driven by rising awareness of spirulina’s health benefits. North America is poised to lead the market, fueled by health-conscious consumers seeking organic ways to enhance their well-being.
The Asia-Pacific region is forecasted to have the fastest CAGR in the global spirulina market, driven by the abundant production of spirulina and the incorporation of this algae into nutraceuticals. Major vendors in the market include Sensient Technologies Corporation, Givaudan International SA, and Cyanotech Corporation. Recent developments include NASA research funding for spirulina’s use in space farming.
The spirulina market is expected to witness significant growth due to increased consumer awareness of its health benefits and rising demand for natural supplements. The market is segmented by product type (tablets and capsules, flakes, phycocyanin) and application (nutraceuticals, food & beverage, animal feed). Competitive analysis of key companies and recent developments in the market provide valuable insights for decision-makers. For more information, contact Spherical Insights & Consulting.
Read more at GlobeNewswire: Global Spirulina Market Size To Worth USD 932.78 Million By