Key Companies Covered in the Market Research are Cyanotech Corporation, DIC Corporation, Yunnan Green A Biological Project Co., Ltd., E.I.D. Parry (India) Ltd., Lijiang Gelin Sitong Foodstuff Co., Ltd., Lijiang Chenghai Baoer Biological Development Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., Jiangshan Comp Spirulina Co., Ltd., Cibainian Bioengineering Co., Ltd., etc.), and other key market players.
Spirulina is an organism that grows in both fresh and salt water. It is a type of cyanobacteria, which is a family of single-celled microbes that are often referred to as blue-green algae. Spirulina has a high protein and vitamin content, which makes it an excellent dietary supplement. Currently, Spirulina can be found in health food stores and is sold mainly as a dietary supplement in the form of health drinks or tablets. It is also an edible microalga and a highly nutritious potential feed resource for many agriculturally important animal species.
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The global spirulina market is expected to reach $596.48 million by 2026 at a CAGR of 7.4% during the forecast period of 2020 to 2026. Intensifying consumer resistance to products containing synthetic food colors, growing health & wellness trends and dietary supplements industry, and increase in number of products that include spirulina as ingredients across the globe are major driving forces for the spirulina market.
The global spirulina market is segmented into North America, Europe, Asia Pacific, and South America, Middle East & Africa. As the worlds second largest economy and the largest producer in global spirulina markets, China exhibits the potential to grow at 7.5% over the next couple of years.
With more than 70 producers & suppliers of spirulina located in Yunnan, Inner Mongolia and Jiangxi Province, Chinas spirulina producers enjoy the advantages of easy access to raw materials and availability of cheap labor. However, increasingly complex web of environmental policies will pose a major challenge to China’s spirulina companies over the next decade.
The global spirulina market will be mainly influenced by substantial traction for spirulina as a naturally sourced color in nutraceuticals, food and beverages, cosmetics, and animal feed. The market for spirulina is dominated by the nutraceuticals industry, which accounted for the largest share of the spirulina consumption in 2019 and is expected to maintain its leading position throughout the forecast period.
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The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyses the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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