Spirulina is a type of cyanobacteria that is rich in proteins, vitamins, minerals, and other nutrients. It is cultivated and harvested as a dietary supplement and used in various food products due to its high nutritional value. The proteins from spirulina help increase metabolism and muscle strength. It also contains antioxidants that protect cells from damage. The global spirulina market is driven by increasing demand for nutritious foods and supplements.
The spirulina market is a multibillion-dollar industry, valued at US$ 684.98 million in 2024 and expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the spirulina market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc. Genway Biotech, Inc., Microdrop LLC, Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics. Growing demand for nutrient-rich foods and supplements is a key driver for the spirulina market globally. The rising health-conscious consumer base prefers natual sources of nutrition over synthetic alternatives and this fuels spirulina sales.
Spirulina cultivation has expanded globally due to the rising demand. Major producers include the United States, India, Thailand, Taiwan, and Chile. North America dominates the spirulina market due to increasing consumption of specialty nutrients and probiotic supplements. Asia Pacific is anticipated to rise at the fastest CAGR during the forecast period owing to growing health awareness and expanding food industries in China and India.
One of the major trends in the Spirulina Market is the rising preference for organic spirulina. Consumers are increasingly opting for organic products grown without the use of pesticides and synthetic fertilizers. Companies are promoting organic certification to capitalize on the premium organic segment. Another trend is the development of innovative delivery formats such as spirulina-infused beverages and snack bars for improved consumer appeal.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established value chain make threat of new entrants medium.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have medium bargaining power as raw materials are standardized.
Threat of new substitutes: Threat of substitutes is low as spirulina faces limited direct substitutes.
Competitive rivalry: Intense competitive rivalry exists among existing competitors to gain market share.
Geographical Regions
North America accounts for the largest share in the global spirulina market valued at around US$ 240 Mn in 2024 due to rising awareness regarding health benefits.
Asia Pacific exhibits the fastest growth over the forecast period supported by increasing production particularly in countries like India and China. Changing diets and rising health consciousness drives demand in the region.
