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REDDING, Calif. , June 2, 2021 /PRNewswire/ -- According to a new market research report titled "Spirulina Market by Distribution Channel (Consumer Channel, Business Channel), Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin Extract), Application (Nutraceuticals, Food and Beverages, Agriculture, Animal Feed) - Global Forecast to 2028", published by Meticulous Research® and European Algae Biomass Association (EABA), the spirulina market is expected to reach $730.3 million by 2028, at a CAGR of 9.5% during the forecast period 2021 to 2028. Also, in terms of volume, the spirulina market is expected to record a CAGR of 14.1% from 2021 to 2028 to reach 73,150.1 tons by 2028.

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Spirulina is being developed as the "food of the future" because of its remarkable ability to synthesize high-quality concentrated food more efficiently. Spirulina contains 65 to 71% complete protein, with all essential amino acids in perfect balance. It appears to have considerable potential for development, especially as a small-scale crop for nutritional enhancement, livelihood development, and environmental qualification.

The overall spirulina market is segmented on the basis of distribution channel (business channel and consumer channel), product type (powder, tablets, capsules, flakes, phycocyanin extract, and frozen spirulina), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture). The study also evaluates industry competitors and analyzes the market at a regional and country level.

The Impact of COVID-19 on the Spirulina Market

The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, negatively impacted many industries. Most manufacturers of food products in the F&B sector continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across the world.

The manufacturers of consumer food & beverage products face challenges, such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only the most essential products. In addition, government bodies have passed various rules and regulations on the purchase of essential goods. Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items. According to trade organizations in the nutritional products industry, there has been a significant impact on many points in the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of spirulina biomass among end-users.

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In the algae industry, a major slowdown in spirulina sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and distribution of the final spirulina biomass.

The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of spirulina globally. In China , factory closures, spirulina processing facilities operating at reduced capacities, and restrictions on importing and exporting spirulina biomass strongly impacted the spirulina market. Moreover, the pandemic is also expected to adversely affect the spirulina market in many countries globally, including the U.S., India , Australia , Brazil , and the EU-5 countries. Due to the countrywide lockdown in India , many commercial spirulina production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic spirulina production.

However, good nutrition intake is the top priority of everyone to maintain an optimal immune system during the COVID-19 outbreak supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms as a protein source. In addition, some of the algal protein products are believed to support the human immune system. For instance, spirulina has an immune-boosting and anti-viral property.

According to various researches, spirulina inhibits influenza virus replication and reduces virus-induced mortality. For instance, according to the finding by immunologists at the University of California Davis School of Medicine, the addition of spirulina to cultured immune system cells significantly increased the production of infection-fighting cytokines. Besides, other researchers at UC at Davis studying the effects of Spirulina on both anemia and immune function, found that Spirulina with its rich content of flavonoids and sulfalipids, "modulates the production of cytokines" and with its bioactive proteins "stimulates the intestinal immune system to enhance the responsiveness to vaccines and improve allergic rhinitis."

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Key Findings in the Spirulina Market Study:

Based on the distribution channel, in 2021, the business channel segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.

Based on product type, the phycocyanin extracts segment is expected to grow at the highest CAGR during the forecast period, due to its tremendous demand from the food industry, where it is used as a natural food colorant. Considering the high potential, world leaders in this field are investing several million dollars in production lines of phycocyanin. However, the spirulina powder segment is estimated to account for the largest share of the overall spirulina market in 2021, which is mainly due to its huge demand by the nutraceutical manufacturers owing to growing health consciousness among consumers as well as growing use as an ingredient in a variety of food and beverages products.

Based on application, in 2021, the nutraceuticals segment is estimated to account for the largest share of the overall spirulina market. The large share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.

Geographically, North America is estimated to account for the largest share of the global spirulina market in 2021, followed by Asia-Pacific and Europe , owing to the huge consumption of health supplements; strict regulations against the use of synthetic colors; growth of subsidiary industries like cosmetics and biofertilizers; increasing preference for natural protein sources; and presence of key spirulina manufacturers with huge production capacities, especially in the U.S. However, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, majorly driven by China .

The major players operating in the global spirulina market are Earthrise Nutritional, LLC (U.S.),  DIC Corporation (Japan ), Yunnan Green A Bio-engineering Co., Ltd (China ), Algene Biotech (India ), Tianjin Norland Biotech Co., Ltd. (China ), Cyanotech Corporation (U.S.), E.I.D. Parry (I) Ltd. (India ), Far East Bio-Tec. Co. Ltd. (China ), Fuqing King Dnarmsa Spirulina Co., Ltd. (China ), Dongtai City Spirulina Bio-engineering Co., Ltd. (China ), and Australian Spirulina (Australia ), among others.

Key Highlights of the Report Coverage:

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/spirulina-market-5070

Spirulina Market, by Distribution Channel

 Spirulina Market, by Product Type

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

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