According to the report titled, ‘Global Spirulina Market Size study, by Application (Nutraceuticals, Food, Cosmetics, Agriculture, Feed, and Others),by type( Natural Lakes Aquaculture Spirulina, Plant Breeding Spirulina ) and Regional Forecasts 2021-2027’, available with Market Study Report, global spirulina market was worth around USD  446.22 billion in 2020 and is poised to record a growth rate of over 10.5% during 2021-2027, subsequently accumulating USD 897.61 billion valuation by the end of the projected timeline.
 

As per the report findings, global spirulina market demand is largely fueled by Increasing demand for clean and natural label food colors and product application for combat malnourishment owing to its high nutritional value. Further, stringent government guidelines across regions like Europe and United States prohibiting the use of manufactured food added substances has further boosted industry development.
 

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For the unversed, spirulina is a type of blue green algae which is rich in phycocyanin, chlorophyll, and beta-carotene and is used as a natural color.
 

Speaking of the challenges in the industry, low stability and poor sustainability of natural colors are likely to slow down expansion of businesses in the ensuing years.
 

Based on application spectrum, global spirulina market size from nutraceuticals and food segments is expanding significantly. This can be accredited to rapid progress in development of green growth based super food sources, heightened consumer inclination towards clean label products, and government initiatives facilitating the production and adoption of spirulina.
 

Speaking of the regional landscape, North America, Europe, Asia-Pacific, and Latin America are the key regional contributors to the market growth. Among these, North America market has been registering substantial gains over the forecast period on account of favorable climatic conditions and growing product applications throughout the region.
 

Meanwhile, Asia Pacific market is expected to progress rapidly during 2021-2027 due to strong demand for clean label and natural ingredients.
 

Triquetra Healthcare & Technology Pvt. Ltd., Source Naturals, Inc., HealthForce SuperFoods, Nutrex Hawaii, Inc., GreeNatr Premium, Fuqing King Dnarmsa Spirulina Co., Ltd., Hydrolina Biotech Pvt. Ltd., Parry Nutraceuticals Ltd., Cyanotech Corporation, and Dic Lifetec Co., Ltd are the major players profiled in global spirulina market report.