The sales of spirulina powder is expected to reach approximately $358 million in 2019. These were the findings of a new study by FMI.
Following the approval from the FDA, for the use of spirulina in food and beverage products, the demand for spirulina increased. Multiple companies invested in research and development to launch unique and innovative products using it.
Spirulina powder is used in various applications, such as food and beverages, dietary supplements, pharmaceuticals, animal and aquaculture, and the cosmetic and personal care industry.
In the last two years, multiple products were launched in the food and beverage industry in which it was used as a primary ingredient. Natural blue and green colour produced from it is in high demand, and witnessed a strong market growth in the last two years.
The demand for spirulina powder is growing rapidly as it is the super-food, which contains the highest amount of protein found in any natural grown food.
It also contains the highest amount of vitamins, minerals and other essential nutrients, which makes it an ideal dietary supplement.
Spirulina powder contains Vitamins A, B, C, E and K, and minerals such as magnesium, calcium, sodium, iron, phosphorus, zinc and manganese.
The sales of spirulina have increased in past three years due to a positive perception towards the super-food, which consists of enormous amount of nutritional contents.
About 4g (one teaspoon) of Spirulina can give sufficient quantities of protein, vitamin and minerals, which are generally obtained from food consumed in a whole day.
Organic and natural formulations have been consistently increasing trend since the past decade, and the trend is expected to continue over the forecast period.
As per the USDA (United States Department of Agriculture), over 75 percent of the grocery stores carried organic products in the year 2013. The demand for organic spirulina powder is growing as compared to conventional spirulina powder.
In 2013, the US FDA approved the use of natural colorants made from the ingredient.
Multiple companies across the globe are producing natural colorant from spirulina such as blue, red, green and brown.
In Europe, ESPA banned the use of synthetic colorant in food products, which helped spirulina powder to gain momentum in the natural colorant market.
Rising use of spirulina powder in cosmetic and personal care industry
Spirulina powder contains antioxidants and anti-inflammatory properties, which is witnessing a high growth in the cosmetic industry.
It contains Vitamins such as A, C & E in large quantities that are antioxidants and provide nourishment to the skin, due to which it is used in moisturising and skin care creams.
Manufacturers have started using micro-algae in skin problems, such as anti-ageing, tanning, and pigmentation issues. Spirulina powder is used in anti-ageing creams, skin whitening creams and pigmentation reducing products.
Spirulina powder also has anti-cancer properties, which will boost the demand of its cosmetic products, as people prefer to take treatments which do not require consumption of medicines.
Cost-effectiveness
Despite the rise and fall of spirulina production globally, prices are maintained at an optimum level with a variance in prices of maximum 15 per cent year-on-year.
Multiple factors play an important role in identification of market prices, such as spirulina powder production cost, processes used, labour cost, electricity and water cost, transportation cost and much more.
Due to a subtle process by which manufacturers produce low processing cost, the spirulina products such as spirulina powder are also found to be cost-effective and benchmark with its parent market prices.
Various manufacturers are focussed toward providing spirulina powder at an optimum price, owing to their high demand among consumers.
Different companies have implemented integrated production approach to deliver cost-effective products.
Usage of spirulina powder in fish and animal feed creating demand
Spirulina powder has found applications in animal feed, pet food and fish food, since animals and pets can easily digest spirulina powder and even do not get any allergy or medical problems after consuming spirulina powder.
It is rich in protein, vitamin and minerals, which can increase the health of animals and fish, and also help in fighting various medical problems in animals.
Spirulina powder is used as food for fish for several years due to the food preference, which also reduces the cost of production of fish on a commercial scale.
Its use as a food for animals and fish is increasing. This is creating a demand for the product and helps in the overall development of food chain.
This study by study offers insights into the spirulina powder market for the forecast period of 2019-2029.
The spirulina powder market is projected to record a CAGR of about six percent during the predefined period.
