The Mars Incorporated, renowned food maker appealed FDA to use spirulina as their fundamental ingredient for manufacturing of the novel products, encouraging the attention of other manufacturers. Similarly, several regulatory bodies have been approving spirulina in the production of novel food items& beverages as it is said to be the excellent source of antioxidants and several nutrients. It is kind of cyanobacteria and is extremely rich in chlorophyll. Further, spirulina can be consumed by both human and animals. Its species include arthrospira maxima and arthrospira plantesis. Arthrospira is popularly obtainable in the form of liquid, capsule, powder, and flakes. It is majorly used as a dietary supplement. Novel technological advancements by top-most players across the globe have enhanced the commercial scale production of spirulina. This has further led to the cost reduction of the production methods, thus, stimulating the entry of new producers in the market.
The Massive Advantages of Spirulina
According to the projections, around 128,000 tons of spirulina was consumed globally in 2016. The revenues were valued at US$ 718 million in the same year. Furthermore, it will cross revenues worth US$ 1,855 million in terms of value by the end of the prediction period (2016-2024). Furthermore, its sales are expected to cross 321,000 tons with a significant CAGR of 9.6% during the same period of time.
Production of spirulina has been supported by governments from several countries across the globe. They are also taking certain initiatives in order to improve the production process, spurring the market growth. During the production, spirulina produces novel varieties of natural colors. This factor has considerably propelled the market for spirulina over the past years. Along with this, spirulina also provides natural health benefits. It is identified as the complete source of protein with approximately up to 50-60% of the net protein utilization rate. Spirulina is one of the significant plant sources of iron and calcium. The amount of calcium in spirulina exceeds the amount of calcium in the milk by 26 times. This is why, Governments in regions including Ghana, India, and Angola are supporting and creating robust access for development of spirulina as the super food.
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Spirulina to Grow Lucratively In the Food & Beverage Sector
Food and beverages, bio-fuel along and cosmetics industries are expected to witness the highest demand for spirulina in the coming times. Mainly blue spirulina is highly used in the former sector owing to texture and features. Also, anti-inflammatory and hypolipidemic properties of spirulina make it highly favored in both the aforementioned industries. In addition, spirulina significantly contributes to the production of ready-to-drink smoothies, thereby, positively affecting its global presence in the food and beverage market. The spirulina market has recently gained demand in the food sector owing to its rising use in the form of powder in several food items. Spirulina in the form of powder is expected to escalate at the highest value CAGR of 10.4% during the assessment period. On the other hand, values for the capsule and tablet form of spirulina will record a CAGR of 8.8%. It will grow at the sluggish pace as compared to the powder segment.