Portland, OR—The global spirulina market is expected to grow at a CAGR of 10.6% during the period 2019-2026, according to a report by Allied Market Research.
A press release on the report says the spirulina market was worth $346 million in 2018, and is anticipated to reach $779 million by 2026. Reasons given for the growth: A rise in demand for natural ingredients, governmental promotion of spirulina production, and R&D looking into the use of spirulina in commercial products.
The market will be hindered, the release notes, by climate change, but development in cultivation technology will help offset that hindrance.
The powder segment accounted for more than half of the total market share based on type in 2018, and the release says it is expected to remain the preferred form of spirulina during the estimate period. This will be partially due to the desire for natural food colors.
In terms of region, Allied Market Research says, North America contributed to 32.3% of the total market in 2018, and it is expected to dominate during the study period, although Asia-Pacific is expected to hit the highest CAGR of 11.4%.
Key market players include Chr. Hansen, Cyanotech Corporation, Naturex S.A., and Sensient Technologies Corporation.
For more information, to download a sample or to buy the report, go here.