Spirulina Protein Market Size By Species (Arthrospira Plantesis, Arthrospira Maxima), By Dosage Form (Capsules, Powder, Tablets), By Application (Dietary Supplements, Functional foods and beverages {Bakery & confectionary, Breakfast cereals, Snacks}, Phar

Spirulina Protein Market Size By Species (Arthrospira Plantesis, Arthrospira Maxima), By Dosage Form (Capsules, Powder, Tablets), By Application (Dietary Supplements, Functional foods and beverages {Bakery & confectionary, Breakfast cereals, Snacks}, Pharmaceuticals, Animal Feed {Poultry, Swine, Cattle, Aquaculture, Petfood}, Cosmetics), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The global spirulina protein market is projected to showcase significant expansion through 2022-2030 attributed to the upgrades in technological developments in the industry.

Animal feed producers are increasing their demand for protein-rich diets for livestock feed due to the presence of minimal anti-nutritional factors (ANFs). Companies are also putting forth efforts to safeguard and sustain their supplier base due to unknown shifts in the supply chain mostly during the COVID-19 pandemic.

Additionally, supply management agreements with distributors and dealers are emerging as a key strategy to guarantee that goods are efficiently distributed across all regions.

The spirulina protein market has been bifurcated in terms of species, dosage form, application, and region.

Based on dosage form, the industry has been divided into capsules, powder, tablets, and others. The others segment is slated to witness a CAGR of more than 10.5% over the review timeline. This is credited to the growing preference for spirulina protein products such as gummies, given the ease of consumption of these dosage forms.

With respect to application, the bakery & confectionery segment is set to register more than 8% CAGR through 2030, due to the changing trend toward vegan and organic nutrition. Naturally-sourced ingredients such as spirulina protein are becoming increasingly used in healthier confectionary and bakery products, contributing to market development.

Meanwhile, the snacks segment is expected to exhibit a CAGR of over 8% over the forecast period, due to the shift in focus of snack manufacturers on nutrient enrichment through the use of ingredients such as spirulina protein.

The pharmaceuticals application segment is estimated to record a CAGR of over 8.5% through 2030, given the ability of spirulina protein supplements to enhance medicinal drugs.

The animal feed segment is poised to register more than 7.5% CAGR between 2022 and 2030, driven by the expanding animal-rearing sector, and the subsequent increase in demand for nutrient-rich animal feed products.

The cosmetics segment is expected to record over 7% CAGR through 2022-2030, due to the use of spirulina protein products in skin care products such as creams and lotions.

From the regional perspective, the Middle East & Africa spirulina protein market is likely to register commendable growth over the forecast spell, owing to new technological advancements and the introduction of cutting-edge functional food products in the region.

Meanwhile, the Latin America spirulina protein industry is estimated to expand at a substantial growth rate through 2032, fueled by favorable factors such as foreign direct investments, attractive trade policies in the pharmaceutical sector, and improvements in the food and beverage sector.