Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Spirulina Beverages market.
Trusted Business Insights presents an updated and Latest Study on Spirulina Beverages Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Spirulina Beverages market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Spirulina Beverages Market
The global spirulina beverages market size was valued at USD 14.4 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2027. Growing trend of veganism among the consumers for a healthy lifestyle is the key factor for market expansion. Furthermore, spirulina beverages are the largest source of protein among any plant-based drinks. These nutritional properties of spirulina are expected to propel the industry participants to launch new products over the forecast period 2021-2027. In the last few decades, consumers food preferences have been gradually shifting towards plant-based food and beverages. Spirulina beverage is loaded with nutrients and is also an excellent source of protein. The protein content of these plant-based drinks is around 50% to 70%, coupled with the balanced amount of nine kinds of essential amino acids.
Spirulina beverage is loaded with antioxidants, vitamins A and E, iron, calcium, and potassium. In addition, plant-based protein is more easily digestible than other sources of protein, such as red meat, eggs, and soy. The increasing importance of vegan trend at the global level owing to rising carbon footprint with the consumption of food products obtained from animals, such as egg, meat, pork, and seafood, is driving the market for spirulina beverages. Consumers are increasingly adopting more eco-friendly food products, which can easily fulfill the daily requirement of protein and other essential nutrients.
According to a survey conducted by Just Eat, a British online food delivery services company, in December 2017, in the U.K., demand for vegetarian food product options has been increased by 987% as compared to the previous year 2016. Shifting food preferences among consumers is expanding the scope of spirulina beverages across the globe. In addition, these beverages offer additional health benefits as compared to carbonated drinks in the market.
Since the inception of COVID-19 from January to March, the food stock from retail channels has been witnessing a shortage of food items in the supermarkets/hypermarkets due to disrupted supply chain. As a result, the majority of the countries locked their international and local state borders in order to contain this deadly virus. This situation in the market is likely to propel the demand for the immunity-boosting food items, including spirulina beverages, in the near future.
Distribution Channel Insights: Spirulina Beverages Market
Hypermarket and supermarket led the market for spirulina beverages and held a share of exceeding 55.0% in 2019 owing to the large market reach of offline retailers. Supermarket and hypermarket giants including Walmart, Target, 7Eleven, SPAR, and Aldi have large grocery store chains across the globe with a large customer base. For instance, according to the Target Inc. company website, the company is expected to open around 26 new stores across the U.S. Moreover, the preference for healthy beverages over carbonated drinks is increasing among consumers. Such trends are expected to drive the sales of spirulina beverages from hypermarkets and supermarkets in the near future.
The online retail segment is anticipated to expand at the fastest CAGR of 13.0% from 2021 to 2027. The growing adoption of smartphones across the globe has opened new avenues for the e-commerce platform in the global market. In addition, advantages including discounts, convenient accessibility, doorstep delivery, and quality assurance by the company are propelling the sales of spirulina beverages through the online retail sales channel. Furthermore, e-commerce giants including Walmart.Com, Amazon Prime Pantry, Tesco.com, Yihaodian, Alibaba, Godrej Natures Basket, and Honestbee are expanding rigorously owing to shifting buyers preferences.
Regional Insights: Spirulina Beverages Market
North America was the largest regional market for spirulina beverages in 2019 with a share of more than 30.0% owing to increasing consumer preferences for vegan food for a healthy lifestyle. In addition, the vegan population in the U.S. is growing significantly owing to the fact that the consumption of non-vegetarian leads to global carbon footprints. Consumers are increasingly adopting the plant-based protein source rather than meat protein to keep themselves healthy.
Europe is anticipated to be the fastest-growing regional market for spirulina beverages with a CAGR of 12.9% from 2020 to 2027 owing to the growing trend of veganism in the region. U.K., Germany, and Italy are some of the countries in the world where the concept of veganism has increased significantly over the past few years. In 2018, around 10% of the Italy population was vegan and it is anticipated to grow significantly over the forecast period.
Key Companies & Market Share Insights: Spirulina Beverages Market
The market for spirulina beverages is at a nascent stage and very few companies have introduced products. Moreover, companies which are dealing in the spirulina powder, tablets, and extracts are entering in order to capture the market share with their existing customer-based products. Currently, spirulina is largely consumed as powder, tablets, and capsules.
A large number of domestic players present at the regional level are offering spirulina based beverages but the popularity of their products is not high. Furthermore, major players in the market are continuously expanding their product portfolio with regional flavors in order to maintain the customer base. These trends are anticipated to boost the demand for such beverages over the forecast period. Companies are adopting various strategies including new product developments and expansion of distribution channels in order to capture a greater industry share and expand their customer base across the globe. Some of the prominent players in the spirulina beverages market are:
Key companies Profiled: Spirulina Beverages Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global spirulina beverages market report on the basis of distribution channel and region:
Distribution Channel Outlook (Revenue, USD Thousand, 2016 – 2027)
Hypermarket & Supermarket
Regional Outlook (Revenue, USD Thousand, 2016 – 2027)
Central & South America
Middle East & Africa
Frequently Asked Questions About This Report
How big is the spirulina beverages market?
b. The global spirulina beverages market size was estimated at USD 15.5 million in 2020 and is expected to reach USD 17.2 million in 2020.
What is the spirulina beverages market growth?
b. The global spirulina beverages market is expected to grow at a compound annual growth rate of 12.6% from 2020 to 2027 to reach USD 40.1 million by 2027.
Which segment accounted for the largest spirulina beverages market share?
b. North America lead the spirulina beverages market with a share of 33.1% in 2019. This is attributed to increasing adoption of the plant-based protein source rather than meat protein in the U.S.
Who are the key players in spirulina beverages market?
b. Some key players operating in the spirulina beverages market include Algama Foods, Prolgae Spirulina Supplies Pvt. Ltd., and Lisi (Xian) Bio-Tech Inc.
What are the factors driving the spirulina beverages market?
b. Key factors that are driving the market growth include rising trend of veganism and vegetarian food items among the consumers for healthy lifestyle and increased consumption of protein-enriched food products.
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