SPIRULINA MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The global food and beverage industry has been witnessing exponential expansion. There is massive spending on R&D for new product innovations to cater to evolving consumer needs. Companies are actively exploring ingredients and formulations that provide functional benefits. They are leveraging super foods like spirulina for enhancing nutritional value of existing food items and developing new ranges of fortified foods, supplements and beverages. The super food has garnered interest of major players in the food, dietary and cosmetic sectors due to its versatile applications and impressive functional profile. Cultivation of spirulina is also more eco-friendly and sustainable relative to other food sources. This has inspired a number of farmers and small-scale producers to start commercial farming of spirulina. Governments across countries are also supporting agritech startups with initiatives promoting aquaculture and development of alternative proteins. Rising concerns over climate change have uplifted the demand for sustainable ingredients. Algae production helps in carbon sequestration and provides a viable solution for nutrient recovery from wastewaters. Its usage in animal feed aids in reducing environmental impact of livestock farming. Therefore, the growing food and beverage industry is expected to drive the market growth. For instance, according to data published by Invest India in 2022, by 2025, the Indian food processing market is estimated to reach USD 535 Bn, growing at a compound annual growth rate of 15.2%.