Project report for Spirulina Super Food

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In India the demand for Spirulina is increasing day by day.Spirulina is one such ingredient of a healthy lifestyle that has emerged as a trend owing to its health benefits. Many people use spirulina as a self-care strategy for energy, nutritional insurance, weight control, and cleansing. Vegetarians consume products that contain ingredients or components derived from plant sources. Therefore, spirulina has started to capture some serious attention of these consumers. Along with an environmentally responsible option, spirulina can technically be consumed by a larger portion of the consumer population than traditional whey or casein-based protein powders. Spirulina is one such ingredient of a healthy lifestyle that has emerged as a trend owing to its health benefits. Many people use spirulina as a self-care strategy for energy, nutritional insurance, weight control, and cleansing. Increasing health consciousness among millennials, demand for a plant-based diet and need for easy and fast nutrition has paved way for Spirulina market to flourish. It has a huge market demand due to a variety of products produced and various applications. It is a microalga that has been consumed for centuries due to its high nutrient content and various health benefits. It grows naturally in the alkaline waters of lakes, ponds and artificially in manmade water reservoirs. It is considered as the most complete food, where conventional sources lack many nutrients. It is also used to produce biofuel, which is way affordable and environment-friendly than the non-renewable fuels.

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Market potential & Strategy

The Spirulina Market is expected to reach INR 533,760.68 Crores by 2028, at a CAGR of 9.5% during the forecast period 2021 to 2028. Also, in terms of volume, the spirulina market is expected to record a CAGR of 14.1% from 2021 to 2028 to reach 73,150.1 tons by 2028. The growth of the spirulina market is mainly attributed to growing health & wellness trends and dietary supplements industry, growing demand for natural food colors, increasing vegetarianism, and growing malnutrition. Moreover, factors such as stringent regulations regarding the inclusion of synthetic colors and flavors; increasing preference for spirulina sourced products, especially pigments and omega-3 fatty acids; growing use of spirulina in aquaculture diets; and increase in the number of products that include spirulina as ingredients across the globe further support the growth of the global spirulina market.

Increase in demand for natural ingredient and Research and Development investments in commercial spirulina products are the major factors that drive the market growth. Further, promotion of the production of spirulina by government boosts the market growth. However, impact on spirulina production due to climate change hampers the growth of the market. Nevertheless, untapped markets in the developing countries and ease of spirulina cultivation due to technology development are the factors expected to foster the market growth during the forecast period.  

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