The global spirulina beverages market is projected to grow at a compound annual growth rate (CAGR) of 12.5 per cent from 2020 to 2026. Owing to the growing trend of veganism among the consumers for a healthy lifestyle, the global spirulina beverages market is expected to expand. In addition, spirulina beverages are the biggest source of protein among any plant-based drinks. Due to these nutritional properties of spirulina, the industry participants are propelled to launch new products during the forecast period. Over the last few decades, consumers’ food preferences have been slowly 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 per cent to 70 per cent, paired with the balanced amount of nine kinds of essential amino acids.
As stated earlier, spirulina beverages are rich with antioxidants, namely, vitamins A and E, iron, calcium, and potassium. Furthermore, plant-based protein is more easily digestible than other sources of protein, including, red meat, eggs, and soy. There has been an increasing importance of vegan trend at the global level in order to rising carbon footprint with the consumption of food products obtained from animals, such as egg, meat, pork, and seafood. This is driving the market for spirulina beverages. Consumers are adopting more eco-friendly food products, which can easily cater to the daily requirement of protein and other essential nutrients.
Hypermarket and supermarket led the market for spirulina beverages and held a share of exceeding 55 per cent in 2019 due 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 huge customer base. Furthermore, preference for healthy beverages over carbonated drinks is growing among consumers. Such trends are anticipated to drive the sales of the global spirulina beverages market in the near future. The online retail segment is anticipated to expand at the fastest CAGR of 13 per cent between 2020 and 2026. Augmenting adoption of smartphones globally has opened new opportunities for the e-commerce platform in the global market. Furthermore, advantages including discounts, convenient accessibility, doorstep delivery, and quality assurance by the company are boosting the sales of spirulina beverages through the online retail sales channel.
Geographically, North America was the largest regional market for spirulina beverages in 2019 with a share of more than 30 per cent due to the increasing consumer preferences for vegan food for a healthy lifestyle. Moreover, the vegan population in the United States is growing substantially owing to the fact that consumption of non-vegetarian leads to the 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 high CAGR from 2020 to 2027 owing to growing trend of veganism in this region. U.K., Germany, and Italy are some of the countries where the concept of veganism has been adopted significantly over the past few years.
Major number of domestic players present at the regional level are offering the spirulina-based beverages but their popularity is not so high. Furthermore, big players in the global spirulina beverages market are continuously expanding their product portfolio with regional flavours 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 include: Algama Foods, Prolgae Spirulina Supplies Pvt. Ltd., Lisi (Xian) Bio-Tech Inc., Walmart, and Amazon.
Check the report description at: Global Spirulina Beverages Market Size, Trends & Analysis - Forecasts To 2026