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Spirulina Beverages Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global spirulina beverages products market was valued at USD 4.4 billion in 2022 and is projected to expand at a CAGR of 10.5% from 2023 to 2030. Spirulina is a type of blue-green algae, widely used as a dietary supplement owing to its high nutrient content. It is a rich source of proteins, vitamins, minerals, and antioxidants. Spirulina is also used in many food and beverage products as a natural colorant and a source of micronutrients.
The increasing demand for organic and natural products is expected to drive the market growth. Consumers are shifting toward organic and natural products, as they contain no artificial colors or preservatives. Furthermore, the rising trend of incorporating plant-based proteins in beverages is also fueling the demand. For instance, in April 2021, Bioessence launched a new range of spirulina-based beverages, which are made with 100% natural, organic, and vegan ingredients.
The growing demand for fortified beverages, due to increasing health consciousness, has led to the introduction of new products in the market. For instance, in May 2021, Bamboo Water introduced a new range of spirulina-based drinks, which are enriched with vitamins, minerals, and proteins. This new product range is expected to attract a lot of attention from health-conscious consumers.
In addition, the increasing popularity of sports nutrition beverages is also driving the growth of the market. Companies are introducing new products to cater to the growing demand for these beverages. For instance, in January 2021, All Natural Beverages launched a new range of sports nutrition drinks with spirulina powder, which is expected to provide an energy boost and improve muscle recovery.
Moreover, the rising trend of veganism has also led to an increase in the demand for spirulina beverages. Companies are introducing vegan-friendly products to cater to the growing demand. For instance, in August 2021, Natural Island launched a new vegan-friendly spirulina-based beverage with only natural ingredients. This new product is expected to attract the attention of health-conscious consumers, who are looking for healthy alternatives to traditional beverages.
Product Insights
The Spirulina beverages segment led the market and accounted for a share of around 34.2% in 2022. Spirulina has been gaining traction in the food and beverages market due to its health benefits and nutritional value. According to a report published by Technavio, in 2019, the global spirulina market was valued at USD 545 million and was expected to reach USD 597 million by 2023, growing at a CAGR of 2.5%. Furthermore, spirulina beverages are gaining popularity among health-conscious individuals as they are packed with proteins and vitamins.
The ready-to-drink segment is expected to expand at the fastest CAGR of 8.4% over the forecast period. The ready-to-drink (RTD) segment of the spirulina beverages market is expected to grow due to the convenience factor associated with it. According to a report published by Research and Markets, in December 2019, the RTD spirulina beverages market was valued at USD 112 million and was expected to grow at a CAGR of 8.4% during the forecast period. Furthermore, with the emergence of various health-focused RTD beverage brands, the RTD spirulina beverages market is witnessing a surge in demand.
Distribution Channel Insights
The supermarkets and hypermarkets segment is projected to account for the largest share of over 44.9% in 2022. Consumers are more likely to purchase spirulina beverages from supermarkets & hypermarkets as it helps them compare different products on the basis of price, quality, and other parameters. These stores also provide a wide range of products from different brands and assist customers in making informed decisions. In addition, supermarkets & hypermarkets offer promotional offers and discounts on spirulina beverages, which further drives their demand.
The online segment is anticipated to expand at a CAGR of 11.5% over the forecast period. The growth of the segment is attributed to the increasing penetration of internet and mobile devices and the growing preference for online shopping among customers. The increasing availability of online payment options such as debit cards, credit cards, and UPI payments further drives the segment growth. In addition, the increasing number of e-commerce websites and apps providing spirulina beverages is also expected to contribute to the segment growth.
Type Insights
The ready-to-drink (RTD) segment accounted for the largest revenue share of 54.2% in the year 2022. The rising demand for convenience food products and the emergence of healthy beverages are the major factors driving the RTD segment. The increasing demand for Spirulina-based RTD beverages from the health-conscious population is expected to contribute to the growth of the segment over the forecast period. In line with this, manufacturers are introducing RTD Spirulina-based beverages with flavors such as blueberry and natural lemon, which are gaining popularity among consumers due to their health benefits.
The powdered segment is anticipated to expand at the highest CAGR of 10.6% over the forecast period. Consumers are increasingly opting for powdered Spirulina-based beverages due to their convenience in terms of storage and portability. In addition, the availability of various flavors and the convenience of mixing the powdered beverages with other food items have contributed to the growth of the segment. Moreover, the increasing demand for Spirulina-based beverages from health-conscious consumers is likely to further drive the demand for powdered Spirulina-based beverages.
Regional Insights
North America is expected to witness the highest growth over the forecast period. This can be attributed to the increasing demand for health-conscious beverages and the availability of various brands of spirulina-based beverages in the region. Furthermore, the presence of several health-conscious individuals in the U.S. and Canada is expected to drive the growth of the spirulina beverages market in the region.
In Europe, spirulina beverages are gaining traction due to the growing awareness regarding the health benefits associated with the consumption of spirulina-based drinks. The UK and Germany are the largest markets for spirulina beverages in the region. The increasing consumption of natural and organic food products and the growing awareness about the benefits of spirulina are expected to drive the growth of the spirulina beverages market in the region.
Asia Pacific is expected to witness the fastest growth in the coming years owing to the increasing awareness regarding the health benefits associated with spirulina-based drinks in the region. The growing trend of health-consciousness in the region is expected to drive the growth of the spirulina beverages market in the region. In addition, the presence of established players in the region is expected to further propel the growth of the spirulina beverages market in the region.
Financial Projections
In this part of the Spirulina Beverages Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Spirulina Beverages Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Spirulina Beverages Products business comes from sales of the products. Here you will find a list with a description of each of the products and other possible sources of profit such as affiliate revenue and advertising fees.
Projecting Expenses
In this section, all the regular expenses related to keeping the Spirulina Beverages Products business running will be described. The list of operating expenses includes Spirulina sourcing costs, packaging and labeling costs, shipping costs, payroll, advertising and marketing expenses, taxes, and others.
Key companies & market share insights
Some of the major companies operating in the spirulina beverages market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, PepsiCo launched a new range of spirulina-based drink called ‘Oasis’.
– In June 2022, Nestle launched ‘Aloe’ a spirulina-infused beverage.
– In October 2022, Kombucha launched a new range of sparkling spirulina drinks.
Some of the prominent players in the Spirulina Beverages market include:
– PepsiCo, Inc.
– Nestle S.A.
– The Coca-Cola Company
– Dr. Pepper Snapple Group, Inc.
– Kombucha Beverage Company
– Bolthouse Farms, Inc.
– Suja Life LLC
– Organika Health Products Inc.
– Ocean Spray Cranberries, Inc.
– Pepsi Lipton Partnership.
Global Spirulina Beverages Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global spirulina beverages market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Ready-To-Drink
– Concentrate
– Powder
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Natural
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation in the Spirulina Beverages Market?
[A]: Product innovation is expected to play a major role in the spirulina beverages market in the near future, with companies introducing new products with different flavors, sizes, and health benefits. Companies are also focusing on introducing new packaging options, such as sachets and cans, to make them more convenient and attractive to consumers.
[Q]: Who are the Key Players in the Spirulina Beverages Market?
[A]: Major market players in the spirulina beverages market include PepsiCo, Inc., Nestlé S.A., The Coca-Cola Company, V8 Beverages, Inc., Clif Bar & Company, and Kikkoman Corporation.
[Q]: What is the Market Outlook for Spirulina Beverages?
[A]: The spirulina beverages market is expected to witness a CAGR of 10.4% over the forecast period, 2021-2026. The increasing awareness about health benefits associated with spirulina beverages and the growing demand for healthy and functional beverages are some of the key factors driving the market growth.
[Q]: What are the Major Drivers of the Spirulina Beverages Market?
[A]: The growing demand for healthy and functional beverages, increasing awareness about health benefits associated with spirulina beverages, the increasing demand for convenient and on-the-go drinks, and changing consumer preferences are some of the major drivers of the spirulina beverages market.
[Q]: What are the Challenges Faced by the Spirulina Beverages Market?
[A]: The lack of awareness about spirulina beverages and their health benefits, as well as the availability of limited distribution channels are some of the major challenges faced by the spirulina beverages market. Additionally, the high cost associated with spirulina beverages is also a major challenge that could limit their growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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