Name: Spirulina Market Size, Share, Industry, Forecast and outlook (2023-2030)
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Spirulina Market Size Share Growth Opportunities and Forecast 2022

Spirulina Market Size, Share, Industry, Forecast and outlook (2023-2030)

<h2>Global Spirulina Market is segmented By Form ( Powder, &nbsp;Tablets/ Capsules, &nbsp;Liquid), By Distribution Channel ( Supermarkets &amp; Hypermarkets, &nbsp;Specialty Store, &nbsp;Convenience Store, &nbsp;E-Commerce, &nbsp;Others), By End-User ( Food &amp; Beverages, &nbsp;Pharmaceuticals, &nbsp;Animal Feed, &nbsp;Cosmetics &amp; Personal Care, &nbsp;Nutraceuticals),&nbsp;and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) &ndash; Share, Size, Outlook, and Opportunity Analysis, 2022-2029</h2>

&nbsp;

<h2>Market Overview:</h2>

Spirulina is a biomass of blue-green algae (cyanobacteria) which can grow in both fresh and saltwater. Spirulina produces energy from sunlight through the photosynthesis process, similar to plants and is considered as edible for both humans and animals. It can be produced and flourishes in warm water alkaline ponds or rivers. Spirulina is the best source of protein and it is commercially produced in large-scale culture systems. Its growth requires less water and land and can grow in any climate in tropical regions.

In environments with good mineral content, it grows quickly with high concentrations of vitamins and minerals, high nutrient content and low nucleic acid content. In developing countries of Africa and Asia, it is used as food, feed and fuel. For human nutrition, it is cultivated on a large-scale commercial farm with clean waters and under strict conditions, while it can also grow in wastewater and be used in animal feed.

<blockquote>
The global spirulina market is estimated to reach at a high <a href="https://www.datamintelligence.com/download-sample/spirulina-market">CAGR</a> during the forecast period 2022-2029
</blockquote>

<h2>Market Dynamics</h2>

Spirulina helps to reduce risks of heart attack, kidney issues. These health benefits boost the demand for spirulina

Spirulina is one of the most popular health supplements consumed globally. It has various antioxidants and nutrients which are beneficial for human body and brain health. It contains pain-relief, anti-inflammatory, and brain-protective properties to treat various diseases such as brain stock, heart attack, kidney problems, and blood pressure.

Fatty structures in the human body are sensitive to oxidative damage; regular consumption of spirulina reduces the risk of oxidative damage. Its main active element is phycocyanin, an antioxidant substance that produces spirulina in its unique blue-green color. Phycocyanin fights with free inhibits and radicals&rsquo; production of provocative signaling molecules, producing effective anti-inflammatory and antioxidant impacts.

<h2>Market Segmentation&nbsp;</h2>

Increasing use of spirulina in pharmaceuticals raised its demand

Spirulina is a plant-based algae powder that is particularly high in protein, B-vitamins, antioxidants and other nutrients. It is mostly made up of protein and vital amino acids and is typically suggested to vegetarians for its great natural iron content. The high intensity of iron and protein is ideal during pregnancy and post-surgery conditions, when the immune system requires supplementation. Spirulina also contains various bioactivities including anti-inflammatory, anti-allergic, anticancer, antidiabetic, antiviral, antiobesity and antibacterial actions, which is spurring the demand for spirulina in pharmaceuticals

Spirulina helps to increase glucose and lipid metabolism while decreasing liver fat and defending heart problems. It is of similar potency as usually used booster drugs for neurological diseases in animal feed which effects also continue to immunology and arthritis. The main ingredient is phycocyanobilin; it stimulates the body&rsquo;s bilirubin compound to restrict an enzyme complex.

<h2>Geographical Penetration: </h2>

Asia-Pacific dominates the spirulina market

Asia-Pacific region is the largest consumer of spirulina globally. Due to rapid growth in population with growing health awareness, people use spirulina to reduce various health problems. It is also utilized in animal feed, human food &amp; Beverages, pharmaceuticals, cosmetics &amp; personal care products, increasing demand for spirulina in the Asia-Pacific region.

Growing consciousness towards healthy and plant-based products enhances the demand for spirulina. It is a great source of minerals and vitamins, including iron and magnesium.

The fast-paced lifestyle of urban populace creates issues such as depression and anxiety for a majority of population. Also, tiredness and a sedentary lifestyle increase risk of obesity and improper nutrition, thereby increasing the demand for spirulina in Asia-Pacific region.

<h2>Competitive Landscape</h2>

Wide usage of spirulina in food &amp; beverages, cosmetics and animal feed made the market competitive

The global spirulina market is highly fragmented with large number of players providing various forms of spirulina for wide range of industrial applications. Sensient Colors LLC, Parry Nutraceuticals, NOW Foods, Naturex, Naturalin Bio-Resources Co., Ltd., Guardian.in., Fuqing King Dnarmsa Spirulina Co., Ltd., ECPlaza Network Inc., Far East Bio-Tec Co., Ltd., Green Wave Ingredients Inc., DIC CORPORATION, Cyanotech Corporation, Chr. Hansen A/S are some of the leading players in the market

<ul>
	<li>​ ​In September 2020, Chr. Hansen launches a new FruitMax blue. Blue, however, is particularly limited in the essential shade palette. It comes from spirulina, also well-known in the food additives market as a &ldquo;superfood.&rdquo; Solid in many uses, regular spirulina formulations reach their match in the healthy production requirements of boiled candy.</li>
	<li>In May 2019, Naturex was utilizing natural products expo west 2019 to launch two interesting ingredients that provide popular customer health &amp; wellness aims while reacting to challenges. The plant-based components specialist has also launched a new upgraded version of its VegeBrite Spirulina natural blue color, presenting a solution to the industry&rsquo;s resumed search for really vibrant blues.</li>
	<li>In January 2021, SNACK(TM) Launched Spirulina Powder and Superfood Cluster on Amazon Prime.</li>
</ul>

COVID-19 Impact: Spirulina helps to combat with COVID-19 virus increased the demand for spirulina

The outbreak of the COVID-19, created by severe serious respiratory syndrome coronavirus 2 that has produced huge panic globally, has a mortality rate of 0.5% to 1% and is regularly increasing. Boosting immunity was an easy process to combat viral infection and end deaths. During COVID period, the effectiveness of nutraceuticals emerges to be a possible remedy.

The strength of algae-based nutraceuticals, essentially spirulina, to raise immunity toward viral diseases has now been reported pandemic. Spirulina-based nutraceuticals products promote natural immunity and bioactive compounds, such as angiotensin-converting enzyme (ACE) inhibitor peptides, sulfated polysaccharides, phycobiliproteins and calcium-spirulina, served as antiviral factors.

The appearance of these particles plays an essential role in combating infection and COVID-19 disease progression. The possible use of algal nutraceuticals is as immune supporters to fight the coronavirus. The potential use of Spirulina-based nutraceuticals for combating COVID-19 boosts the demand for spirulina in 2020-2021.

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<h2 style="background:#eeeeee; border:1px solid #cccccc; padding:5px 10px">Table of Contents</h2>

<ol>
	<li>
	Scope and Methodology

	<ol>
		<li>Research Methodology</li>
		<li>Scope of the Market</li>
	</ol>
	</li>
	<li>
	Key Trends and Developments
	</li>
	<li>
	Executive Summary

	<ol>
		<li>Market Snippet by Form</li>
		<li>Market Snippet by Distribution Channel</li>
		<li>Market Snippet by End-User</li>
		<li>Market Snippet by Region</li>
	</ol>
	</li>
	<li>
	Market Dynamics

	<ol>
		<li>Market impacting factors
		<ol>
			<li>Drivers
			<ol>
				<li>Spirulina helps to reduce risks of heart attack, kidney issues. These benefits are boosting the demand for spirulina</li>
				<li>XXX</li>
			</ol>
			</li>
			<li>Restraints
			<ol>
				<li>XXX</li>
				<li>XXX</li>
			</ol>
			</li>
			<li>Opportunities</li>
		</ol>
		</li>
		<li>Impact analysis</li>
	</ol>
	</li>
	<li>
	Industry Analysis

	<ol>
		<li>Porter&#39;s five forces analysis</li>
		<li>Supply chain analysis</li>
		<li>Pricing analysis</li>
		<li>Patent Analysis</li>
		<li>Regulatory Analysis</li>
	</ol>
	</li>
	<li>
	COVID-19 Analysis

	<ol>
		<li>Analysis of Covid-19 on the market
		<ol>
			<li>Before COVID-19 Market Scenario</li>
			<li>Present COVID-19 Market Scenario</li>
			<li>After COVID-19 or Future Scenario</li>
		</ol>
		</li>
		<li>Pricing Dynamics Amid COVID-19</li>
		<li>Demand-Supply Spectrum</li>
		<li>Government Initiatives Related to the Market During Pandemic</li>
		<li>Manufacturers Strategic Initiatives</li>
	</ol>
	</li>
	<li>
	<h3>By Form</h3>

	<ol>
		<li>Introduction
		<ol>
			<li>Market size analysis, and y-o-y growth analysis (%), By Form segment</li>
			<li>Market attractiveness index, By Form segment</li>
		</ol>
		</li>
		<li>Powder*
		<ol>
			<li>Introduction</li>
			<li>Market Size Analysis, US$ Million, 2019-2028 And Y-O-Y Growth Analysis (%), 2020-2028&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
		</ol>
		</li>
		<li>Tablets/ Capsules</li>
		<li>Liquid</li>
	</ol>
	</li>
	<li>
	By Distribution Channel

	<ol>
		<li>Introduction
		<ol>
			<li>Market size analysis, and y-o-y growth analysis (%), By Distribution Channel Segment</li>
			<li>Market attractiveness index, By Distribution Channel Segment</li>
		</ol>
		</li>
		<li>Supermarkets &amp; Hypermarkets*
		<ol>
			<li>Introduction</li>
			<li>Market Size Analysis, US$ Million, 2019-2028 And Y-O-Y Growth Analysis (%), 2020-2028&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
		</ol>
		</li>
		<li>Specialty Store</li>
		<li>Convenience Store</li>
		<li>E-Commerce</li>
		<li>Others</li>
	</ol>
	</li>
	<li>
	By End-User

	<ol>
		<li>Introduction
		<ol>
			<li>Market size analysis, and y-o-y growth analysis (%), By End-User Segment</li>
			<li>Market attractiveness index, By End-User Segment</li>
		</ol>
		</li>
		<li>Food &amp; Beverages*
		<ol>
			<li>Introduction</li>
			<li>Market Size Analysis, US$ Million, 2019-2028 And Y-O-Y Growth Analysis (%), 2020-2028</li>
		</ol>
		</li>
		<li>Pharmaceuticals</li>
		<li>Animal Feed</li>
		<li>Cosmetics &amp; Personal Care</li>
		<li>Nutraceuticals</li>
	</ol>
	</li>
	<li>
	By Region

	<ol>
		<li>Introduction
		<ol>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Region</li>
			<li>Market Attractiveness Index, By Region</li>
		</ol>
		</li>
		<li>North America*
		<ol>
			<li>Introduction</li>
			<li>Key region-specific dynamics</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Form</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
			<ol>
				<li>U.S.</li>
				<li>Canada</li>
				<li>Mexico</li>
			</ol>
			</li>
		</ol>
		</li>
		<li>South America
		<ol>
			<li>Introduction</li>
			<li>Key Region-Specific Dynamics</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Form</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
			<ol>
				<li>Brazil</li>
				<li>Argentina</li>
				<li>Rest of South America</li>
			</ol>
			</li>
		</ol>
		</li>
		<li>Europe
		<ol>
			<li>Introduction</li>
			<li>Key Region-Specific Dynamics</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Form</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
			<ol>
				<li>Germany</li>
				<li>U.K.</li>
				<li>France</li>
				<li>Italy</li>
				<li>Rest of Europe</li>
			</ol>
			</li>
		</ol>
		</li>
		<li>Asia Pacific
		<ol>
			<li>Introduction</li>
			<li>Key Region-Specific Dynamics</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Form</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Country
			<ol>
				<li>China</li>
				<li>India</li>
				<li>Japan</li>
				<li>Australia</li>
				<li>New Zealand</li>
				<li>Rest of Asia Pacific</li>
			</ol>
			</li>
		</ol>
		</li>
		<li>Middle East and Africa
		<ol>
			<li>Introduction</li>
			<li>Key Region-Specific Dynamics</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Form</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By Distribution Channel</li>
			<li>Market Size Analysis, And Y-O-Y Growth Analysis (%), By End-User</li>
		</ol>
		</li>
	</ol>
	</li>
	<li>
	Competitive Landscape

	<ol>
		<li>Competitive scenario</li>
		<li>Competitor strategy analysis</li>
		<li>Market positioning/share analysis</li>
		<li>Mergers and acquisitions analysis</li>
	</ol>
	</li>
	<li>
	Company Profiles

	<ol>
		<li>Sensient Colors LLC*
		<ol>
			<li>Company Overview</li>
			<li>Product Portfolio and Description</li>
			<li>Key Highlights</li>
			<li>Financial Overview</li>
		</ol>
		</li>
		<li>Parry Nutraceuticals</li>
		<li>NOW Foods</li>
		<li>Naturex</li>
		<li>Naturalin Bio-Resources Co., Ltd.</li>
		<li>Guardian.in.</li>
		<li>Fuqing King Dnarmsa Spirulina Co., Ltd.</li>
		<li>ECPlaza Network Inc.</li>
		<li>Far East Bio-Tec Co., Ltd.</li>
		<li>Green Wave Ingredients Inc.</li>
		<li>DIC CORPORATION</li>
		<li>Cyanotech Corporation</li>
		<li>Chr. Hansen A/S(*List not Exhaustive*)</li>
	</ol>
	</li>
	<li>
	DataM Intelligence

	<ol>
		<li>Appendix</li>
		<li>About us and services</li>
		<li>Contact us</li>
	</ol>
	</li>
</ol>

<h2 style="background:#eeeeee; border:1px solid #cccccc; padding:5px 10px">List of Tables &amp; Figures</h2>

List of Tables

Table 1 Global Spirulina Market value, by form, 2021, 2025 &amp; 2029 ($ million)

Table 2 Global Spirulina Market value, by distribution channel, 2021, 2025 &amp; 2029 ($ million)

Table 3 Global Spirulina Market value, by end-user, 2021, 2025 &amp; 2029 ($ million)

Table 4 Global Spirulina Market value, by region, 2021, 2025 &amp; 2029 ($ million)

Table 5 Global Spirulina Market value, by form, 2021, 2025 &amp; 2029 ($ million)

Table 6 Global Spirulina Market value, by form, 2019-2029 ($ million)

Table 7 Global Spirulina Market value, by distribution channel, 2021, 2025 &amp; 2029 ($ million)

Table 8 Global Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 9 Global Spirulina Market value, by end-user, 2021, 2025 &amp; 2029 ($ million)

Table 10 Global Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 11 Global Spirulina Market value, by region, 2021, 2025 &amp; 2029 ($ million)

Table 12 Global Spirulina Market value, by region, 2019-2029 ($ million)

Table 13 North America Spirulina Market value, by form, 2019-2029 ($ million)

Table 14 North America Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 15 North America Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 16 North America Spirulina Market value, by country, 2019-2029 ($ million)

Table 17 south america Spirulina Market value, by form, 2019-2029 ($ million)

Table 18 south america Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 19 south america Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 20 south america Spirulina Market value, by country, 2019-2029 ($ million)

Table 21 europe Spirulina Market value, by form, 2019-2029 ($ million)

Table 22 europe Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 23 europe Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 24 europe Spirulina Market value, by country, 2019-2029 ($ million)

Table 25 asia-pacific Spirulina Market value, by form, 2019-2029 ($ million)

Table 26 asia-pacific Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 27 asia-pacific Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 28 asia-pacific Spirulina Market value, by country, 2019-2029 ($ million)

Table 29 middle east &amp; africa Spirulina Market value, by form, 2019-2029 ($ million)

Table 30 middle east &amp; africa Spirulina Market value, by distribution channel, 2019-2029 ($ million)

Table 31 middle east &amp; africa Spirulina Market value, by end-user, 2019-2029 ($ million)

Table 32 sensient colors llc: overview

Table 33 sensient colors llc: product portfolio

Table 34 sensient colors llc: key developments

Table 35 parry nutraceuticals: overview

Table 36 parry nutraceuticals: product portfolio

Table 37 parry nutraceuticals: key developments

Table 38 now foods: overview

Table 39 now foods: product portfolio

Table 40 now foods: key developments

Table 41 naturex: overview

Table 42 naturex: product portfolio

Table 43 naturex: key developments

Table 44 naturalin bio-resources co., ltd.: overview

Table 45 naturalin bio-resources co., ltd.: product portfolio

Table 46 naturalin bio-resources co., ltd.: key developments

Table 47 guardian.in.: overview

Table 48 guardian.in.: product portfolio

Table 49 guardian.in.: key developments

Table 50 fuqing king dnarmsa spirulina co., ltd.: overview

Table 51 fuqing king dnarmsa spirulina co., ltd.: product portfolio

Table 52 fuqing king dnarmsa spirulina co., ltd.: key developments

Table 53 ecplaza network inc.: overview

Table 54 ecplaza network inc.: product portfolio

Table 55 ecplaza network inc.: key developments

Table 56 far east bio-tec co., ltd.: overview

Table 57 far east bio-tec co., ltd.: product portfolio

Table 58 far east bio-tec co., ltd.: key developments

Table 59 green wave ingredients inc.: overview

Table 60 green wave ingredients inc.: product portfolio

Table 61 green wave ingredients inc.: key developments

Table 62 dic corporation: overview

Table 63 dic corporation: product portfolio

Table 64 dic corporation: key developments

Table 65 cyanotech corporation: overview

Table 66 cyanotech corporation: product portfolio

Table 67 cyanotech corporation: key developments

Table 68 chr. hansen a/s: overview

Table 69 chr. hansen a/s: product portfolio

Table 70 chr. hansen a/s: key developments

List of Figures

Figure 1 Global Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 2 Global Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 3 Global Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 4 Global Spirulina Market share, by region, 2021 &amp; 2029 (%)

Figure 5 Global Spirulina Market value, 2019-2029 ($ million)

Figure 6 Global Spirulina Market y-o-y growth, by form, 2021-2029 (%)

Figure 7 powder: Global Spirulina Market value, 2019-2029 ($ million)

Figure 8 Tablets/ capsules: Global Spirulina Market value, 2019-2029 ($ million)

Figure 9 liquid: Global Spirulina Market value, 2019-2029 ($ million)

Figure 10 Global Spirulina Market y-o-y growth, by distribution channel, 2021-2029 (%)

Figure 11 supermarkets &amp; hypermarkets: Global Spirulina Market value, 2019-2029 ($ million)

Figure 12 specialty store: Global Spirulina Market value, 2019-2029 ($ million)

Figure 13 convenience store: Global Spirulina Market value, 2019-2029 ($ million)

Figure 14 e-commerce: Global Spirulina Market value, 2019-2029 ($ million)

Figure 15 others: Global Spirulina Market value, 2019-2029 ($ million)

Figure 16 Global Spirulina Market y-o-y growth, by end-user, 2021-2029 (%)

Figure 17 food &amp; beverages: Global Spirulina Market value, 2019-2029 ($ million)

Figure 18 pharmaceuticals: Global Spirulina Market value, 2019-2029 ($ million)

Figure 19 feed: Global Spirulina Market value, 2019-2029 ($ million)

Figure 20 cosmetics &amp; personal care: Global Spirulina Market value, 2019-2029 ($ million)

Figure 21 nutraceuticals: Global Spirulina Market value, 2019-2029 ($ million)

Figure 22 Global Spirulina Market y-o-y growth, by region, 2021-2029 (%)

Figure 23 North America Spirulina Market value, 2019-2029 ($ million)

Figure 24 North America Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 25 North America Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 26 North America Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 27 North America Spirulina Market share, by country, 2021 &amp; 2029 (%)

Figure 28 south america Spirulina Market value, 2019-2029 ($ million)

Figure 29 south america Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 30 south america Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 31 south america Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 32 south america Spirulina Market share, by country, 2021 &amp; 2029 (%)

Figure 33 europe Spirulina Market value, 2019-2029 ($ million)

Figure 34 europe Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 35 europe Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 36 europe Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 37 europe Spirulina Market share, by country, 2021 &amp; 2029 (%)

Figure 38 asia-pacific Spirulina Market value, 2019-2029 ($ million)

Figure 39 asia-pacific Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 40 asia-pacific Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 41 asia-pacific Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 42 asia-pacific Spirulina Market share, by country, 2021 &amp; 2029 (%)

Figure 43 middle east &amp; africa Spirulina Market value, 2019-2029 ($ million)

Figure 44 middle east &amp; africa Spirulina Market share, by form, 2021 &amp; 2029 (%)

Figure 45 middle east &amp; africa Spirulina Market share, by distribution channel, 2021 &amp; 2029 (%)

Figure 46 middle east &amp; africa Spirulina Market share, by end-user, 2021 &amp; 2029 (%)

Figure 47 sensient colors llc: financials

Figure 48 parry nutraceuticals: financials

Figure 49 now foods: financials

Figure 50 naturex: financials

Figure 51 naturalin bio-resources co., ltd.: financials

Figure 52 guardian.in.: financials

Figure 53 fuqing king dnarmsa spirulina co., ltd.: financials

Figure 54 ecplaza network inc.: financials

Figure 55 far east bio-tec co., ltd.: financials

Figure 56 green wave ingredients inc.: financials

Figure 57 dic corporation: financials

Figure 58 cyanotech corporation: financials

Figure 59 chr. hansen a/s: financials