Algae Supplements Market to Witness Elevated Growth during the Assessment Period, 2019-2027 | Key Players are Doctor's Best Inc., Chlorella Supply Co. Ltd., etc.
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The algae supplements market reflected growth at a CAGR of over 5% during the period, 2013 to 2018. Gains in the algae supplements industry are primarily driven by the changing dietary patters of consumers and the upward trend of health & wellness.
Revenues from the algae supplements market surpassed US$ 800 Mn in 2018 and is further projected to exhibit a Y-O-Y growth of over 6% in 2019.
North America has remained a lucrative market for algae supplements, underpinned in part by the burgeoning demand for algae-based products in the region.
APEJ is likely to emerge as a high-growth market for algae supplements, upheld by evolving consumer lifestyles and changing dietary patterns across emerging economies in the region.
What are the Key Growth Drivers of Algae Supplements Market?
Algae supplement sales have been significantly driven by the increasing consumer demand for plant-based nutrition sources.
Soaring demand for macro- & micro-algal foods, on account of their functional benefits that extend beyond conventional considerations of health and nutrition, is predominantly fuelling investments in algae supplements development and production.
Evidently a natural source of proteins and antioxidants, algae supplements continue to gain popularity in line with demand for plant-based lipids and proteins, along with growing technological advances in algae production and harvesting.
Anti-aging effects, and better maintenance of digestive tract, are some of the key benefits of the algae supplements fuelling their adoption among consumers worldwide.
Millennials have enhanced access to health-related information and are increasingly opting for a broader set of health & wellness solutions, including the non-conventional products. This, in turn, is creating favorable circumstances for large-scale adoption of algae supplements.
Algae Supplements Market – Competitive Landscape
In 2018, Nature’s Way signed a definitive agreement with Natural Products Canada, to collectively tap opportunities in Canada for sales of innovative, natural health-benefitting products. This partnership is aimed at meeting consumer demand for natural products, a category that is witnessing robust demand in the region. These two companies will invest in the pre-mature Canadian companies offering natural products, including nutritional supplements, dietary ingredients, and functional foods.
In 2016, Parry Nutraceuticals, a division of the E.I.D. - Parry (India) Limited, received the approval from US FDA for its India-based facility for microalgae cultivation & processing. Parry Nutraceuticals also confirmed that it is raising the bar of its product development efforts with an objective of meeting the consumer demand for value-added microalgae-based products.
In 2018, AlgaEnergy- a leading player in the algae supplements market and Yokogawa Electric Corporation made an official announcement of a strategic partnership and equity participation agreement among the parties. The strategic agreement encompasses an investment of approximately 10 million euro by Yokogawa, with an objective to acquire the newly issued shares of AlgaEnergy, thereby making the company a reference shareholder.
Koninklijke DSM N.V.
Founded in 1902, Koninklijke DSM N.V. is based in Heerlen, Netherlands. The company offers multiple products in the fields of nutrition, materials, and health and ranks among one of the leading purpose-led company in the field of animal & human nutrition.
Founded in 1990, Doctor's Best, Inc. is based in Irvine, California. The company offers a wide-range of products in the dietary and nutritional supplements segment. With an offering of over 200 products, the company manufactures and distributes its products in the US and overseas. Key players operating in the algae supplements market, as profiled in the report, include Fuqing King Dnarmsa Spirulina Co.,Ltd., DIC Corporation, Vitamin Discount Center, Herbal Terra, LLC, Algae Health Science, Kent BioEnergy Corporation, Algae Health Science, Holistic Herbal Solutions, LLC Pharmavite LLC, Taau Australia Pty Ltd., TerraVia Holdings, Inc., Nutress B.V., and others.
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