Algae Supplement Market is Forecasted to Reach US$ 2.07 Billion by 2033

Worldwide demand for algae supplements accounts for a market value of US$ 1.1 billion in 2023 and is forecasted to reach US$ 2.07 billion by the end of 2033. Across the study period (2023 to 2033), the global algae supplements market is projected to expand at a healthy 6.5% CAGR.

Surging popularity of veganism has also given impetus to the adoption of plant-based eating habits thereby creating an opportune space for algae supplement consumption. Soaring demand for macro and micro-algal foods, on account of their functional benefits that extend beyond conventional considerations of health and nutrition, is predominantly fuelling investments in algae supplement development and production.

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Key Growth Drivers:

• 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.

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.

Doctor's Best
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.
Now Foods

Founded in 1968, Now Foods is based in Bloomingdale, United States. The company offers a broad portfolio of natural & organic products, including supplements and packaged foods. The company has achieved various awards and several recognitions for its product offerings.
Chlorella Supply Co., Ltd.

Founded in 1992, Chlorella Supply Co., Ltd. is based in Izumo, Japan. The company is a subsidiary of the Daesang Corporation and offers a wide-range of chlorella-based nutritional healthcare supplements. Algae-based products account for a significant pie of the company's overall revenue share.

Cyanotech Corporation
Founded in 1983, the Cyanotech Corporation is headquartered in Kailua-Kona, Hawaii. The company actively engages in the cultivation, followed by development and sales, of natural solutions derived from microalgae meant for nutrition. The company is chiefly focused on development of Spirulina- and Astaxanthin- associated products.

Key Segments of Algae Supplements Market:
Composition
• Microalgae
• β-carotene
• Vitamins C, A, E, H, B1, B2, B6 and B12
• Astaxanthin
• Polysaccharides
• Polyunsaturated fatty acids

Macro algae
• Proteins
• Furanone
• Polyunsaturated fatty acids
• L-α kainic acid
• Phenotics
• Pigments
• Phlorotannins
• Phycocolloids (carrageenan and agar)
• Minerals

Algae Type
• Spirulina
• Chlorella
• Dunaliella
• Other Types
Consumer Orientation
• Men
• Kids
• Women
• Unisex

Region
• North America
• Latin America
• Europe
• Japan
• Asia Pacific (Excluding Japan)
• Middle East & Africa
Nature
• Organic
• Conventional

Sales Channel
• Drug Stores
• Health & Beauty Stores
• Modern Trade Channel
• Direct Selling
• Online Retailers
• Other Retail Formats

Form
• Soft Gel
• Capsules
• Liquids
• Tablets
• Powder & Granules

Function
• General Well Being
• Weight Management
• Immune & Digestive Health
• Bone & Joint Health
• Heard Health
• Eye Health
• Other Indications

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This release was published on openPR.