Algae-Based Supplement Market: Growth Dynamics and Future Projections

The algae-based supplements market is anticipated to reach a valuation of approximately USD 2,365.3 million in 2024. With a projected CAGR of 7.3% during the forecast period, the market is expected to grow significantly, reaching around USD 4,804.5 million by 2034.

Algae-based supplements have gained popularity among health-conscious individuals due to their potential health benefits. This growth has been further fueled by the growing trend of vegan and plant-based diets, which has resulted in increased demand for natural and nutrient-dense products. Manufacturers have also made significant advancements in processing techniques, making algae supplements more accessible and palatable to consumers.

Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-18888

Diversified product offerings have also catered to consumer preferences, further driving the adoption of algae-based supplements. Ongoing studies have supported the potential health benefits of algae-based supplements, which have increased consumer confidence and the adoption of these products. The demand for sustainable and eco-friendly choices is also driving the adoption of algae-based supplements among environmentally conscious consumers.

The popularity of macro and micro-algal foods has also increased due to their nutritional value and other non-traditional health advantages. Educational campaigns by government and private entities have highlighted the nutritional value of algae, contributing to the increasing adoption of algae-based supplements. Algae-based supplements are also sought after for their skin-enhancing properties, which has led to increased demand among consumers interested in beauty and skincare.

"There is still little to no information regarding the benefits of algae-based supplements in the underdeveloped parts of the world. Besides this, there are also some concerns regarding the effectiveness of these supplements in the minds of the general population. Key companies in the market must educate people to expand their consumer base and alleviate concerns," - Nandini Roy Choudhury, Client Partner at Future Market Insights

Key Takeaways from the Market Study

The microalgae segment dominates the algae-based supplement market, progressing at a CAGR of 4.80% through 2034.
On the basis of the product type, the soft gels segment leads the algae-based supplement market, expanding at a CAGR of 3.90% over the forecast period.
The algae-based supplement market in the United States is anticipated to grow at a CAGR of 8.20% through 2034.
The algae-based supplement market in the United Kingdom is estimated to rise at a whopping 7.10% CAGR through 2034.
The algae-based supplement market in Japan has the potential to increase at a 5.20% CAGR through 2034.
The Canadian algae-based supplement market is predicted to rise at a 5.90% CAGR through 2034.
The algae-based supplement market in Germany is very likely to grow at a CAGR of 4.30% through 2034.

Competitive Landscape

The competitive landscape in the algae-based supplement market is diverse, featuring both international and domestic companies.

Companies are responding to the demands of eco-conscious consumers and businesses by adopting environmentally friendly cultivation and extraction methods. These players are also investing millions of dollars in formulating new products to widen their portfolios and attract young consumers to the market.

Key Companies in the Market

Algatechnologies
Cyanotech Corporation
Corbion (formerly Terravia)
Allmicroalgae
DIC Corporation
Roquette
Parry Nutraceuticals
Corbion
Far East Microalgae Industries Co., Ltd.
Terravia Holdings, Inc.
E.I.D. - Parry (India) Limited
Fuqing King Dnarmsa Spirulina Co. Ltd.
Algenol Biofuels Inc.
Cellana LLC
Algix
Heliae Development LLC
Helios Nutrition
Phycom B.V.
TerraVia (formerly Solazyme)
Triton Algae Innovations

Recent Developments

In June 2023, Iwi Life introduced Omega-3 Minis, addressing nutritional gaps with high-quality sources of Omega-3 fatty acids. These supplements aim to support joint flexibility, cognitive focus, and a balanced inflammatory response, providing a convenient solution for individuals seeking optimal nutrition.

In September 2023, algae processor Vinpai and organic ingredient distributor Adetis forged a partnership, expanding the market for algae-based solutions in France. Vinpai gained access to Adetis' extensive distribution network, fostering growth in sustainable food and supplement sectors, supported by Vinpai's recent FSCC 22000 and ISO 9001 certifications.

Top of Form
In 2024, Corbion Introduced Algal Omega-3 and Omega-9 products for dietary supplements. The company announced the launch of its AlgaVia product line, marking the company's first foray into the human nutrition market.

In December 2023, GC Rieber VivoMega, a Norwegian fish oil manufacturer, expanded into the algae oil market, introducing a line of vegan DHA Omega-3 concentrates from marine microalgae. The company proudly announced its attainment of the International V-Label certification, validating its commitment to quality and origin transparency.

Download the full report for in-depth insights. https://www.futuremarketinsights.com/reports/algae-based-supplement-market

Key Market Segmentation

By Product Type:

Tablets
Capsules
Soft Gel
Powder & Granules
Liquid

By Algae Type:

Microalgae
Chlorella
Dunaliella Salina
Spirulina
Aphanizomenon Flos-Aquae
Haematococcus Pluvialis
Other Types
Macroalgae
Nori
Kelp
Bladderwrack
Wakame
Dulse
Others

By Consumer Orientation:

Men
Women
Unisex
Kids

By Sales Channel:

Store-Based Retailing
Hypermarkets/Supermarkets
Convenience Stores
Drug Stores and Pharmacies
Health and Wellness Stores
Other Retailers
Online Retailing

By Region:

North America
Latin America
Asia Pacific
Middle East and Africa (MEA)
Europe

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.