According to a recent report by Fact.MR, worldwide sales of algae supplements are estimated to surpass 4,300 tons in 2019, recording a 6% Y-o-Y growth over 2018. Surging demand for nutritional supplements and growing trend of dietary reassessments by consumers point at bright prospects of the algae supplements industry. Algae supplements continue to gain monumental traction among health-conscious consumers, who are increasingly drawn toward the unique benefits of algae-based products.
“Consumer spending on products offering functional benefits is higher than ever, creating sustained opportunities for the algae supplements market. Consumers are increasingly attracted toward nutritional supplements and are incorporating them into their diets to lead healthier lifestyles. Augmented interest in preventive healthcare has created a massive shift toward nutritional supplements and this, in turn, is being captured by the players in the algae supplements market, as a dynamic opportunity to boost their bottom line sales”, states Fact.MR report.
The study finds that multiple research studies carried out in favor of algae as a viable food supplement are contributing to growth of algae supplements market during the forecast period. Algae supplements are rich in proteins, minerals, and amino acids, which make them an ideal fit for consumers seeking the much-needed nutritional boost.
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.
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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.
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 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.
The diet of vegetarian and vegan population limits them in meeting the requirement for DHA and omega-3 fats, which are highly instrumental in maintaining a sound cognitive and cardiovascular health. Algal oil supplements are gaining centerstage as ideal sources of DHA and omega-3 fats. As the health benefits of omega-3 fatty acids and DHA have been well-researched & well-established, vegetarian consumers are showing high preference for algal oil supplements to include in their regular diets. In addition, multiple health benefits of algal oil supplements, such as benefits for eye health, cognitive well-being, and cardiovascular health, are further upholding the demand for algal oil supplements.
Compelling insights and forecasts offered in the algae supplements market report are a result of an exhaustive research methodology. The research methodology for algae supplements market report involves two steps, primary and secondary research, which form the base of the insights presented in the algae supplements market report. The insights compiled in the algae supplements market report have been cross-verified by a team of in-house industry experts, in a bid to ensure unmatched accuracy and eliminate errors.
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