NEWARK, Del, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The market size for algae-based supplements is estimated to be around US$ 2,365.3 million in 2024. It is projected to exhibit a CAGR of 7.3% over the forecast period and reach a market valuation of US$ 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.
Purchase the Report for Key Insights: https://www.futuremarketinsights.com/checkout/18888
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.
Access the Complete Report Methodology Now: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-18888
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
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
The global algae fats market is expected to reach a valuation of US$ 297.7 million in 2023, accelerating with a CAGR of 5% from 2023 to 2033.
The algae products market size is estimated to be valued at US$ 5.41 Billion in 2023 and surpass US$ 9.15 Billion by 2033.
The Algae Omega market is expected to grow at a CAGR of 3.7%. The market value projected to increase is from USD 1,038.5 Million in 2022 to USD 1,493.4 Million by 2032.
The global omega-3 concentrates market size is projected to exhibit growth at a considerable CAGR of 7.5% and reach US$ 5.3 Billion in the forecast period from 2022 to 2032.
The global dietary supplement market size is expected to attain a valuation of around US$ 170.1 billion by 2034.
The probiotic supplements market is estimated to be valued at US$ 7,078.1 million in 2023.
The global digestive health supplements market size is estimated to reach US$ 17,160 million in 2023.
The multi nutritional supplement market was worth US$ 310 Billion in 2020 and is expected to advance at a 5.9% CAGR from 2022 to 2032.
The global prebiotic ingredient market size is estimated to expand from US$ 7,215 million in 2024 to US$ 13,763 million by 2034.
The global sleep gummy market is expected to grow from US$ 447.1 million in 2024 to US$ 908.2 million by 2034. From 2024 to 2034, the market is projected to surge at a 7.3% CAGR.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact FMI:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
