Algae Supplements Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.75 Billion |
| Market Size (2029) | USD 1.41 Billion |
| CAGR (2024 - 2029) | 13.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Algae Supplements Market Analysis
The Algae Supplements Market size is estimated at USD 0.75 billion in 2024, and is expected to reach USD 1.41 billion by 2029, growing at a CAGR of 13.38% during the forecast period (2024-2029).
Algae supplements are gaining popularity due to their claims of treating digestive ailments and improving bone, joint health, cardiovascular system, immune system, and eye health, among many others. Additionally, omega-3-based supplements have gained immense popularity among consumers due to their higher bioavailability and sustainable production.
Some of the key benefits of algae supplements that are driving their adoption by consumers worldwide include their anti-aging effects and better digestive health. Millennials have increased access to health information and are increasingly choosing a wider range of health and wellness solutions, including non-conventional products. In turn, this creates favorable conditions for large-scale adoption of algae supplements.
The consumption of algae supplements is encouraged to maintain overall health, immunity, energy, and heart and digestive health. The demand is further boosted by rising consumer awareness regarding preventive healthcare measures and practices. According to the Peter G. Peterson Foundation and Kaiser Family Foundation, in 2022, the US out-of-pocket healthcare payments were reported to be an average of USD 1,424.6 per capita, an increase from USD 1,341.1 per capita in 2021.
Algae Supplements Market Trends
Rising Awareness Regarding the Health Benefits of Spirulina Supplements Driving Market Growth
The rising consumer awareness regarding the health benefits of algae-based supplements, including spirulina, among others, coupled with increasing consumer investment in preventive healthcare practices, is anticipated to propel market growth. For instance, as per the Council for Responsible Nutrition (CRN), the usage of dietary supplements among adults in the United States was 74% in the year 2023. The population across countries like China, India, the United States, Brazil, Germany, Italy, and France, among others, is aging, prompting consumers to seek various algae-based supplements to maintain and enhance overall health and well-being. Additionally, the healthcare cost is substantially high in European countries due to the high per-capita out-of-pocket spending on healthcare amid the burden of communicable and non-communicable diseases. Such trends have prompted consumers to opt for algae-based supplements. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in 2022, the per capita healthcare expenditure in the United States was recorded at USD 12,555.3, USD 8,049.1 in Switzerland, and USD 8,010.9 in Germany.
Additionally, health-conscious individuals, athletes, and gym users highly seek algae supplements for muscle building and strength. In response to this demand, manufacturers have launched a range of algae-derived supplements aimed at various groups of consumers. The demand for algae during the forecast period is projected to be driven by this growing consumer interest in aquaculture to meet food needs. For instance, ActiveX offers ActiveX Natural Spirulina Supplement, which contains naturally dried spirulina algae. The product has the highest concentration of spirulina protein and is consumed before a workout to boost energy, help decrease chronic fatigue, increase power output, increase oxygen uptake, optimize body composition, and reduce muscle damage. The supplement contains spirulina cultivated in pollution-free water and air and is free from heavy metals, pathogens, and pesticides.
The Powder Form of Algae Supplements Holds a Major Market Share
The powder form segment holds a major market share as it allows for the effective administration of a very large dose that would be impossible to administer in any other way. Powdered supplements offer greater flexibility compared to capsules or tablets. They can be easily mixed into various beverages, smoothies, or yogurt, making them appealing to individuals with different taste preferences and dietary restrictions. Moreover, powders typically dissolve faster than solid forms, leading to quicker absorption of nutrients into the bloodstream. This is particularly attractive for athletes and individuals seeking immediate results. In addition, powders allow for customized dosage adjustments by simply altering the amount used. This caters to individual needs and preferences, unlike pre-measured capsules or tablets.
Moreover, powdered supplements offer a convenient and accessible way to address specific nutritional needs and boost overall health. The demand is further boosted by rising consumer awareness regarding preventive healthcare measures and practices. According to the Peter G. Peterson Foundation and Kaiser Family Foundation, in 2022, US out-of-pocket healthcare payments were reported to be an average of USD 1,424.6 per capita, an increase from USD 1,341.1 per capita in 2021. In addition, powdered formats are popular for specific needs, like protein powders for muscle building, collagen powders for skin health, and green powders for increased nutrient intake. Furthermore, the demand for pre-workout and post-workout supplements is surging, and powdered formulas are often preferred for their quick absorption and ease of mixing into sports drinks.
Algae Supplements Industry Overview
The global algae supplements market is highly fragmented, with cut-throat competition among market players. In terms of share, the market is dominated by players such as NOW Foods, Cyanotech Corporation, Pharmavite LLC, Parry Nutraceuticals, and Fuqing King Dnarmsa Spirulina. The prominent market players have been focusing on multiservice offerings by targeting regions. Partnerships and product launches have been some of the company's most prominent strategies. For instance, in September 2022, OZERs, a French sports supplement provider, raised around EUR 300,000 for the development of novel microalgae sports supplements.
Algae Supplements Market Leaders
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NOW Foods
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Cyanotech Corporation
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Parry Nutraceuticals
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Fuqing King Dnarmsa Spirulina
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Pharmavite LLC
*Disclaimer: Major Players sorted in no particular order
Algae Supplements Market News
- May 2024: Algine Plus, a manufacturer of algae-based dietary supplements, launched its product line on Walmart. The product line includes products such as Algine Plus Ocean Greens, Algine Plus Astaxanthin, and Algine Plus Phosphatidylserine. This was part of the company’s goal to expand its reach and make its premium offerings accessible to a wider audience worldwide.
- October 2022: Solabia-Algatech launched Astaxanthin Gummies with vitamin C. This is a unique, vegan, pectin-based food supplement in a move to offer a new, more flavorsome medium for delivering its flagship Astaxanthin ingredient drawn from the microalgae Haematococcus pluvialis.
- August 2022: SOUL +FIX, a Singapore-based supplement brand, announced plans to enter the Southeast Asian market with its recently launched product blue spirulina powder supplement. The brand also plans to undertake research & development (R&D) activities to create new formulations.
Algae Supplements Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Consumer Awareness Related to Algae-based Supplements
4.1.2 Surging Demand for Plant-based Supplements
4.2 Market Restraints
4.2.1 Wide Availability of Substitute Supplements
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Spirulina
5.1.2 Astaxanthin
5.1.3 Chlorella
5.1.4 Combination Supplements
5.2 By Form
5.2.1 Powder
5.2.2 Tablet
5.2.3 Capsule
5.2.4 Liquid
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 NOW Foods
6.3.2 Cyanotech Corporation
6.3.3 Parry Nutraceuticals
6.3.4 Fuqing King Dnarmsa Spirulina
6.3.5 Natures Way Products
6.3.6 Kent BioEnergy Corporation
6.3.7 Algae Health Sciences
6.3.8 Pharmavite LLC
6.3.9 Doctor's Best
6.3.10 Vitamin Discount Center
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Algae Supplements Industry Segmentation
Algae-based supplements are manufactured using microalgae like spirulina, chlorella, or astaxanthin and are found to improve the overall well-being of an organism.
The algae supplements market is segmented by type, form, and geography. Based on product type, the market is segmented into spirulina, astaxanthin, chlorella, and combination supplements. By form, the market is segmented into powder, tablet, capsule, and liquid. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizes and forecasts have been offered based on value (USD).
| By Product Type | |
| Spirulina | |
| Astaxanthin | |
| Chlorella | |
| Combination Supplements |
| By Form | |
| Powder | |
| Tablet | |
| Capsule | |
| Liquid |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East and Africa |
Algae Supplements Market Research FAQs
How big is the Algae Supplements Market?
The Algae Supplements Market size is expected to reach USD 0.75 billion in 2024 and grow at a CAGR of 13.38% to reach USD 1.41 billion by 2029.
What is the current Algae Supplements Market size?
In 2024, the Algae Supplements Market size is expected to reach USD 0.75 billion.
Who are the key players in Algae Supplements Market?
NOW Foods, Cyanotech Corporation, Parry Nutraceuticals, Fuqing King Dnarmsa Spirulina and Pharmavite LLC are the major companies operating in the Algae Supplements Market.
Which is the fastest growing region in Algae Supplements Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Algae Supplements Market?
In 2024, the North America accounts for the largest market share in Algae Supplements Market.
What years does this Algae Supplements Market cover, and what was the market size in 2023?
In 2023, the Algae Supplements Market size was estimated at USD 0.65 billion. The report covers the Algae Supplements Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Algae Supplements Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Algae Supplements Industry Report
Statistics for the 2024 Algae Supplements market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Algae Supplements analysis includes a market forecast outlook for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Algae Supplements Market Report Snapshots
