Market Size of Algae Supplements Industry
| 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.
