Thriving with Wellness: Algae-Based Supplements Market Blooms in the US, Expected to Soar at an Astounding 8.20% CAGR Over the Next 10 Years
NEWARK, Del., February 22, 2024 (Globe Newswire) — The market size for algae-based supplements is approximately 2,365.3 million USD In 2024, CAGR 7.3% Market valuation will be reached during the forecast period 4,804.5 million USD By 2034.
Algae-based supplements are gaining popularity among health-conscious people due to their potential health benefits. This growth is further fueled by the growing trend towards vegan and plant-based diets, resulting in increased demand for natural and nutritious products. Manufacturers have also made significant advances in processing technology, making algae supplements more accessible and tastier for consumers.
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Diversified product offerings are also responding to consumer preferences, further driving adoption of algae-based supplements. Ongoing research supports the potential health benefits of algae-based supplements, increasing consumer confidence and adoption of these products. Demand for sustainable and environmentally friendly options is also driving the adoption of algae-based supplements among environmentally conscious consumers.
Macro- and microalgae foods are also becoming increasingly popular due to their nutritional value and other non-traditional health benefits. Educational campaigns by governments and private organizations have highlighted the nutritional value of algae, contributing to the increased adoption of algae-based supplements. Algae-based supplements are also popular for their skin-enhancing properties and are in high demand among beauty and skin care-minded consumers.
“There is still little information about the benefits of algae-based supplements in developing regions of the world. In addition to this, there are also some concerns about the effectiveness of these supplements in the minds of the general public. Major companies need to educate people to expand their consumer base and alleviate concerns.” Nandini Roy Choudhury, Future Market Insights Client Partner
Key points from market research
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The microalgae segment dominates the algae-based supplements market, growing at a CAGR of 4.80% till 2034.
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Based on product type, the softgel segment is leading the algae-based supplements market, expanding at a CAGR of 3.90% during the forecast period.
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The US algae-based supplements market is expected to grow at a CAGR of 8.20% until 2034.
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The UK algae-based supplements market is estimated to grow at a staggering CAGR of 7.10% by 2034.
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The Japanese algae-based supplements market is likely to grow at a CAGR of 5.20% until 2034.
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The Canadian algae-based supplements market is projected to grow at a CAGR of 5.90% until 2034.
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The German algae-based supplements market is highly likely to grow at a CAGR of 4.30% till 2034.
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competitive environment
The competitive landscape of the algae-based supplements market is diverse, with domestic and international companies participating.
Companies are responding to the demands of environmentally conscious consumers and businesses by adopting environmentally friendly cultivation and extraction methods. These companies are also investing millions of dollars in new product development to expand their portfolios and attract younger consumers to the market.
Key players in the market
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algae technology
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Cyanotech Co., Ltd.
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Corbion (formerly Terravia)
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All microalgae
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DIC Corporation
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rocket
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parry nutritional supplements
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Corbion
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Kyokuto Microalgae Industry Co., Ltd.
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Terravia Holdings Co., Ltd.
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EID – Parry (India) Limited
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Fuqing Wang Darmsa Spirulina Co., Ltd.
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Argenol Biofuels
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Serana LLC
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algix
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Helia Development LLC
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helios nutrition
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Ficom BV
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TerraVia (formerly Solazyme)
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Triton algae innovation
recent trends
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In June 2023, Iwi Life introduced Omega-3 Mini to address nutritional deficiencies with a high-quality source 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.
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In September 2023, algae processor Vinpai and organic ingredients distributor Adetis entered into a partnership to expand the market for algae-based solutions in France. Vinpai gained access to Adetis’ extensive distribution network and fueled growth in the sustainable food and supplements sector, backed by his FSCC 22000 and ISO 9001 certifications, which Vinpai recently obtained.
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top of form
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In 2024, Corbion introduced algae omega-3 and omega-9 products as dietary supplements. The company announced the launch of its AlgaVia product line, marking its first foray into the human nutrition market.
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In December 2023, Norwegian fish oil manufacturer GC Rieber VivoMega expanded into the algae oil market, introducing a line of vegan DHA omega-3 concentrates from marine microalgae. The company proudly announced the acquisition of the International V Label certification, demonstrating its commitment to quality and origin transparency.
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Key market segmentation
By product type:
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Tablet
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capsule
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soft gel
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powder/granules
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liquid
By type of algae:
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microalgae
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chlorella
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Dunaliella Salina
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spirulina
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Aphanizomenon water flower
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Haematococcus pluvialis
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Other types
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macroalgae
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me too
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kelp
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Bladder tear
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Seaweed
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candy
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others
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By consumer preference:
By sales channel:
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Store-based retail industry
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Hypermarket/Supermarket
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convenience store
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drug stores and pharmacies
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Health & Wellness Store
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Other retail stores
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online retail
By region:
author:
Nandini Roy Choudhury, Food and Beverage Client Partner at Future Market Insights, Inc., has over seven years of management consulting experience. She advises industry leaders and explores hidden opportunities and challenges. She implements processes and operating models to support business objectives.
She has excellent analytical skills and often provides thought leadership.
Nandini has extensive functional expertise in key niche areas including, but not limited to, food ingredients, nutrition and health solutions, animal nutrition, and marine nutrition. She also has expertise in the pharmaceutical, biotech, retail, and chemical sectors, advising market participants to develop methodologies and strategies that deliver results.
Her core expertise is in corporate growth strategy, sales and marketing effectiveness, acquisition and post-merger integration, and cost reduction. Nandini earned her MBA in Finance from MIT School of Business. She also holds a bachelor’s degree in electrical engineering from the University of Nagpur, India.
Nandini has written for several publications and has been quoted in magazines such as Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s relevant and ongoing coverage in the food and beverage space.
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