Algae Supplements Market Is Expected to Reach a Valuation of US$ 2.07 Billion by 2033 : Fact.MR Report

Rockville , Oct. 08, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global algae supplements market is expected to climb at a CAGR of 6.5% to reach a value of US $2.07 Bn by the end of 2033.

Algae supplements are natural nutritional products derived from algae like spirulina and chlorella. They are packed with essential nutrients such as vitamins, minerals, proteins, and antioxidants. What makes them superior to some alternatives is their rich and diverse nutritional content, serving as a complete protein source with all essential amino acids. Additionally, they are easily digestible and offer potential health benefits, including immune support and anti-inflammatory properties.

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The growth of the algae supplements market is being shaped by several key drivers. Increasing consumer awareness of the health benefits and sustainability of algae-based products is driving demand. Research for better algae strains and plant-based diet trends drive the popularity of algae supplements.

Key Takeaways:

• The United States leads the world in the consumption of dietary supplements and nutraceuticals, which is why the sales of algae supplements are projected to thrive in this market in the future.
• The Asia Pacific region is witnessing a surge in health and fitness consciousness among its population, leading to increased sales of functional food products, nutraceuticals, and dietary supplements.
• European countries have witnessed a rapid rise in the number of vegans in recent years, and this trend is anticipated to be a significant opportunity for algae supplement providers.
  

Increasing consumer awareness of health benefits and sustainability, ongoing research for unique, nutrition-rich algae strains, and growing demand due to the rise in plant-based and vegan diets are a few factors driving the market - Says FACTMR Expert

Market Competition

In the moderately competitive environment of the algae supplements market, brands are concentrating on introducing fresh products to maintain their competitiveness and enhance revenue streams. Market leaders include Cyanotech Corporation, Now Foods, Kent BioEnergy Corporation, Chlorella Supply Co. Ltd., and DIC Corporation.

• In January 2023, Kemin Industries, a well-known supplier of specialty ingredients across various sectors, introduced BetaVia Complete, offering algae-based beta-glucans to enhance human immune health. This ingredient is adaptable for use in functional foods, supplements, and more.
• In October 2022, Solabia-Algatech Nutrition Ltd., a manufacturer of unique ingredients based in Israel, unveiled its new astaxanthin whole algae complex in a gummy format. The launch of AstaPure was part of the company's effort to broaden its product portfolio.

Key Companies Profiled in This Report

• Fuqing King Dnarmsa Spirulina Co. Ltd.
• Cyanotech Corporation
• Now Foods
• Kent BioEnergy Corporation
• Chlorella Supply Co. Ltd.
• DIC Corporation
• Vitamin Discount Center
• TerraVia Holdings Inc.
• Herbal Terra LLC
• Koninklijke DSM N.V.
• Doctor's Best
• Algae Health Science
• Holistic Herbal Solutions LLC
• Pharmavite LLC
• Taau Australia Pty Ltd.
• Nutress B.V.

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Winning strategies

• Keeping a close watch on emerging health and wellness trends and swiftly adapting product offerings to match changing consumer preferences is a smart approach in the industry. This means paying attention to new health practices and preferences and being quick to adjust products to meet these evolving demands.
• Offering personalized products or custom formulations to meet specific customer preferences and needs is a smart strategy. This means creating supplements that can be adjusted based on individual requirements, like dietary preferences or specific health goals
• It's crucial for major players to obtain certifications like organic, non-GMO, and third-party lab testing. These certifications vouch for the quality and integrity of their products. "Organic" means the supplements are produced without synthetic chemicals, ensuring they're natural and environmentally friendly.
  

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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