Algae Supplements Market

Algae Supplements Market Outlook (2023 to 2033)

Worldwide demand for algae supplements accounts for a market value of US$ 1.1 billion in 2023 and is forecasted to reach US$ 2.07 billion by the end of 2033. Across the study period (2023 to 2033), the global algae supplements market is projected to expand at a healthy 6.5% CAGR.

Surging popularity of veganism has also given impetus to the adoption of plant-based eating habits thereby creating an opportune space for algae supplement consumption. Soaring demand for macro and micro-algal foods, on account of their functional benefits that extend beyond conventional considerations of health and nutrition, is predominantly fuelling investments in algae supplement development and production.

Anti-aging effects, and better maintenance of the digestive tract, are some of the key benefits of the algae supplements fuelling their adoption among consumers worldwide. Millennials have enhanced access to health-related information and are increasingly opting for a broader set of health & wellness solutions, including non-conventional products. This, in turn, is creating favorable circumstances for the large-scale adoption of algae supplements.

Increasing use of algae in pharmaceutical and drug formulations is also projected to present new opportunities for algae supplement producers in the future. The growing use of plant-based ingredients in animal feed formulation is also forecasted to create new business diversification opportunities for algae supplement brands going forward.

• In April 2023, MiAlgae, a Scottish biotechnology start-up, announced the launch of its NaturAlgae omega-3 product that can be used in pet and aqua feed formulations.

Contrastingly, lack of awareness regarding the benefits of algae supplements continues to be one of the key factors undermining the growth of the algae supplements market. High developmental costs have been a major concern among the algae supplement industry players. This further impacts the overall cost of the final product, thereby impeding sales of algae supplements to a certain extent.

Report Attributes	Details
Algae Supplements Market Size (2023)	US$ 1.1 Billion
Projected Market Value (2033F)	US$ 2.07 Billion
Global Market Growth Rate (2023 to 2033)	6.5% CAGR
Leading Regional Market (2023)	North America
Key Companies Profiled	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.

How are Start-ups Supercharging Life with Algae Goodness?

“New Companies Raising Capital to Develop and Launch Novel Algae Products”

Developing and commercializing algae supplements is an expensive feat and this is why aspiring algae supplement suppliers looking to penetrate the market are focusing on raising funds to support their business. New algae supplement manufacturers should focus on the development of algae supplements for muscle growth, algae supplements for weight loss, algae supplements for skin care, and algae supplements for hair as demand for them is high among consumers across the world.

• In April 2023, Mýsköpun, a new biotechnology company based in Iceland, announced that it had raised US$ 700,000 in a new capital raise round that was led by the New Business Venture Fund and participation from other investors. The company intended to use the newly raised finance to advance small-scale algae production.
• In September 2022, Ozers, a French start-up founded by former boxer Maxence Damarey in 2021, announced that it had raised around US$ 319,600 for the development of its novel microalgae sports supplements.
• In May 2022, Mara Renewables, a biotech start-up based in Nova Scotia, announced that it had secured US$ 39.5 million in an initial equity raise led by InvestEco Capital. The company is focused on the development and commercialization of novel algal biotechnologies and products that could be used for human nutrition.

Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this Algae supplements industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

High focus on improving nutritional intake across the world is slated to provide opportunities for algae supplement suppliers and if the companies want to make the most of their investments they need to focus on economies such as India, the United States, the United Kingdom, and China through 2033.

What Makes the United States a Highly Bankable Market in This Space?

“High Consumption of Dietary Supplements”

Consumption of dietary supplements and nutraceuticals in the United States is higher than any other country in the world and this is why sales of algae supplements are also slated to shine here going forward. Moreover, the growing availability of different algae-based products in the country to satisfy evolving consumer preferences of people opting for plant-based and vegan lifestyles is also slated to benefit market growth scope going forward.

• In March 2023, M&M Labs, a nutraceutical company developing unique formulations for dietary supplements, announced the launch of a new line of vegan algal omega-3 supplements in California.

Increasing incidence of chronic disorders, prevalence of obesity, and growing focus on improving nutritional intake are other factors that could promote algae supplement consumption in the United States through 2033. Chlorella supplements and blue-green algae supplements are forecasted to witness a notable hike in demand in the country over the coming years.

Should Algae Supplement Suppliers Invest in Asian Countries?

“Rising Awareness Regarding Algae Supplement Consumption Benefits”

People in the Asia Pacific region are becoming more conscious about their health and fitness, which is driving up the sales of functional food products, nutraceuticals, and dietary supplements. Efforts taken by governments in Asian countries to improve the general well-being of the population are also estimated to uplift the consumption of algae supplements over the coming years.

Algae supplements for digestion, algae supplements for blood sugar, and algae supplements for heart health are predicted to be popular in countries such as India, China, and Japan across the study period. The expanding geriatric population in these countries is also a factor that could bolster sales of algae supplements in the long run.

Why Do Algae Supplement Providers Have a Bright Future in Europe?

“Expanding Vegan Population and Popularity of Clean Label Products”

The number of vegans has been increasing rapidly in European countries in recent years and this is projected to be a key prospect attracting algae supplement vendors. Companies in Europe will focus on launching algae supplements for vegans to maximize their profits and take advantage of the expansive vegan population in this region.

Countries such as the United Kingdom, France, and Germany are estimated to be the leading markets in Europe for algae supplement sales. Rising consumer preference for clean-label ingredients is also predicted to create new opportunities for companies and boost consumption of products such as spirulina supplements, astaxanthin supplements, etc.

Category-wise Insights

Algae supplement manufacturers need to launch products that are created from organically sourced ingredients if they want to stand out in the crowd and boost their sales.

Preference for Which Type of Algae Supplements Will Be High?

“Algae Supplements Made from Organic Algae to Be Popular”

As the popularity of the clean-label trend gains momentum on a global scale, it is projected to bolster sales of algae supplements made from organic ingredients over the next ten years. The expanding vegan population and rising consumer awareness regarding organic algae benefits are also predicted to favor the growth of the organic segment going forward.

Competitive Landscape

Algae supplement brands are focusing on launching new products to stay competitive in the marketplace and boost revenue generation.

• In January 2023, Kemin Industries, a renowned provider of specialty ingredients to several industries, announced the launch of BetaVia Complete to supply algae-based beta-glucans to support human immune health. This ingredient can be formulated into functional foods, supplements, etc.
• 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® Arava was part of the company’s effort to broaden its product portfolio.

Algae supplement providers are also foraying into the animal nutrition space to diversify their business and rake in more profits for themselves.

• In October 2021, Anpario, a leading provider of feed additives, announced the launch of a new omega-3 fatty acid supplement derived from microalgae. The supplements can be directly incorporated into animal feed or can be added to feed formulations as well.

Key Segments of Algae Supplements Industry Research

• By Composition :

  • Microalgae
    • β-carotene
    • Vitamins C, A, E, H, B1, B2, B6, & B12
    • Astaxanthin
    • Polysaccharides
    • Polyunsaturated Fatty Acids
  • Macroalgae
    • Proteins
    • Furanone
    • Polyunsaturated Fatty Acids
    • L-α kainic Acid
    • Phenotics
    • Pigments
    • Phlorotannins
    • Phycocolloids (Carrageenan and Agar)
    • Minerals

• By Algae Type :

  • Spirulina
  • Chlorella
  • Dunaliella
  • Other Types

• By Consumer Orientation :

  • Men
  • Kids
  • Women
  • Unisex

• By Nature :

  • Organic
  • Conventional

• By Sales Channel :

  • Drug Stores
  • Health & Beauty Stores
  • Modern Trade Channels
  • Direct Selling
  • Online Retailers
  • Other Retail Formats

• By Form :

  • Soft Gel
  • Capsules
  • Liquid
  • Tablets
  • Powder & Granules

• By Function :

  • General Well-Being
  • Weight Management
  • Immune & Digestive Health
  • Bone & Joint Health
  • Heart Health
  • Eye Health
  • Other Indications

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA