According to a recent report by Fact.MR, worldwide sales of algae supplements are estimated to surpass 4,300 tons in 2019, recording a 6% Y-o-Y growth over 2018. Surging demand for nutritional supplements and growing trend of dietary reassessments by consumers point at bright prospects of the algae supplements industry. Algae supplements continue to gain monumental traction among health-conscious consumers, who are increasingly drawn toward the unique benefits of algae-based products.
“Consumer spending on products offering functional benefits is higher than ever, creating sustained opportunities for the algae supplements industry. Consumers are increasingly attracted toward nutritional supplements and are incorporating them into their diets to lead healthier lifestyles. Augmented interest in preventive healthcare has created a massive shift toward nutritional supplements and this, in turn, is being captured by the players in the algae supplements market, as a dynamic opportunity to boost their bottom line sales”, states Fact.MR report.
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Drug Stores Remain the Preferred Buying Channel: Survey
According to the report, drug stores lead, both in terms of new sales and new purchases, on account of easy availability and consumer confidence. Sales are also growing through online channels, as doorstep delivery and lower prices attract a new demographic of consumers.
The study also analyzes supply-demand for algae supplement variants, and opines that spirulina-based algae supplements will remain the top-selling category, with global sales estimated to exceed 2,200 tons in 2019. Consumer perception on spirulina’s versatility and nutritional benefits is likely to influence manufacturers to launch a diverse range of products in the market.
Key Segments of Algae Supplements Market
- Vitamins C, A, E, H, B1, B2, B6 and B12
- Polyunsaturated fatty acids
- Macro algae
- Polyunsaturated fatty acids
- L-α kainic acid
- Phycocolloids (carrageenan and agar)
- Other Types
- North America
- Latin America
- Asia Pacific (Excluding Japan)
- Middle East & Africa
- Drug Stores
- Health & Beauty Stores
- Modern Trade Channel
- Direct Selling
- Online Retailers
- Other Retail Formats
- Soft Gel
- Powder & Granules
- General Well Being
- Weight Management
- Immune & Digestive Health
- Bone & Joint Health
- Heard Health
- Eye Health
- Other Indications
Algae Supplements Market – Competitive Landscape
- In 2018, Nature’s Way signed a definitive agreement with Natural Products Canada, to collectively tap opportunities in Canada for sales of innovative, natural health-benefitting products. This partnership is aimed at meeting consumer demand for natural products, a category that is witnessing robust demand in the region. These two companies will invest in the pre-mature Canadian companies offering natural products, including nutritional supplements, dietary ingredients, and functional foods.
- In 2016, Parry Nutraceuticals, a division of the E.I.D. – Parry (India) Limited, received the approval from US FDA for its India-based facility for microalgae cultivation & processing. Parry Nutraceuticals also confirmed that it is raising the bar of its product development efforts with an objective of meeting the consumer demand for value-added microalgae-based products.
- In 2018, AlgaEnergy- a leading player in the algae supplements market and Yokogawa Electric Corporation made an official announcement of a strategic partnership and equity participation agreement among the parties. The strategic agreement encompasses an investment of approximately 10 million euro by Yokogawa, with an objective to acquire the newly issued shares of AlgaEnergy, thereby making the company a reference shareholder.