The market size for algae-based supplements is estimated to be around US$ 2,365.3 million in 2024. It is projected to exhibit a CAGR of 7.3% over the forecast period and reach a market valuation of US$ 4,804.5 million by 2034.
Algae-based supplements have gained popularity among health-conscious individuals due to their potential health benefits. This growth has been further fueled by the growing trend of vegan and plant-based diets, which has resulted in increased demand for natural and nutrient-dense products. Manufacturers have also made significant advancements in processing techniques, making algae supplements more accessible and palatable to consumers.
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Diversified product offerings have also catered to consumer preferences, further driving the adoption of algae-based supplements. Ongoing studies have supported the potential health benefits of algae-based supplements, which have increased consumer confidence and the adoption of these products. The demand for sustainable and eco-friendly choices is also driving the adoption of algae-based supplements among environmentally conscious consumers.
The popularity of macro and micro-algal foods has also increased due to their nutritional value and other non-traditional health advantages. Educational campaigns by government and private entities have highlighted the nutritional value of algae, contributing to the increasing adoption of algae-based supplements. Algae-based supplements are also sought after for their skin-enhancing properties, which has led to increased demand among consumers interested in beauty and skincare.
“There is still little to no information regarding the benefits of algae-based supplements in the underdeveloped parts of the world. Besides this, there are also some concerns regarding the effectiveness of these supplements in the minds of the general population. Key companies in the market must educate people to expand their consumer base and alleviate concerns,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The microalgae segment dominates the algae-based supplement market, progressing at a CAGR of 4.80% through 2034.
- On the basis of the product type, the soft gels segment leads the algae-based supplement market, expanding at a CAGR of 3.90% over the forecast period.
- The algae-based supplement market in the United States is anticipated to grow at a CAGR of 8.20% through 2034.
- The algae-based supplement market in the United Kingdom is estimated to rise at a whopping 7.10% CAGR through 2034.
- The algae-based supplement market in Japan has the potential to increase at a 5.20% CAGR through 2034.
- The Canadian algae-based supplement market is predicted to rise at a 5.90% CAGR through 2034.
- The algae-based supplement market in Germany is very likely to grow at a CAGR of 4.30% through 2034.
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Competitive Landscape
The competitive landscape in the algae-based supplement market is diverse, featuring both international and domestic companies. Key players, including Fuqing King Dnarmsa Spirulina Co. Ltd., Allmicroalgae, DIC Corporation, Algatech, Cyanotech Corporation, and Terravia (now owned by Corbion), etc., are dominating the global market.
Companies are responding to the demands of eco-conscious consumers and businesses by adopting environmentally friendly cultivation and extraction methods. These players are also investing millions of dollars in formulating new products to widen their portfolios and attract young consumers to the market.
Recent Developments
- In June 2023, Iwi Life introduced Omega-3 Minis, addressing nutritional gaps with high-quality sources 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.
- In September 2023, algae processor Vinpai and organic ingredient distributor Adetis forged a partnership, expanding the market for algae-based solutions in France. Vinpai gained access to Adetis’ extensive distribution network, fostering growth in sustainable food and supplement sectors, supported by Vinpai’s recent FSCC 22000 and ISO 9001 certifications.
- Top of Form
- In 2024, Corbion Introduced Algal Omega-3 and Omega-9 products for dietary supplements. The company announced the launch of its AlgaVia product line, marking the company’s first foray into the human nutrition market.
- In December 2023, GC Rieber VivoMega, a Norwegian fish oil manufacturer, expanded into the algae oil market, introducing a line of vegan DHA Omega-3 concentrates from marine microalgae. The company proudly announced its attainment of the International V-Label certification, validating its commitment to quality and origin transparency.
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Key Market Segmentation
By Product Type:
- Tablets
- Capsules
- Soft Gel
- Powder & Granules
- Liquid
By Algae Type:
- Microalgae
- Chlorella
- Dunaliella Salina
- Spirulina
- Aphanizomenon Flos-Aquae
- Haematococcus Pluvialis
- Other Types
- Macroalgae
- Nori
- Kelp
- Bladderwrack
- Wakame
- Dulse
- Others
By Consumer Orientation:
- Men
- Women
- Unisex
- Kids
By Sales Channel:
- Store-Based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Drug Stores and Pharmacies
- Health and Wellness Stores
- Other Retailers
- Online Retailing
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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