The algae-based supplement market is projected to grow significantly, increasing from USD 2,365.3 million in 2024 to USD 4,804.5 million by 2034, driven by a robust 7.3% compound annual growth rate (CAGR) over the decade. Several factors contribute to this anticipated growth
Algae-based supplements have surged in popularity among health-conscious individuals due to their promising health benefits. This growth is further driven by the increasing trend of vegan and plant-based diets, which has heightened demand for natural, nutrient-rich products. Additionally, significant advancements in processing techniques have made algae supplements more accessible and appealing, enhancing their taste and ease of consumption for a broader audience.
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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.
Competitive Landscape
The competitive landscape in the algae-based supplement market is diverse, featuring both international and domestic companies.
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.
Key Companies in the Market
- Algatechnologies
- Cyanotech Corporation
- Corbion (formerly Terravia)
- Allmicroalgae
- DIC Corporation
- Roquette
- Parry Nutraceuticals
- Corbion
- Far East Microalgae Industries Co., Ltd.
- Terravia Holdings, Inc.
- E.I.D. – Parry (India) Limited
- Fuqing King Dnarmsa Spirulina Co. Ltd.
- Algenol Biofuels Inc.
- Cellana LLC
- Algix
- Heliae Development LLC
- Helios Nutrition
- Phycom B.V.
- TerraVia (formerly Solazyme)
- Triton Algae Innovations
Recent Developments
- 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.
- 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.
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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
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