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.
In Brief:
The algae supplements market reflected growth at a CAGR of over 5% during the period, 2013 to 2018. Gains in the algae supplements industry are primarily driven by the changing dietary patters of consumers and the upward trend of health & wellness.
Revenues from the algae supplements market surpassed US$ 800 Mn in 2018 and is further projected to exhibit a Y-O-Y growth of over 6% in 2019.
North America has remained a lucrative market for algae supplements, underpinned in part by the burgeoning demand for algae-based products in the region.
APEJ is likely to emerge as a high-growth market for algae supplements, upheld by evolving consumer lifestyles and changing dietary patterns across emerging economies in the region.
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What are the Key Growth Drivers of Algae Supplements Market?
Algae supplement sales have been significantly driven by the increasing consumer demand for plant-based nutrition sources.
Soaring demand for macro- & micro-algal foods, on account of their functional benefits that extend beyond conventional considerations of health and nutrition, is predominantly fuelling investments in algae supplements development and production.
Evidently a natural source of proteins and antioxidants, algae supplements continue to gain popularity in line with demand for plant-based lipids and proteins, along with growing technological advances in algae production and harvesting.
Anti-aging effects, and better maintenance of 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 the non-conventional products. This, in turn, is creating favorable circumstances for large-scale adoption of algae supplements.
What are the Key Challenges Faced by Stakeholders of the Algae Supplements Market?
Lack of awareness regarding benefits of algae supplements continues to be one among the key factors undermining growth of algae supplements market. However, government investments in research & commercialization of algae across key regions are likely to favor growth of the algae supplements market.
High developmental costs has remained a major concern among the algae supplements industry players. This further impacts the overall cost of the final product, thereby impeding sales of algae supplements to a certain extent. .
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.
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