The global algae supplements market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). Algae is a set of micro-organics that performs the photosynthesis process, a process to covert carbon-di-oxide into fats and proteins in the presence of sunlight. Algae supplements include algae oil as a major component that is a plant-based source of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). It mainly consists of omega-3 fats and is also used as an alternative to fish supplements for vegetarian consumers.
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The increasing concern to utilize a plant-based diet as an alternative to a meat-based diet among consumers is expected to boost the growth of the market during the forecast period. The rising health awareness across the globe for a better lifestyle and substantially growing demand for algae supplements in the sports and fitness sector is anticipated to drive the global algae supplements market. Additionally, the vast portfolio of algae supplements in terms of dosage form including capsules, powders, and liquids used for the treatment of various conditions such as heart, brain, eye condition, and inflammation is expected to create new opportunities for market growth during the forecast period.
Additionally, the key players present in the global algae supplements market include Nature’s Way Products, Cyanotech Corp., Parry Nutraceuticals, Pharmavite LLC, Now Foods, and others adopted various strategies that include product launches, mergers & acquisitions, among others to remain competitive in the market. For instance, in November 2021, Solabia-Algatech Nutrition introduces AstraPure Max, as a proprietary formula including Astapure Arava whole-algae complex, which delivers natural astaxanthin along with easily absorbed magnesium glycerophosphate and vitamin B6 (pyridoxine).
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape- Nature’s Way Products, Cyanotech Corp., Parry Nutraceuticals, Pharmavite LLC, Now Foods, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Algae Supplements Market Report Segment
By Product Type
o Powder
o Capsules
o Liquid
By Distribution Channel
o Supermarkets
o Online
o Drug Stores
o Beauty & Health Stores
By Source
o Brown Algae
o Green Algae
o Red Algae
o Blue-Green Algae
By Application
o Pharmaceuticals
o Nutraceuticals & Dietary Supplements
o Chemicals
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