Algae-based Supplement Market

Algae-based Supplement Market Outlook from 2024 to 2034

The algae-based supplement market size is expected to expand from USD 2,365.3 million in 2024 to USD 4,804.5 million by 2034. sales of algae-based supplements are likely to soar at a 7.3% CAGR from 2024 to 2034.

Several reasons can be attributed to this growth:

• Rising awareness of health benefits associated with algae-based supplements in the general population
• Growing adoption of plant-based diets due to the ongoing trend of vegan and animal cruelty-free dietary habits
• Advancements in processing techniques, enhancing the taste and accessibility of algae supplements
• Diversified product offerings by manufacturers to cater to diverse consumer preferences
• Ongoing studies supporting algae's potential health benefits, increasing the confidence and adoption of algae-based supplements
• The increasing popularity of macro- and micro-algal foods due to their nutritional value and other non-traditional health advantages
• Educational campaigns by governments as well as private entities highlighting the nutritional value of algae contributing to the increasing adoption of these supplements

Attributes	Details
Algae-based Supplement Market Size (2024)	USD 2,365.3 million
Projected Market Size (2034)	USD 4,804.5 million
Value-based CAGR (2024 to 2034)	7.3%

Consumption Analysis of the Algae-based Supplement Market

• Algae-based supplements are experiencing increasing demand among health enthusiasts due to a rising preference for natural and nutrient-dense products
• The adoption of algae-based supplements is growing among vegans and vegetarians, who seek plant-based alternatives for essential nutrients
• The rising preference for performance-enhancing and nutritionally rich supplements is driving the adoption of algae-based products among athletes and fitness enthusiasts
• Algae supplements are experiencing increasing demand from the aging population as the adoption of these products grows for their potential health and vitality benefits
• The rising preference for sustainable and eco-friendly choices is also driving the adoption of algae-based supplements among environmentally-conscious consumers
• The demand for algae-based supplements is also touching the skies among consumers interested in beauty and skincare due to their potential skin-enhancing properties.

Restraining Factors Adversely Affecting the Algae-based Supplement Market

The algae-based supplement market is anticipated to surpass a valuation of USD 4804.5 million by 2034, growing at a 7.30% CAGR. While the market is expected to experience remarkable growth, several factors are expected to adversely affect its development:

• A lack of widespread awareness about the benefits of algae-based supplements hinders their adoption as potential consumers may not be fully informed about the products.
• The high cost associated with the cultivation and extraction of supplements is also one of the hurdles for the manufacturers of algae-based supplements.
• Over-reliability on one specific region for algae-based products also makes the market susceptible to supply chain disruptions and geopolitical uncertainties.
• There are still a lot of concerns regarding the effectiveness of algae-based supplements compared to traditional sources. This, too, hinders the widespread adoption and market expansion.

Category-wise Insights

Significant Increase in Demand for Soft Gels Over Other Product Types

Attributes	Details
Top Product Type	Soft Gels
CAGR (2024 to 2034)	3.90%

The soft-gel segment is anticipated to thrive at a 3.9% CAGR during the projection period to reach a market valuation of USD 1215.5 million by 2034.

• Soft gels are gaining prominence due to the rising preference for easy-to-swallow structures, with consumers increasingly adopting them for their convenience and ease of consumption.
• The adoption of soft gels is growing among health-conscious consumers who prefer their prolonged shelf life, accurate dosing, and the ability to encapsulate various health-enhancing ingredients like vitamins and botanical extracts.
• Soft gels are also gaining prominence as they eliminate or minimize the unpleasant aftertaste associated with certain supplements. This improves the overall customer experience and drives their growing popularity.

Microalgae Algae Type Holds a Dominant Position in the Market

Attributes	Details
Top Algae Type	Microalgae
CAGR (2024 to 2034)	4.80%

The microalgae segment is anticipated to thrive at a 4.8% CAGR over the forecast period to reach a market valuation of USD 3,122.9 million by 2034.

• With consumers increasingly consuming microalgae supplements due to their high nutritional density and numerous health benefits, the demand for these varieties is very likely to touch the skies in the coming years
• The adoption of microalgae algae, particularly varieties like chlorella and spirulina, is growing among consumers. This is due to their various health benefits, including improved immunity, weight management, detoxification, and digestive well-being.

Country-wise Analysis

The section provides an analysis of the algae-based supplement market by country, including Japan, Canada, the United States, the United Kingdom, and Germany. The table presents the CAGRs for each country, indicating the expected growth of the market in that country through 2034.

Countries	CAGR (2024 to 2034)
United States	8.2%
United Kingdom	7.1%
Japan	5.2%
Canada	5.9%
Germany	4.3%

Algae-based Supplement Market in the United States

The United States leads the market in the North American region. Over the next ten years, the demand for algae-based supplements is projected to rise at an 8.20% CAGR.

• The rising awareness and prioritization of health and wellness among the people in the United States significantly contributes to the growth of the algae-based supplement market.
• The growing consumption of plant-based diets in the United States also fuels the demand for algae-based supplements as consumers seek alternatives to traditional animal-derived sources for essential nutrients.

Algae-based Supplement Market in the United Kingdom

The United Kingdom dominates the market in the European region. The United Kingdom's algae-based supplement market is anticipated to exhibit an annual growth rate of 7.10% till 2034.

• A growing population of vegans and vegetarians in the United Kingdom drives the acceptance of algae-based supplements as a plant-based alternative.
• Supportive government policies promoting sustainability and healthy living also create a favorable environment for the algae-based supplement market to thrive in the United Kingdom.

Algae-based Supplement Market in Japan

Japan is the leading country from the Asian region in this market. The Japanese algae-based supplement market is anticipated to retain its dominance by progressing at an annual growth rate of 5.20% till 2034.

• Japan has a cultural history of incorporating seaweeds and all the other kinds of seafood into the diet. This familiarity with algae-based foods creates a natural acceptance of algae-based supplements in the country.
• Innovations in incorporating algae into traditional Japanese cuisine and food products also contribute to the exponential expansion of algae-based supplements in the Japanese islands.

Algae-based Supplement Market in Canada

In the North American region, Canada, too, leads the algae-based supplement market. The Canadian market is predicted to grow at an annual growth rate of 5.9% CAGR through 2034.

• Similar to other regions, Canada is also experiencing a shift towards plant-based diets. This has generated enormous demand for algae-based supplements as consumers seek sustainable and cruelty-free nutritional options.
• The Canadian government is actively promoting sustainability and eco-friendly practices in the procurement and extraction of algae-based supplements. This has also inspired companies to enter the market, thus aiding the expansion.

Algae-based Supplement Market in Germany

Germany is another European country that leads the global market. The German algae-based supplement market is predicted to grow at an annual growth rate of 4.30% CAGR through 2034.

• The German pharma and nutraceutical industries are known for their innovative product offerings. This has led to the creation of high-quality algae-based supplements, fostering consumer trust and contributing to market expansion.
• Germany is also leading the market for algae-based supplements due to the growing aging population that consumes these products to address age-related health concerns and support overall well-being.

Competitive Landscape

The market for algae-based supplements is filled with numerous international and domestic companies, such as Algatech, Cyanotech Corporation, Terravia (now owned by Corbion), Fuqing King Dnarmsa Spirulina Co. Ltd., Allmicroalgae, and DIC Corporation, etc.

These companies are investing heavily in research and development to create novel and high-quality algae-based supplement formulations. Besides this, key players in the market are also embracing environmentally friendly cultivation and extraction methods to cater to the demands of eco-conscious consumers and businesses.

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.

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

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Dynamics
• 4. Global Market - Pricing Analysis
• 5. Value Chain Analysis
• 6. Global Market Size in Value (USD million) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
  • 7.1. Tablets
  • 7.2. Capsules
  • 7.3. Soft Gel
  • 7.4. Powder & Granules
  • 7.5. Liquid
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Algae Type
  • 8.1. Microalgae
    • 8.1.1. Chlorella
    • 8.1.2. Dunaliella Salina
    • 8.1.3. Spirulina
    • 8.1.4. Aphanizomenon Flos-Aquae
    • 8.1.5. Haematococcus Pluvialis
    • 8.1.6. Other Types
  • 8.2. Macroalgae
    • 8.2.1. Nori
    • 8.2.2. Kelp
    • 8.2.3. Bladderwrack
    • 8.2.4. Wakame
    • 8.2.5. Dulse
    • 8.2.6. Others
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Consumer Orientation
  • 9.1. Men
  • 9.2. Women
  • 9.3. Unisex
  • 9.4. Kids
• 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Sales Channel
  • 10.1. Store-Based Retailing
    • 10.1.1. Hypermarkets/Supermarkets
    • 10.1.2. Convenience Stores
    • 10.1.3. Drug Stores and Pharmacies
    • 10.1.4. Health and Wellness Stores
    • 10.1.5. Other Retailers
  • 10.2. Online Retailing
• 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
  • 11.1. North America
  • 11.2. Latin America
  • 11.3. Europe
  • 11.4. East Asia
  • 11.5. South Asia
  • 11.6. Oceania
  • 11.7. Middle East & Africa
• 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 14. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 16. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 17. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 18. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 19. Country-level Market Analysis, 2024
• 20. Market Structure Analysis
• 21. Competition Analysis
  • 21.1. Now Foods
  • 21.2. Kent BioEnergy Corporation
  • 21.3. TerraVia Holdings Inc.
  • 21.4. Koninklijke DSM N.V.
  • 21.5. Holistic Herbal Solutions LLC
  • 21.6. Taau Australia Pty Ltd.
  • 21.7. Algae Health Science
  • 21.8. Cyanotech Corporation
  • 21.9. Vitamin Discount Center
  • 21.10. DIC Corporation
  • 21.11. Herbal Terra LLC
  • 21.12. Doctor's Best
  • 21.13. Chlorella Supply Co. Ltd.
  • 21.14. Pharmavite LLC
  • 21.15. Nutress B.V.
  • 21.16. Fuqing King Dnarmsa Spirulina Co. Ltd.
  • 21.17. Others (on additional request)
• 22. Assumptions and Acronyms
• 23. Research Methodology