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Algae Supplements Market Growth Factors, Demand, Future Prospects and Top Manufacturers

August 20, 2019 by Amanpreet  

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.

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“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.

The study finds that multiple research studies carried out in favor of algae as a viable food supplement are contributing to growth of algae supplements market during the forecast period. Algae supplements are rich in proteins, minerals, and amino acids, which make them an ideal fit for consumers seeking the much-needed nutritional boost.

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According to the report, drug stores lead, both in terms of new sales and new purchases, on account of easy availability and consumer confidence. Sales are also growing through online channels, as doorstep delivery and lower prices attract a new demographic of consumers.

The study also analyzes supply-demand for algae supplement variants, and opines that spirulina-based algae supplements will remain the top-selling category, with global sales estimated to exceed 2,200 tons in 2019. Consumer perception on spirulina’s versatility and nutritional benefits is likely to influence manufacturers to launch a diverse range of products in the market.

Sensing varied consumer preferences regarding consumption of algae supplements, companies have introduced various forms of these supplements including tablets, capsules, liquids, powders & granules, and softgels. Softgels are expected to witness a relatively larger adoption, with global sales estimated to surpass 1,100 tons in 2019. The study finds that consumers are increasingly opting for softgels as they are relatively easier to swallow, and are devoid of any pungent smells characteristic of the ingredients used in manufacturing algae supplements.

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Fact.MR’s methodology is robust and comprehensive. We employ a range of tools and assets to develop an all-encompassing coverage of a range of industries. We compile data points at local, country, regional, and global level – our approach to capturing the finest nuances, without losing sight of the bigger picture helps us in developing accurate and reliable forecasts and estimates.

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