Algae Supplements Market Incremental Opportunity Assessment through 2019 to 2027
In a recent business intelligence study, FactMR presents the nitty-gritty of the global algae supplements market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
The algae supplements market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions. The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin. Prominent players covered in this research are Cyanotech Corporation, Sunrise Nutrachem Group., Taau Australia Pty Ltd., Algae Health Science, Fuqing king dnarmsa spirulina Co. Ltd. and many others.
According to a recent report by FactMR, 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.
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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Drug Stores Remain the Preferred Buying Channel: Survey
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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According to the report, manufacturers’ efforts to position themselves as a one-stop destination for multiple product varieties will remain a key strategy to gain a competitive edge in the algae supplements market. In addition, manufacturers are keeping a close track of regulatory shifts to make respective product reformations, in a bid to avoid supply disruption. The Fact.MR research study offers an incisive forecast on the algae supplements market for the period, 2019 to 2027. The algae supplements market is likely to record a volume CAGR of nearly 7.0% through 2027.
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