Algae Supplements Market: Market Outlook
Algae is a group of micro-organisms, they have the ability of photosynthesis process. This process converts carbon-dioxide into proteins and fats in the presence of sunlight. Algae oil is a plant-based source of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Algae also consist of omega-3 fats that are an essential part of our diet. Algae supplements provide the same benefits as supplements containing fish oil. Algae oil supplements are beneficial for consumers who don’t eat fish. Consumers today wish to follow a plant-based diet due to the increasing awareness of the high cholesterol content and problems such as obesity caused due to the intake of a meat-based diet. Algae supplements are known for their ability to aid heart, eye health, brain, as well as fight inflammation.
Consumers across the world are opting for a better lifestyle as a result of growing health awareness. There is a rise in demand for algae supplements among sports athletes. Algae supplements are available in the form of powder, capsules, and liquids which make them easy to carry. These factors have contributed to the rise of demand for the Algae Supplements Market. Some people may be allergic to algae supplements. Consumption of algae supplements may cause different problems such as rashes, allergic reactions, difficulty in breathing, and others which can refrain consumers from consuming algae supplements. Lack of awareness regarding the health benefits by consumption of algae supplements still marks to be the key factor of the subvert growth of algae supplements market in the global market.
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Algae Supplements Market: Market Dynamics
The wide range of applications is driving the algae supplements market
Algae is a natural source of proteins. It is used in a wide range of applications. Algae are included in food & beverages, dietary supplements, personal care, pharmaceuticals, and nutraceuticals. The increasing awareness about personal care among the consumers has led to the demand in the algae supplements market. Algae is an important natural pigment which is used in cosmetics, hair treatment, and skincare products. The food & beverage segment uses algae species as food additives. This may drive the algae supplements market and may show significant growth in the forecast period.
Rise in the trend of veganism may drive the algae supplements market.
The diet of vegan consumers limits them from meeting the requirements of omega-3 fats and DHA. The requirement of omega-3 fats and DHA for the consumers are well-researched. There is an increase in vegan consumers due to the clean label trend and increased awareness regarding animal cruelty. Algae supplements prove to a perfect alternative for meat-based supplements. This rise in the trend of veganism can drive the algae supplements market to a great extent.
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Algae Supplements Market: Market Segmentation
Based on product type, the algae supplements market can be segmented into
- Powder
- Capsules
- Liquid
Based on distribution channel, the algae supplements market can be segmented into
- Supermarkets
- Online
- Drug stores
- Beauty and health stores
Based on source, the algae supplements market can be segmented into
- Brown algae
- Green algae
- Red algae
- Blue-green algae
Based on application, the algae supplements market can be segmented into
- Pharmaceuticals
- Nutraceuticals and Dietary Supplements
- Chemicals
Based on the region, the algae supplements market can be segmented into
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Global Algae Supplements Market: Key Players
Some of the key players in the global algae supplements market are Nature’s Way Products, Pharmavite LLC, Cyanotech Corporation, Parry Nutraceuticals, Now Foods, Fuqing King Dnarmsa Spirulina, TerraVia Holdings, Corbion NV, Phycom Microalgae, Algae Health Science, and others.
Global Algae Supplements Market: Opportunities
The key players are taking continuous efforts for the rise in demand for the algae supplements market. They are providing consumers with algae supplements that are different in texture, high quality, and algae supplements that meet the nutritional demands of the consumers. The manufacturers are also constantly focusing on the research and development for algae production and harvesting.
Global Algae Supplements Market: Regional Outlook
The algae supplements market is estimated to be the most profitable market in North America due to the rise in demand for algae-based supplements in the region. There is a significant change in the lifestyle of consumers living in the Asia-Pacific region. There is a noticeable change in their dietary patterns due to which the algae supplements market is expected to witness rapid growth.
Covid-19 Impact on Algae Supplements Market
During the Covid-19, the demand for functional food and nutraceuticals is expected to witness an increase in demands owing to customers looking for immunity-boosting supplements. The decline in the consumption of meat, seafood, and poultry products is expected to increase the demand for plant-based products such as algae supplements in the forecast period. Increased awareness about immunity through ready to consume supplements may keep the algae supplements market unaffected during this pandemic
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