Market Trends of Algae Supplements Industry
Rising Awareness Regarding the Health Benefits of Spirulina Supplements Driving Market Growth
The rising consumer awareness regarding the health benefits of algae-based supplements, including spirulina, among others, coupled with increasing consumer investment in preventive healthcare practices, is anticipated to propel market growth. For instance, as per the Council for Responsible Nutrition (CRN), the usage of dietary supplements among adults in the United States was 74% in the year 2023. The population across countries like China, India, the United States, Brazil, Germany, Italy, and France, among others, is aging, prompting consumers to seek various algae-based supplements to maintain and enhance overall health and well-being. Additionally, the healthcare cost is substantially high in European countries due to the high per-capita out-of-pocket spending on healthcare amid the burden of communicable and non-communicable diseases. Such trends have prompted consumers to opt for algae-based supplements. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in 2022, the per capita healthcare expenditure in the United States was recorded at USD 12,555.3, USD 8,049.1 in Switzerland, and USD 8,010.9 in Germany.
Additionally, health-conscious individuals, athletes, and gym users highly seek algae supplements for muscle building and strength. In response to this demand, manufacturers have launched a range of algae-derived supplements aimed at various groups of consumers. The demand for algae during the forecast period is projected to be driven by this growing consumer interest in aquaculture to meet food needs. For instance, ActiveX offers ActiveX Natural Spirulina Supplement, which contains naturally dried spirulina algae. The product has the highest concentration of spirulina protein and is consumed before a workout to boost energy, help decrease chronic fatigue, increase power output, increase oxygen uptake, optimize body composition, and reduce muscle damage. The supplement contains spirulina cultivated in pollution-free water and air and is free from heavy metals, pathogens, and pesticides.
The Powder Form of Algae Supplements Holds a Major Market Share
The powder form segment holds a major market share as it allows for the effective administration of a very large dose that would be impossible to administer in any other way. Powdered supplements offer greater flexibility compared to capsules or tablets. They can be easily mixed into various beverages, smoothies, or yogurt, making them appealing to individuals with different taste preferences and dietary restrictions. Moreover, powders typically dissolve faster than solid forms, leading to quicker absorption of nutrients into the bloodstream. This is particularly attractive for athletes and individuals seeking immediate results. In addition, powders allow for customized dosage adjustments by simply altering the amount used. This caters to individual needs and preferences, unlike pre-measured capsules or tablets.
Moreover, powdered supplements offer a convenient and accessible way to address specific nutritional needs and boost overall health. The demand is further boosted by rising consumer awareness regarding preventive healthcare measures and practices. According to the Peter G. Peterson Foundation and Kaiser Family Foundation, in 2022, US out-of-pocket healthcare payments were reported to be an average of USD 1,424.6 per capita, an increase from USD 1,341.1 per capita in 2021. In addition, powdered formats are popular for specific needs, like protein powders for muscle building, collagen powders for skin health, and green powders for increased nutrient intake. Furthermore, the demand for pre-workout and post-workout supplements is surging, and powdered formulas are often preferred for their quick absorption and ease of mixing into sports drinks.
