Market Trends of North America Algae Protein Industry
Escalating Consumer Investment in Preventive Healthcare Products
Emphasizing care management, paying for value, and rising general inflation influence healthcare costs have been driving consumers in the region toward preventive healthcare measures, raising the demand for supplements and thus the algal protein ingredients. Additionally, consumers have adopted a personalized approach to healthcare by investing in preventive products and services to deal with simple metabolic disorders. For instance, according to StatCan, sales of vitamins, minerals, and other health supplements amounted to approximately USD 0.87 billion in the fourth quarter of 2021, which increased from USD 0.84 billion in the fourth quarter of 2020. Further, vegan and all-natural supplements are becoming popular owing to the growth of plant-based trends in the region.
Such factors have supported the market's growth. Thus, the producers of dietary supplements in the region are capitalizing on the application, formulation, and therapeutic expansion of other health benefits to regulate sales, thus aiding the market to grow. For instance, in August 2022, United States-based Vital Nutrients launched an algal-based vegan fish oil. Targeting immunity, cardiovascular health, and cognitive focus, the Ultra-Pure Vegan Omega SPM+ was claimed to combine omega-3 fatty acids with specialized pro-resolving mediators (SPMs). Such multiple functionalities of algal protein-based supplements are attracting consumers, thus raising their sales.
United States Holds the Largest Share in the Market
The usage of dietary supplements has grown significantly in the United States over the past decade owing to increased awareness about their health benefits, which has driven the market's growth. Additionally, dietary supplements and food products are the major application segments in the North American market, attributed to rising fitness awareness and increased consumption of supplements among consumers in the United States. For instance, according to a CRN USA survey, in 2021, a record-high 80% of the adult population in the United States took dietary supplements. The nutritional supplement industry, which is a major driver of the market, has seen significant growth, especially in protein supplements and vitamins. Moreover, in the United States, though the consumption of algae-derived products and additives has generally remained out of the mainstream, constantly changing market dynamics and consumer behavior have created a trend for vegan and plant-based protein ingredients and products, thereby boosting the market's growth for algae protein products. Moreover, with this growing demand from consumers and manufacturers, players are focused on partnering with research companies to develop innovative algal solutions and grab a major market share. For instance, in September 2021, plant-based meat brand Tofurky teamed up with San Diego-based Triton Algae Innovations to commercialize new 'algae-based meat innovations' featuring Triton's protein-rich non-GMO essential red algae for retail launch in Q1, 2022.
