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. The algae products market analysis report highlights the drivers, restraints, opportunities and trends affecting market growth. 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. 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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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 Vitamin Discount Center, Herbal Terra, LLC, Algae Health Science, Kent BioEnergy Corporation, Algae Health Science, Holistic Herbal Solutions LLC, Pharmavite LLC, and many more.
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.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized food market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
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