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Global chlorella powder ingredient market was valued at $423.7 million in 2018, and is further expected to generate a revenue of $1,106.8 million by 2024, exhibiting a CAGR of 16.5% during the forecast period (2019-2024). Growing demand for organic skin and hair care products, rising focus of consumers on health and fitness, and increasing consumption of plant-based protein supplements are the key factors driving the chlorella powder ingredient market across the globe. Among all regions, Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period. The rapid economic growth, growing preference toward organic beauty and personal care products, and increasing health consciousness among the populace are some of the major factors driving the growth of the market in the region.
Factors Governing Chlorella Powder Ingredient Market
Increasing adoption of chlorella powder as a sports nutrition supplement is one of the major trends observed in the market. With the rising demand for plant-based protein supplements, sports nutrition brands are focusing on the launch of natural and organic products. For instance, in 2015, Global Health Trax Inc., a U.S.-based manufacturer and distributor of digestive supplements, launched Vegan Life Nutrition, a nutritional supplement brand comprising a vast portfolio of vegan products. Since chlorella helps increase the oxygen uptake capacity in both young men and women, its consumption is beneficial for athletes who participate in sports or exercises requiring high aerobic endurance.
Growing demand for organic skin and hair care products is one of the key factors primarily driving the growth of chlorella powder ingredient market across the globe. Increasing population of working women across the world, growing demand for natural and organic products, and rising disposable income of people in developing countries are supporting the growth of the market for skin care and hair care products globally. Consumers in the market are currently looking for products that are free from harsh chemicals. Since chlorella contains many minerals, vitamins, and other nutrients that have several benefits for skin and hair, it is witnessing high demand from various personal care and cosmetic product companies.
With more than 3.47 billion internet users across the globe, and propelled by rising internet penetration, businesses are increasingly focusing on the sale of their products on e-commerce platforms. The online medium has demonstrated potential growth for transforming businesses across several industries, including personal care and nutrition. Greater product variety, better deals, 24X7 hassle-free shopping experience, easy price comparison, and home delivery are some of the factors supporting the growth of the e-commence industry, globally. As customers are increasingly preferring online product purchase, e-commerce platforms are offering immense growth opportunity to the players in the chlorella powder ingredient market for higher product visibility and sales.
Chlorella Powder Ingredient Market Segmentation Analysis
Based on end use, the global chlorella powder ingredient market is categorized into food & beverages (F&B), cosmetics, dietary supplements, and animal feed. Among these, the F&B category held the largest share in the market in 2018; owing to the increasing consumption of chlorella-based foods and drinks. With rising health consciousness, the number of people adopting vegan lifestyles is increasing in the region. As chlorella is a rich source of proteins, vitamins, and minerals, people are increasingly consuming chlorella-based foods and beverages for several health benefits.
Based on distribution channel, the global chlorella powder ingredient market is categorized into supermarkets/hypermarkets, convenience stores, specialty stores, pharmacies, and online. Of these, supermarkets/hypermarkets contributed the highest revenue to the market in 2018. This can be majorly attributed to the growth in the number of supermarkets/hypermarkets in countries such as the U.S., China, Mexico, and the U.A.E. Presently, it is being observed that a large portion of the populace across the globe prefers to purchase food products and daily-use products from supermarkets and hypermarkets.
Geographical Analysis of Chlorella Powder Ingredient Market
Based on region, APAC held the largest share in the global chlorella powder ingredient market in 2018. Within APAC, China contributed the highest revenue to the market in 2018. Increasing health consciousness among the people in the country, coupled with the ascending demand for dietary supplements for better health, is driving the market growth in China.
Competitive Landscape of Chlorella Powder Ingredient Market
The global chlorella powder ingredient market is fragmented in nature, with top four companies accounting for 15% share in 2018. Competition among the market players is based on their regional presence, product quality, and product purity, wherein product quality is primarily dependent on the cultivation methods used by the manufacturers. Some of the prominent market players include Sun Chlorella Corp., Phycom BV, Tianjin Norland Biotech Co. Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Roquette Frères S.A., Organika Health Products Inc., E.I.D – Parry (India) Limited, NOW Health Group Inc., Healthworks, and PureBulk.
Recent Strategic Developments of Major Chlorella Powder Ingredient Market Players
In the recent past, product launches, partnerships, and geographic expansions were some of the key activities undertaken by players operating in the chlorella powder ingredient market. For instance, in May 2019, Algenuity launched its chlorella colors platform at Vitafoods Europe 2019. The chlorella colors platform is approved for the European food market and is suitable for vegan consumers, offering them protein rich, and whole plant cell-based ingredients for food, drink and supplement products.
Furthermore, in January 2019, Rejuvenated Limited launched a collagen-boosting product named skin perfecting complex. The product contains chlorella, ashwagandha, msm sulfur, and sea buckthorn berry. This product helps the consumers to clear eczema, acne, and rosacea.
Key Questions Addressed/Answered in the Report