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. Based on end use, the food & beverages (F&B) category held the largest share in the market in 2018; owing to the increasing consumption of chlorella-based F&B products. 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.
Rising Focus of Consumers on Health and Fitness is Driving the Growth of Chlorella Powder Ingredient Market
Rising focus of consumers on health and fitness is another key factor fueling the demand for chlorella, globally. The nutrient-dense alga has been gaining traction in the market for its health benefits. For instance, chlorella helps the body detox by facilitating the removal of several harmful compounds, including heavy metals such as lead, cadmium, and mercury. Moreover, it has been found that chlorella stimulates the production of antibodies, which improve the immune system. Due to these health benefits, people are increasingly consuming chlorella as a food supplement to improve their overall health.
Increasing Use of Chlorella as an Ingredient for Animal Feed is Offering Growth Opportunity for Market Players
Chlorella is commonly used as a nutritional supplement by humans, however, it is beneficial for animals too. The components of this alga strengthen the immune system of animals, which further facilitates better defense against viruses, bacteria, and fungi. Moreover, to keep the skin and coat of animals healthy, certain vitamins are necessary. As chlorella contains a high amount of vitamins A and C and minerals that promote hair growth and help reduce skin problems, it is gaining traction as an ingredient for animal feed. Due to these benefits, the pet food industry is offering ample growth opportunities to the players in the chlorella powder ingredient market. Some of these companies have already introduced chlorella-based pet supplements.
Segmentation Analysis of Chlorella Powder Ingredient Market
Based on distribution channel, online platforms category is expected to witness the fastest growth during the forecast period. This can be attributed to the increasing number of e-commerce platforms, coupled with the growing internet penetration across the globe. Greater product variation, easy price comparison, and home delivery are some major features that attract consumers toward e-commerce platforms.
Geographical Analysis of Chlorella Powder Ingredient Market
Together, Asia-Pacific (APAC) and North America are expected to account for over 65% share in the global chlorella powder ingredient market by 2024, owing to 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. Other geographies, which include Europe, Latin America (LATAM), and Middle East & Africa (MEA) also hold considerable shares in the global chlorella powder ingredient market.
Browse report overview with detailed TOC on "Chlorella Powder Ingredient Market Research Report: By End Use (Food & Beverages, Cosmetics, Dietary Supplements, Animal Feed), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Pharmacies, Online Platforms), Geographical Outlook (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, Turkey, U.A.E., South Africa) – Global Industry Trends and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/chlorella-powder-ingredient-market
Competitive Landscape of Chlorella Powder Ingredient Market
The market for chlorella powder ingredient is demonstrating a fragmented landscape with the presence of a large number of market players. Some of the prominent market players include Sun Chlorella Corp., Fuqing King Dnarmsa Spirulina Co. Ltd., Roquette Frères S.A., Organika and E.I.D – Parry (India) Limited, and NOW Health Group Inc.
In recent years, major players in the chlorella powder ingredient market have taken several strategic measures such as partnerships, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in April 2019, Shiseido Company Limited launched three anti-aging creams: a day cream, a nourishing cream, and a wrinkle smoothing cream in the Russian market. These products contain extracts of Turmeric, Chlorella, and Mukurossi.
Apart from the aforementioned companies, other players offering chlorella powder ingredient products, across the globe include Phycom BV, Tianjin Norland Biotech Co. Ltd., Organika Health Products Inc, NOW Health Group Inc., Green Foods Corporation, Swanson Health Products Inc., TOOTSI IMPEX Inc., Taiwan Chlorella Manufacturing Company, Health Ranger Inc., and Bionest Corporation SDN. BHD.
Market Segmentation by End Use
Market Segmentation by Distribution Channel
Market Segmentation by Region