03.18.22
The collagen market is expected to reach $7.20 billion by 2028, according to a report published by the Insight Partners.
This represents a CAGR growth of 8.3% from 2021, during which the global collagen market was valued at $4.12 billion.
Collagen is the main structural protein found in skin and other connective tissues. It decreases with age causing the skin to become thinner and drier leading to the development of wrinkles. It is widely used in purified form for cosmetic surgical treatments and in personal care products, including baby oil, anti-aging creams, lotions, color cosmetics, and hair care.
The rising demand for collagen from personal care and cosmetics manufacturers is driving the growth of the application segment in the collagen market.
While the Covid-19 pandemic caused a raw material shortage and many collagen manufacturers suffered from losses due to a shortfall in product supply from supply chain disruptions and labor shortages, concerns related to health and fitness increased and with it the demand for dietary supplements.
This factor opened significant growth opportunities for the market players as collagen is widely incorporated in various protein and vitamin supplements. Manufacturers are increasing their production due to ease in the restrictions imposed by the government, thereby boosting the collagen market growth.
The leading players in the collagen market include Gelita AG; Gelnex; Lapi Gelatine S.p.A; Nippi Inc.; Nitta Gelatin, Inc.; RABJ Co., Ltd.; Vihn Hoan Corporation; Weishardt; Protein SA, and Ewald-Gelatine GmbH. These players are focusing on developing innovative products to meet the changing requirements of consumers.
The hydrolyzed and vegan collagen markets are expected to grow in the next five years for beauty, nutraceuticals and personal care, among others.
Just this month, Vida Glow, an Australian ingestible beauty brand that makes Natural Marine Collagen, launched into the US market following success in China and Australia.
Asia Pacific is projected to grow at the fastest CAGR in the global collagen market over the forecast period. The growth of the market across Asia Pacific is attributed to the factors such as growing demand for nutritional supplements coupled with increasing use in personal and sports nutrition products. The growth of the beauty and wellness industry in Asia Pacific countries, especially in South Korea and Japan, is driving the demand for collagen across the region.
The vegan population is growing at a rapid pace. Veganism trends largely influence people due to the growing affiliation for animals and increasing awareness regarding animal protection. Consumers are heavily focusing on clean and cruelty-free products.
Evonik Industries Inc., also launched vegan-friendly collagen made with the fermentation process. The advent of vegan collagen and proliferation of veganism, especially across Europe and North America, is projected to open significant opportunities in the collagen market over the forecast period.