11.23.22
The demand for microalgae in personal care and cosmetics market is growing in the industry. Future Market Insights (FMI) estimates that the revenue generated from microalgae demand will grow by 1.5 times of current market valuation between 2021 and 2031, reaching nearly $76.50 million in 2031.
Over the course of the forecast period, the market is expected to register a compound annual growth rate (CAGR) of 4.2%.
The U.S. is predicted to account for around 89% of the North America market by 2031, driven by rising popularity of vegan and organic products and increasing consumer willingness to buy premium products.
Research on microalgae offered evidence that oral cancer prevention capabilities are present in them and can be used in treating chronic periodontitis and other dental disorders. These factors are expected to fuel the market growth in upcoming years.
Some species of microalgae have shown promising results in treating eye disorders. Zeaxanthin exhibits higher antioxidents properties than other plant sources and acts as a protective covering thus, aiding in eye healing. This has positively influenced the demand of microalgaes in eye wellness segment.
Over the course of the forecast period, the market is expected to register a compound annual growth rate (CAGR) of 4.2%.
The U.S. is predicted to account for around 89% of the North America market by 2031, driven by rising popularity of vegan and organic products and increasing consumer willingness to buy premium products.
Microalgae & Vegan Cosmetics
Consumers are switching towards vegan cosmetic products owing to growing awareness regarding animal welfare. Microalgae extracts have emerged as a suitable vegan substitute for producing cosmetic products, which will create scope for application in cosmetics sector.Oral Care, Wellness & More Opportunity
Market players are looking to capitalize on anti-inflammatory and anti-microbial properties of microalgae for treating oral disorders. Algal extracts are now used in creating toothpastes, functional chewing gums, and mouthwash as gelling and water binding properties of hydrocolloids are becoming popular in dentistry.Research on microalgae offered evidence that oral cancer prevention capabilities are present in them and can be used in treating chronic periodontitis and other dental disorders. These factors are expected to fuel the market growth in upcoming years.
Some species of microalgae have shown promising results in treating eye disorders. Zeaxanthin exhibits higher antioxidents properties than other plant sources and acts as a protective covering thus, aiding in eye healing. This has positively influenced the demand of microalgaes in eye wellness segment.