Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Global Algae Products Market for Cosmetics by Type (Hydrocolloids, Lipids, Carotenoids), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Skin Care {Moisturizers}, Hair Care Products), and Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The algae products market for cosmetics is projected to reach $1.10 billion by 2031, at a CAGR of 9.6% from 2024 to 2031. In terms of volume, the algae products market for cosmetics is projected to reach 86,911.6 tons by 2031, at a CAGR of 11.2% during the forecast period of 2024-2031.
The growth of the algae products market for cosmetics is driven by the growing cosmetics industry, increasing consumer preference for cruelty-free and vegan cosmetics, and rising awareness regarding the health benefits of organic cosmetic products. However, the complexities in algae production and the lack of R&D activities in underdeveloped countries restrain the growth of this market.
Europe is expected to witness significant growth during the forecast period of 2024-2031, mainly due to the rapidly growing cosmetics industry, rising health & wellness trends, growing demand for natural or vegan cosmetics products, and growing demand for algae products from the cosmetic industry.
Furthermore, the growing demand for personalized cosmetic products is expected to generate growth opportunities for the stakeholders in this market. However, the risk of algae contamination is a major challenge impacting the growth of the algae products market for cosmetics. Moreover, the rising adoption of eco-friendly packaging and sustainable practices in the cosmetics industry is a prominent trend in the algae products market for cosmetics.
The carotenoids segment is projected to register the highest CAGR during the forecast period of 2024-2031 due to the increasing adoption of beta carotene, astaxanthin, and lutein in cosmetic products. Furthermore, the rising demand for sunscreen lotion has driven the utilization of algae-derived beta carotene, renowned for its effectiveness in skincare formulations for protecting against UVA-light-induced damage. Moreover, cosmetic products containing beta carotene are known to reduce oxidative damage to the skin and enhance its appearance.
In 2024, the macroalgae/seaweed segment is expected to account for the larger share of the global algae products market for cosmetics. The large market share of this segment can be attributed to the abundant availability of seaweed as raw materials for cosmetics and personal care industries, the increasing production of seaweed, and the growing awareness of the health benefits associated with seaweed products.
Furthermore, the active components derived from seaweeds act as antioxidants, antibacterial and whitening agents, and anti-aging and anti-acne solutions, driving their adoption in the formulation of skin care products. Moreover, this segment is also projected to register the highest CAGR during the forecast period of 2024-2031.
In 2024, the dry segment is expected to account for the larger share of the global algae products market for cosmetics. The large market share of this segment is attributed to the longer shelf-life and ease of transportation and storage of dry algae products compared to liquid algae products and the increasing use of algae powder for product formulation in the cosmetics industry. Moreover, this segment is also projected to register the highest CAGR during the forecast period of 2024-2031.
In 2024, the skin care products segment is expected to account for the largest share of the global algae products market for cosmetics. The large market share of this segment can be attributed to the rising consumer preferences for natural and organic skincare products, benefits of algae in skin care products, increasing skin health concerns, and rising technological advancements in the cosmetic industry. Additionally, this segment is projected to register the highest CAGR during the forecast period of 2024-2031 due to the increasing demand for multi-functional skin care products and the growing personal grooming trend.
Key Questions Answered in the Report:
- What is the value of revenue generated by the algae products market for cosmetics?
- At what rate is the global demand for algae products for cosmetics projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the algae products market for cosmetics?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, source, form, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the algae products market for cosmetics?
- Who are the major players in the algae products market for cosmetics? What are their specific product offerings in this market?
- What recent developments have taken place in the algae products market for cosmetics? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
- Growing Cosmetics Industry Supporting Market Growth
- Increasing Consumer Preference for Cruelty-Free and Vegan Cosmetics Driving the Demand for Algae Products
- Rising Awareness Regarding the Health Benefits of Organic Cosmetic Products Boosting the Adoption of Algae Products
- Complexities In Algae Production Restraining Market Growth
- Lack of R&D Activities in Underdeveloped Countries Limiting the Growth of the Algae Products Market for Cosmetics
- Growing Demand for Personalized Cosmetic Products Generating Market Growth Opportunities
- Risk of Algae Contamination to Remain a Major Challenge for Market Growth
Key Trends
- Rising Adoption of Eco-Friendly Packaging and Sustainable Practices in the Cosmetics Industry
Porter's Five Forces Analysis
Pricing Analysis
- Hydrocolloids
- Carrageenan
- Alginate
- Agar
- Other Hydrocolloids
- Algal Proteins
- Lipids
- Carotenoids
- Beta Carotene
- Astaxanthin
- Lutein
- Other Carotenoids
Company Profiles
- Algatechnologies Ltd. (a part of Solabia Group) (Israel)
- BASF SE (Germany)
- BDI BioLife Science GmbH (Austria)
- Bluetec Naturals Co. Ltd (China)
- Cargill Incorporated (U.S.)
- DIC Corporation (Japan)
- Seagrass Tech Private Limited (India)
- Tianjin Norland Biotech Co. Ltd. (China)
- COMPANIA ESPANOLA DE ALGAS MARINAS S A (Spain)
- W Hydrocolloids Inc. (Philippines)
- SNAP Natural & Alginate Products Pvt. Ltd. (India)
- AlgoSource (France)
- Algamo s.r.o. (Czech Republic)
- Zhejiang Binmei Biotechnology Co. Ltd. (China)
- Algalimento SL (Spain)
- Shaivaa Algaetech LLP (India)
Competition Analysis
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
Scope of the Report:
Global Algae Products Market for Cosmetics Assessment - by Type
- Hydrocolloids
- Algal Protein
- Lipids
- Carotenoids
Global Algae Products Market for Cosmetics Assessment - by Source
- Macroalgae/Seaweed
- Microalgae
Global Algae Products Market for Cosmetics Assessment - by Form
- Dry
- Liquid
Global Algae products market for cosmetics Assessment - by Application
- Skin Care Products
- Hair Care Products
- Other Cosmetics Applications
Global Algae Products Market for Cosmetics Assessment - by Geography
- Asia-Pacific
- North America
- Europe
- Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/323h7e
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