The global Marine Collagen Market size is estimated to be valued at USD 778 million in 2021 and is projected to reach USD 1,137 million by 2026, recording a CAGR of 7.9% during the forecast period. The market is strongly driven by the growing millennial population, shifting consumer preferences, augmentation of the beauty and personal care industry, and increase in supplementary income among consumers. The convergence of major industry trends is giving rise to new opportunities for key players in the industry, as the market size is witnessing a substantial increase.
The market in the developing regions is well-positioned for strong growth in the coming years. Regions witnessing steadfast economic development such as the Asia Pacific, are presenting promising prospects for the growth and expansion of the marine collagen market. Manufacturers across the globe are investing in prospective areas and hightailing the manufacturing extent of marine collagen in order to meet the rising demand worldwide.
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Drivers: Growing demand for marine collagen in the cosmetics industry
Marine collagen helps fight the formation of wrinkles, accelerate the skin renewal process, and maintain the structure and strength of the hair. This makes it the most preferred ingredient in cosmetic products, especially for skin-care and hair-care applications. The usage of marine collagen is expected to propel at a robust pace, as consumers are becoming increasingly aware of the benefits offered by the beauty and personal care industry.
Restraints: High import duty on collagen products
High duty on the import of collagen or products thereof is restraining the market growth, as it leads to an increase in the cost of products, which cannot be afforded in the competitive market. Moreover, European and North American countries rely on the import of collagen for manufacturing various products. High import duty thus limits the market growth in the region.
The nutraceuticals segment, by application, is projected to dominate the market during the forecast period.
The nutraceuticals segment is projected to dominate the market by application. Busy lifestyles and increasing cases of chronic diseases like diabetes and obesity are fueling the demand for marine collagen as a nutraceutical ingredient, and thus this segment is experiencing significant growth in the marine collagen market.
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Asia Pacific is projected to account for the largest market during the forecast period
Asia Pacific is projected to dominate the market during the forecast period. This dominance is attributable to the rising millennial population in Asian countries, the increasing supplementary income, surging internet penetration which has led to awareness regarding beauty and wellness trends, and high demand of cosmetic and nutraceutical products in countries like China and Japan. These are some of the major factors driving the growth of the marine collagen market.
Key Market Players:
Key market players include Ashland (US), Darling Ingredients (US), Nitta Gelatin (US), Gelita (Germany), Italgelatine (Italy), Nippi Collagen (Canada), Weishardt (France), Titan Biotech Limited (India), Amicogen (South Korea), Rousselot (Netherlands), Seagarden (Norway), Lapi Gelatine (Italy), Connoils (US), Foodmate (China), Cobiosa (Spain), BHN (Japan), Certified Nutraceuticals (US), Jellagen (UK).
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