The Global Collagen Market is anticipated to reach USD 6.63 billion by 2025, according to a new report by Hexa Reports. The collagen market is expected to witness substantial growth over the coming years as a result of the increasing demand for collagen-based products in healthcare for applications such as wound healing, tissue engineering, and bone reconstruction.
The growing consumption in key segments such as food & beverages and cosmetics is also expected to propel the product demand over the forecast period. The growing demand for the product in the aforementioned segments can be attributed to the growing geriatric population worldwide, wherein there is an increasing requirement for products that facilitate the strengthening of bone and joints, skin rejuvenation, and cell repair.
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Among the application segments, the healthcare segment dominated the industry globally. The increasing use of collagen-based products in pharmaceutical formulations, wound healing, and orthopedic applications. The other key applications include food & beverages, cosmetics, and photography.
The key sources for extraction of the product include bovine, porcine, poultry, and marine, wherein the industry is primarily dominated by the bovine segment, as of 2015. The future growth of the overall industry is, however, expected to be driven by the marine segment, mainly owing to the increasing use of marine-based products in cosmetics and healthcare applications.
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Further key findings from the report suggest:
• The food & beverages and healthcare application segments are expected to grow significantly over the coming years, projected to grow at CAGRs of 7.2% and 6.4%, respectively, attributable to their increasing use of gelatin and hydrolyzed collagen
• Europe dominated the overall industry in 2016, accounting for revenues of USD 1.32 billion, as a result of extensive R&D by key industry participants for development of advanced anti-aging and pharmaceutical solutions
• Globally, the Asia Pacific region is expected to grow at the highest rate of 7.5% during the forecast period, mainly driven by increasing consumption in the Chinese market, which is expected to grow at a CAGR of nearly 8% during the forecast period.
• In recent years, new product developments have been among the major growth strategies adopted by the aforementioned players to reinforce their positions in the industry.
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Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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