The demand for microalgae in personal care and cosmetics market will soar with worldwide revenues up by 4.0% in 2021. Future Market Insights (FMI) estimates that the revenue generated from microalgae demand will grow by 1.5X of current market valuation between 2021 and 2031, reaching nearly US$ 76.50 Mn in 2031.
Over the course of the forecast period, the market is expected to register a compound annual growth rate (CAGR) of 4.2%
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.
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 product segment.
COVID-19 pandemic hindered the global personal care and cosmetic sales owing as various retail outlets and stores remained shuttered during extensive period of lockdown. Coupled with this, disruptions in transportation and production caused during stringent lockdown also hampered sales to an extent.
Nonetheless, recovery is fast approaching with government easing restrictions after vaccine roll outs.
“Owing to the increasing demand for premium cosmetic items, microalgae-based products manufacturers are focusing on producing high quality products using state of the art production technology. Increasing consumer spending on premium products will boost the market growth over the assessment period,” says the FMI analyst
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Euglena, Koninkliijke DSM NV, Sun chlorella, Fuji Chemical Industries Co. Ltd., and Novagreen are the top five market players operating this market. As per the market analysis, they account for more than 35% share in global microalgae personal care and cosmetics market.
With rising popularity of organic products and clean label in personal care and cosmetic sector, market players are focusing on developing new products made from natural ingredients. They are also investing in research and development to keep up with market trends.
Some of the leading companies operating in the microalgae personal care and cosmetics market are:
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More Insights on the Demand for Microalgae Personal Care and Cosmetics Sector
Future Market Insights, in its new study provides an unbiased analysis of the microalgae personal care and cosmetics market, presenting historical demand data and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the microalgae personal care and cosmetics market with a detailed segmentation on the basis of
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