REDDING, Calif., May 8, 2024 /PRNewswire/ -- According to a new market research report titled, 'Algae Products Market for Cosmetics by Type (Hydrocolloids, Lipids, Carotenoids), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Skin Care {Moisturizers}, Hair Care), and Geography-Global Forecast to 2031,' published by Meticulous Research®, 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.
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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.
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.
Algae products refer to a class of photosynthetic organisms mainly found in marine and freshwater habitats and are used in cosmetics industries for the formulation of various products. The development of vegan cosmetic products sourced from algae is a key trend in gaining popularity in the algae products market for cosmetics. Algae-based vegan cosmetics, including beauty products, eye cosmetics, nail makeup, and hair styling and coloring products, are gaining acceptance across the globe.
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The algae products market for cosmetics is segmented by type (hydrocolloids {carrageenan, alginate, agar, and other hydrocolloids}, lipids, carotenoids {astaxanthin, beta carotene, lutein, and other carotenoids}, and algal proteins), by source (seaweed/macroalgae {red seaweed, brown seaweed, and green seaweed}, microalgae (spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis, nannochloropsis, and other sources), by form (dry and liquid), application (skin care {anti-aging products, moisturizers, sunscreen lotions/UV-protection products, other skin care products}, hair care {hair conditioning & shampoos, other hair care products}, other cosmetic applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021-2024). The algae products market for cosmetics has witnessed several partnerships, agreements, collaborations, mergers, and acquisitions in recent years. The key players operating in the algae products market for cosmetics are 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), COMPAÑIA ESPAÑOLA 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), and Shaivaa Algaetech LLP (India).
Key Findings in the Global Algae Products Market for Cosmetics Study:
Among all the types studied in this report, in 2024, the hydrocolloids segment is expected to account for the largest share of 61% of the algae products market for cosmetics. The large market share of this segment can be attributed to several factors, including the increasing adoption of carrageenan, alginate, and agar in cosmetic products. Carrageenan, derived from algae, is widely used in skincare formulations as binding, thickening, and gelling agents. Additionally, these natural ingredients serve as alternatives to synthetic materials such as polyethylene glycol (PEG) and carbomer, which are commonly used as thickening agents in cosmetic products but are known to be harmful.
However, the carotenoids segment is projected to register the highest CAGR during the forecast period of 2024-2031.
Among all the sources studied in this report, the macroalgae/seaweed segment is expected to account for the larger share of 75% of the algae products market for cosmetics in 2024. 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 rising production of seaweed, and the increasing awareness of the health benefits associated with seaweed products. Furthermore, the active components derived from seaweeds act as antioxidants, antibacterial and whitening agents, 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.
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Among all the forms studied in this report, the dry segment is expected to account for the larger share of the global algae products market for cosmetics in 2024. 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 growing 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.
Among all the applications studied in this report, the skin care segment is expected to account for the largest share of 46% of the algae products market for cosmetics in 2024. 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.
Based on geography, the algae products market for cosmetics is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 39% of the algae products market for cosmetics. The Asia-Pacific algae products market for cosmetics is estimated to be worth USD 228.2 million in 2024.
However, the Europe algae products market for cosmetics is expected to witness significant growth during the forecast period of 2024-2031, mainly due to the regions' rapidly growing cosmetics industry, rising health & wellness trends, increasing demand for natural or vegan cosmetics products, and rising demand for algae products from the cosmetic industry.
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Scope of the Report:
Global Algae Products Market for Cosmetics Assessment-by Type
- Hydrocolloids
- Carrageenan
- Alginate
- Agar
- Other Hydrocolloids
- Algal Protein
- Lipids
- Carotenoids
- Beta Carotene
- Astaxanthin
- Lutein
- Other Carotenoids
Global Algae Products Market for Cosmetics Assessment-by Source
- Macroalgae/Seaweed
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- Microalgae
- Spirulina
- Chlorella
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis
- Other Microalgae Sources
Global Algae Products Market for Cosmetics Assessment-by Form
- Dry
- Liquid
Global Algae Products Market for Cosmetics Assessment-by Application
- Skin Care
- Anti-aging Products
- Moisturizers
- Sunscreen Lotions/UV-protection Products
- Other Skin Care Products
- Hair Care
- Hair Conditioning & Shampoos
- Other Hair Care Products
- Other Cosmetic Applications
Global Algae Products Market for Cosmetics Assessment-by Geography
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America
- Middle East and Africa
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Related Reports:
Algae Products Market by Type (Hydrocolloids, Algal Protein, Lipids, Carotenoids), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography - Global Forecast to 2030
Algae Market by Type (Macroalgae/Seaweed {Red, Brown}, Microalgae {Spirulina, Chlorella, D. Salina}), Distribution Channel (B2B, B2C), Form (Dry, Liquid), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) - Global Forecast to 2030
Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food and Beverages), and Geography - Global Forecast to 2030
Seaweed Fertilizers Market by Form (Powder Seaweed Fertilizer, Liquid Seaweed Fertilizer), Application Mode (Foliar Spray), Crop Type (Field Crops, Horticultural Crops), End Use (Agriculture, Household Garden), and Geography - Global Forecast to 2030
Algal Pigments Market by Type (Beta-Carotene, Astaxanthin, Phycocyanin, Phycoerythrin, Chlorophyll), Form (Powder), Source (Microalgae, Macroalgae), Application (Food & Beverages, Aquaculture, Nutraceuticals, Pharmaceuticals, Cosmetics) - Global Forecast to 2030
Haematococcus Pluvialis Market by Product (Astaxanthin Ingredients {Oleoresin, Beadlets}), Astaxanthin Bulk Finished Products {Capsules, Tablets}); Application (Nutraceuticals, Aquaculture, Cosmetics, Food), and Geography - Global Forecast to 2030
Spirulina Market by Product Type (Powder, Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel (Business Channel, Consumer Channel), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics, Agriculture) - Global Forecast to 2030
Phycocyanin Market by Form (Powder, Liquid), Grade (Food Grade Phycocyanin, Cosmetic Grade Phycocyanin, Reagent and Analytical Grade Phycocyanin), Application (Food and Beverages, Pharmaceuticals and Nutraceuticals), Geography - Global Forecast to 2030
Related Blogs:
From Sea to Skincare: Harnessing the Potential of Algae in Cosmetics Products
Top 10 Companies in Algae Products Market for Cosmetics
About Meticulous Research®
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