Algae Products Market for Cosmetics Sees Strong Growth

 Meticulous Research®—leading global market research company, published a 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’.

According to this latest publication from 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. 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.

Key Players

The algae products market for cosmetics is moderately competitive due to the presence of many large and small-sized global, regional, and local players. 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).              

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), source (seaweed/macroalgae {red seaweed, brown seaweed, and green seaweed}, microalgae {spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis, nannochloropsis, and other microalgae}), form (dry and liquid), application (skin care {anti-aging products, moisturizers, sunscreen lotions/UV-protection products, and other skin care products}, hair care {hair conditioners & shampoos and other hair care products}, and other cosmetic applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the algae products market for cosmetics is segmented into hydrocolloids, lipids, carotenoids, and algal proteins. In 2024, the hydrocolloids segment is expected to account for the largest share of the algae products for cosmetics, mainly due to the increasing use of carrageenan, alginate, and agar in cosmetic products. Carrageenan, derived from algae, is widely used in skin care formulations as a binding, thickening, and gelling agent. Additionally, this natural ingredient serves as an alternative 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.

Based on source, the algae products market for cosmetics is segmented into macroalgae/seaweed and microalgae. In 2024, the macroalgae/seaweed segment is expected to account for the larger share of the algae products market for cosmetics owing to the abundant availability of seaweed as a raw material for cosmetic and personal care products manufacturing, the increasing production of seaweed, and growing awareness regarding the health benefits of seaweed products. Furthermore, the active components derived from seaweeds serve various applications, acting as antioxidants, antibacterial and whitening agents, anti-aging solutions, and anti-acne treatments, driving their adoption in the formulation of skin care products.

Based on form, the algae products market for cosmetics is segmented into dry and liquid. In 2024, the dry segment is expected to account for the larger share of the algae products market for cosmetics mainly due 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.

Based on application, the algae products market for cosmetics is segmented into skin care, hair care, and other cosmetic applications. In 2024, the skin care products segment is expected to account for the largest share of the algae products market for cosmetics owing to the increasing consumer preference for natural and organic skin care products, the benefits of algae in skin care, growing skin health concerns, and technological advancements in the cosmetics industry.

Geographic Review

This research report analyzes major geographies and provides comprehensive analyses for North America (U.S. and Canada), Europe (France, Germany, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Chile, and Rest of Latin America), and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the algae products market for cosmetics due to the increasing demand for natural ingredients from the region’s rapidly growing cosmetics industry and rising awareness among consumers regarding the benefits of cosmetics with natural ingredients. In addition, the presence of a large number of stakeholders engaged in providing algae products for cosmetics manufacturing and the ample availability of raw materials due to the favorable climatic conditions for algae production are further expected to drive the growth of this market. Moreover, government initiatives aimed at promoting the cultivation and usage of algae in the cosmetics and personal care industries are expected to boost the algae products market for cosmetics in this region.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5294

Key Questions Answered in the Report:

·         What is the revenue generated by the algae products market for cosmetics?

·         At what rate is the global demand for algae products for cosmetics projected to grow over the next 5-7 years?

·         What was the historical market size, and what is the growth rate for the algae products market for cosmetics?

·         What are the major factors impacting the growth of this market at the 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 are creating 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 are the recent key developments in the algae products market for cosmetics? What impact have these strategic developments had on the market?

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