The demand for microalgae in the personal care and cosmetics sector will total US$ 50.59 Mn in 2021, according to Future Market Insights (FMI). The overall market value is expected to reach US$ 76.50 Mn by 2031, growing at a CAGR of 4.2% for 2021-31.
Microalgae is extensively used for its antioxidant properties that promote skin health by increasing moisture retention, and elasticity, surpassing other carotenoids and commonly used antioxidants. According to a recent report by Future Market Insights the demand for microalgae in the personal care and cosmetics sector is expected to cross US$ 76.5 Mn by 2031.
A series of human studies conducted by numerous leading companies in this field including BASF SE, BGG, and Fuji Chemical Industry suggested that microalgae could visibly and significantly reduce the depth of wrinkles and the appearance of skin texture, by minimizing age spots, while improving moisture content.
Microalgae is gaining interest for its roles as a preventative and reparative anti-aging agent. Microalgae helps to protect eyes from oxidative stress and radiation. Species such as chlorella is helpful for prevention of eye diseases.
Zeaxanthin is a photoprotective pigment found in plants and algae that displays stronger antioxidant activity than other plant sources. Zeaxanthin, like lutein, plays a protective role and aids in eye healing. These factors are encouraging the production and consumption of microalgae eye products.
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For Instance, in April 2019, Microalgae ingredient specialist AlgaTechnologies Ltd. (Algatech) launched a new product within its astaxanthin product line – AstaPure EyeQ – a microencapsulated, cold water-soluble, 2 percent astaxanthin powder, marketed for promoting superior vision functionalities.
Key Takeaways from the Demand for Microalgae in Personal & Cosmetics Sector Study:
- The U.S. is estimated to account for 89.9% of the North America market in 2021, supported by a strong clean label movement in the American personal care industry.
- China is estimated to account for 41.9% of the Asia Pacific in 2021, driven by easy access to raw materials and lower labour costs.
- Germany accounted for over 17% of the Europe market in 2021, driven by concerns over the side effects of synthetic ingredients in conventional cosmetics.
- Fresh water microalgae will reflect an above average 3.7% CAGR through 2031 owing to easier availability and higher yield.
- Spirulina products account for over 38% of the market, owing to widespread cultivation and cost-effective yields for personal care and cosmetics manufacturers.
“Consumers value quality above all. As a result, companies engaged in microalgae-based products manufacturing are investing in R&D to offer high-quality products, while focusing on adopting cutting-edge technology that will enable players to maintain premium standard in the personal care and cosmetics sector,” said a lead analyst at FMI.
Who is Winning?
Manufacturers of cosmetic ingredients have started customizing their products to suit the needs of their clients, and the applications for which such ingredients are required. Moreover, the increasing demand for clean label and natural products in the cosmetic and personal care industry has pushed manufacturers to invest in R&D facilities to innovate products as per market trends.
Some of the leading companies offering microalgae in the personal care and cosmetics sector are DIC Corporation , Cyanotech Corporation, Koninkliijke DSM NV, Roquette Frères, BASF SE, Fuji Chemical Industries Co., Ltd., Parry Nutraceuticals, BGG (Beijing Gingko Group), KDI Ingredients, Sinoway Industrial Co., ltd. , INNOBIO Corporation Limited, Yunnan Alphy Biotech Co., Ltd, Algaecan Biotech Ltd., Algatechnologies Ltd., Cardax, Inc., Igene Biotechnology, Inc., Fenchem Biotek Ltd., AstaReal Inc., Valensa International, Kunming Biogenic Co., Ltd., and others.
Get Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in personal & cosmetics sector presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for microalgae in personal & cosmetics sector based on species type (spirulina, chlorella, dunaliella, haematococcus, schizochytrium, euglena, nannochloropsis, nostoc, phaedactylum, and others), by source (marine water and fresh water), and by end use application (fragrance, hair care, eye care, skin care, oral care, cosmaceuticals, and others) across five major regions.
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Key Questions Answered in the Report
- What does the demand for microalgae in the personal care and cosmetics sector total?
In 2021, demand for microalgae for personal care and cosmetics will account for around US$ 50 Mn.
- What is the share of the top players driving demand for microalgae in the personal care and cosmetics sector?
Euglena, Koninkliijke DSM NV, Sun chlorella, Fuji Chemical Industries Co., Ltd., and Novagreen cumulatively account for 35-40% of the market.
- Which are the top 5 countries driving demand for microalgae in the personal care and cosmetics sector?
The U.S., China, Germany, and the U.K. consistently reflect high demand for microalgae products.
- Which countries are key producers of microalgae for the personal care and cosmetics sector?
India, China, Spain, and Germany are leading producers of microalgae for personal care and cosmetics products.
- What is the global demand growth rate for microalgae in the personal care and cosmetics sector between 2020 and 2021?
The demand for microalgae in the personal care and cosmetics sector rose by 4.00% from 2020 to 2021.
- At what rate will the demand for microalgae in the personal care and cosmetics sector of North America rise?
The demand for microalgae in the personal care and cosmetics sector in North America will grow at 3.6% CAGR through 2031.
- What are the prospects for demand for microalgae in the Europe personal care and cosmetics sector?
The demand for microalgae in the personal care and cosmetics sector in Europe will rise at 4% CAGR through 2031.
- What are the key statistics of South Korea and Japan’s demand for microalgae in the personal care and cosmetics sector?
South Korea and Japan accounted for 3.5% and 4.6% of the East Asia market in 2021.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
