(Food-Beverage-News.Com, January 11, 2022 ) According to MarketsandMarkets, the global marine collagen market size is estimated to be valued at USD 778 million in 2021 and projected to reach USD 1,137 million by 2026, recording a CAGR of 7.9% during the forecast period.
The market is strongly driven by the growing millennial population, shifting consumer preferences, augmentation of beauty and personal care industry, and increase in supplementary income among consumers. The convergence of major industry trends is giving rise to new opportunities for key players in the industry, as the market size is witnessing substantial increase.
The market in the developing regions is well-positioned for strong growth in the coming years. Regions witnessing steadfast economic development such as the Asia Pacific, are presenting promising prospects for the growth and expansion of the marine collagen market. Manufacturers across the globe are investing in prospective areas and hightailing the manufacturing extent of marine collagen in order to meet the rising demand worldwide.
Marine collagen helps fight the formation of wrinkles, accelerate the skin renewal process, and maintain the structure and strength of the hair. This makes it the most preferred ingredient in cosmetic products, especially for skin-care and hair-care applications. The usage of marine collagen is expected to propel at a robust pace, as consumers are becoming increasingly aware of the benefits offered by the beauty and personal care industry.
Asia Pacific is projected to dominate the market during the forecast period. This dominance is attributable to the rising millennial population in Asian countries, the increasing supplementary income, surging internet penetration which has led to awareness regarding beauty and wellness trends, and high demand of cosmetic and nutraceutical products in countries like China and Japan. These are some of the major factors driving the growth of the marine collagen market.
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