The 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 growth of this market can be attributed to the rising disposable income of consumers, which allows them to spend more on cosmetic and nutraceutical products. The demand for marine collagen is augmented by the ongoing health and wellness trends flooding the internet and social media, which has led to an escalated demand for nutraceutical supplements and cosmetic products among consumers.
Drivers : Growing demand for marine collagen in the cosmetics industry
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.
Restraints: High import duty on collagen products
High duty on the import of collagen or products thereof is restraining the market growth, as it leads to an increase in the cost of products, which cannot be afforded in the competitive market. Moreover, European and North American countries rely on the import of collagen for manufacturing various products. High import duty thus limits the market growth in the region.
Opportunities: Rise in number of end-use applications
The rise in number of end-use applications, owing to the multifunctional attributes of marine collagen, is projected to create lucrative opportunities for growth. Marine collagen is now being incorporated into the medical, dental, and pharmacological fields, it is also used as adequate support for drugs, and is a natural biomaterial with astringent and wound healing properties. Thus, the manifold applications of marine collagen in nutraceutical, cosmetic, and medical fields presents a prospective market for overall growth of marine collagen as an ingredient.
Challenges: High manufacturing cost of marine collagen compared to other collagen sources
The overall manufacturing process for marine collagen is cost-effective; however, it is comparatively expensive than extraction of bovine and porcine collagen. The advantage of costing for other collagen sources such as bovine collagen would certainly restrict the growth of marine collagen in the global market. Hence, the incorporation of marine collagen in various food products is difficult as its use makes them high-value products, which are not easily preferred in the market.
The key players in this market include Ashland (US), Darling Ingredients (US), Nitta Gelatin (US), Gelita (Germany), Italgelatine (Italy), Nippi Collagen (Canada), Weishardt (France), Titan Biotech Limited (India), Amicogen (South Korea), and Rousselot (Netherlands).