Redding, California, June 08, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘ Algae Products Market for Cosmetics by Type (Carotenoids, Lipids, Hydrocolloids, Algal Protein), Source (Seaweed, Chlorella, Spirulina, Dunaliella Salina, Haematococcus Pluvialis), Form (Dry, Liquid), and Geography – Global Forecast to 2029′, the global algae products market for cosmetics is expected to grow at a CAGR of 7.3% during the forecast period 2022–2029 to reach $305.3 million by 2029.
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Algae (both microalgae and macroalgae) produce several valuable compounds that are drawing the attention of the cosmetic industry. Algal compounds can be used in anti-aging creams, sun protection products, and skin-whitening agents. Microalgae are conventional producers of high-value bioactive products. Various organic beauty products and natural cosmetics are being made available globally. Another new development is the sustainability of the products. When introducing new products, cosmetics manufacturers have increasingly emphasized that they are produced non-harmful to the environment.
The current trend in cosmetics is developing products that meet the consumers’ demand by providing multiple benefits with little or no effort.
The skincare industry uses chlorella extract because its compounds contain anti-aging, refreshing, regenerating, emollient, and anti-irritant properties. It has an active role in the cosmetic industry as the pigments/metabolites produced by these organisms enrich the beauty products.
The Impact of COVID-19 on the Algae Products Market for Cosmetics
The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, impacted many industries, including the personal care and cosmetic industry. Social distancing, self-isolation, and nationwide lockdowns have led to the closure of many establishments in many countries.
The cosmetic industry is a multibillion-dollar industry that took a financial hit in 2020 due to the COVID-19 pandemic. Retail businesses were closed, and in-store shopping, as well as salons and beauty boutiques, were shut down. Working from home, physical distancing, and mandatory wearing of the mask were some of the factors that led to reduced use of cosmetics, thereby impacting the cosmetic industry.
In the algae industry, a major slowdown in algae product sales was witnessed in the first quarter of 2020 due to disruptions in logistics & transportation. The market also witnessed disturbances in the complete value chain, from raw materials supply to production, packaging, and distribution of the final algal products. The effects of the COVID-19 pandemic on this market were felt in China starting in 2020 (China is one of the largest producers and exporters of algae biomass & ingredients for the cosmetic industry in the world). In China, factors such as factory closures, seaweed and other microalgae processing facilities operating at reduced capacities, and restrictions on the import & export of algae biomass strongly impacted the global algae products market for cosmetics in 2020. Moreover, the pandemic also affected this market in many countries, including the U.S., India, Australia, Brazil, France, Germany, Italy, the U.K., and Spain. Due to the countrywide lockdown in India, many commercial algae production and processing facilities were shut down or operated at reduced capacities, leading to substantial losses in domestic algae production.
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The algae industry in Southeast Asia also faced challenges due to the growing severity of the COVID-19 pandemic, impacting the distribution of fresh algae and its biomass within and across markets in the Asia-Pacific region. In Indonesia, the price of exported Cottonii seaweed, used for producing carrageenan (largely used in the cosmetic industry), declined by almost 50% since trade with China, the country’s biggest export market.
Therefore, the global algae products market for cosmetics in 2020 and 2021 was affected worldwide by a complete halt in the transportation & logistics industry and scarcity of raw materials. The production of algae had reduced due to lockdowns in many countries.
Key Findings in the Algae Products Market for Cosmetics Study
The global algae products market for cosmetics is segmented by type (carotenoids beta carotene, astaxanthin, lutein, and other carotenoids, lipids, hydrocolloids carrageenan, agar, alginate, and other hydrocolloids, algal protein, and others), source (seaweed red seaweed, brown seaweed, and green seaweed, chlorella, spirulina, dunaliella salina, haematococcus pluvialis, nannochloropsis, and other sources), form (dry and liquid), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa). The study also evaluates industry competitors and analyses the market at regional and country levels.
Based on type, in 2022, the carotenoids segment is estimated to account for the largest share of the global algae products market for cosmetics. The large market share of this segment is attributed to the rising acceptance of algal carotenoids such as beta carotene, astaxanthin, and lutein in cosmetic products. Beta carotene derived from algae is used to prepare skincare formulations due to its ability to protect against damage induced by UVA light. In addition, cosmetics products with beta carotene reduce oxidative damage to the skin and enhance its appearance.
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Based on source, in 2022, the seaweed segment is estimated to account for the largest share of the global algae products market for cosmetics. The large market share of this segment is attributed to the abundance of seaweed as a raw material due to the huge global production of seaweeds and increasing awareness about the benefits of seaweeds for the skin. Moreover, the active components from the seaweeds are used as antioxidants, anti-bacterial whitening agents, anti-aging, anti-acne, and moisturization in cosmetic industries, thereby strengthening the growth of this market.
Based on form, in 2022, the dry form segment is estimated to account for the largest share of the global algae products market for cosmetics due to its higher shelf life and convenience in storage.
Based on geography, in 2022, North America is estimated to account for the largest share of the global algae products market for cosmetics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large market share of this segment is attributed to the rising health awareness among consumers, the growing cosmetics & personal care industry, the presence of stakeholders providing algae products for cosmetics, and strict regulations against the use of synthetic ingredients in cosmetic products.
Some of the key players operating in the global algae products market for cosmetics are DIC Corporation (Japan), BlueBioTech Int. GmbH (Germany), Algatechnologies Ltd. (Israel), Pond Technologies Inc. (Canada), Tianjin Norland Biotech Co., Ltd. (China), BDI-BioLife Science GmbH (Austria), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Sochim International S.p.A. (Italy), Shaivaa Algaetech LLP (India), Algalimento S.L (Spain), and Seagrass Tech Private Limited (India).
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Scope of the Report
Algae Products Market for Cosmetics, by Product Type
- Beta Carotene
- Other Carotenoids
- Other Hydrocolloids
- Algal Protein
- Other Types
Algae Products Market for Cosmetics, by Source
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis Sp.
- Other Sources
Algae Products Market for Cosmetics, by Form
Algae Products Market for Cosmetics, by Geography
- North America
- Rest of Europe (RoE)
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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