Algae Products Market for Cosmetics Worth $305.3 Million by 2029

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

According to this latest publication from Meticulous Research^®, 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.

The factors that are driving the growth of the global algae products market for cosmetics are the increasing global cosmetic industry, raising awareness about the health benefits of using organic cosmetic products, and growing demand for vegan skincare products. However, factors such as the lack of R&D activities in the cosmetic industry in underdeveloped countries and the complex production process of algae products are expected to restrain the growth of this market to a certain extent. Moreover, the rapidly growing demand for personal care and cosmetics in emerging countries, including Asia-Pacific and Latin America, is expected to provide significant growth opportunities for stakeholders in the algae products market for cosmetics.

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The global algae products market for cosmetics is segmented based on 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 the regional and country level.

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 growing use of beta carotene, astaxanthin, and lutein in cosmetics and personal care products. Moreover, beta carotene derived from algae is added to skin care formulations for its ability to protect against the damage caused by UVA light. In addition, cosmetics products with beta carotene reduce oxidative damage to the skin and enhance its appearance.

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 high availability of seaweed as a raw material due to its growing production and raising awareness about the skin benefits of seaweed to the skin. Moreover, the active components from the seaweeds are used as antioxidant, anti-bacterial, anti-aging, anti-acne, and whitening agents. These compounds are also used as moisturization components in cosmetics, further supporting the growth of this segment.

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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. The large market share of this segment is attributed to the comparatively higher shelf life and convenient storage of dry form algae products.

Geographical Review:

Based on geography, in 2022, North America is estimated to account for the largest share of the global algae products market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large market share of this market is attributed to the growing consumer preference for natural cosmetic products due to rising health awareness, the growing cosmetic & personal care industry in the region, the presence of a large number of stakeholders providing algae products for cosmetics, and strict regulations against the use of synthetic ingredients in cosmetic formulations.

Key Players:

The key market players operating in the global algae products market for cosmetics are DIC Corporation (Japan), BlueBioTech International GmbH (Germany), Algatechnologies Ltd. (Israel), Pond Technologies Holdings 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 SL (Spain), and Seagrass Tech Private Limited (India), among others.

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Key questions answered in the report-

• Which are the high-growth market segments in terms of type, source, form, and geography?
• What was the historical market for algae products market for cosmetics across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global algae products market for cosmetics?
• Who are the major players in the global algae products market for cosmetics?
• How is the competitive landscape, and who are the market leaders in the global algae products market for cosmetics?
• What are the recent developments in the global algae products market for cosmetics?
• What are the different strategies adopted by the major players in the global algae products market for cosmetics?
• What are the geographical trends and high growth regions/countries?
• Who are the local emerging players in the global algae products market for cosmetics, and how do they compete with the global players?

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