Plant collagen is a type of collagen obtained from plants and is considered to be a sustainable alternative to animal-derived collagen. It is used in a variety of skin care, cosmetic, and nutritional supplement products as it contains nutrients like amino acids that help improve skin elasticity and hydration. The growing vegan and vegetarian demographic has increased consumer demand for plant-based collagen products. Plant collagen reduces the risk of allergic reactions for people sensitive to animal-derived ingredients and promotes kindness towards animals.
The global Plant Collagen Market is estimated to be valued at US$ 6.46 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Growing demand from skin care industry: The skin care industry has been witnessing high demand for anti-aging products containing ingredients like collagen. Plant collagen works wonders for improving skin hydration, elasticity and firmness. It is a safe and effective alternative to animal collagen for consumers looking for plant-based skin care solutions. The growing popularity of vegan and natural skin care products will drive the adoption of plant collagen among personal care product manufacturers, presenting significant growth opportunities.
Porter's Analysis
- Threat of new entrants: Low-Moderate. The plant collagen market requires substantial R&D and production capabilities to introduce new products. However, increasingly innovative ingredients may attract new smaller players.
- Bargaining power of buyers: Moderate-High. Buyers have many options from global, regional and local brands. Large buyers can negotiate on price and demand custom product offerings.
- Bargaining power of suppliers: Low-Moderate. Key inputs like plants and other ingredients have many available suppliers globally. However, specialized patented ingredients may give some leverage to suppliers.
- Threat of new substitutes: Moderate-High. Alternatives like marine collagen continue to emerge and newer plant proteins are also entering the market.
- Competitive rivalry: High. The market has many global and regional brands vying for market share through product innovation, branding and marketing.
SWOT Analysis
- Strengths: Growing vegan demand. Plant origin is considered natural and sustainable. Variety of product forms available.
- Weaknesses: High prices compared to animal proteins. Processing complexity for some products. Limited consumer awareness currently.
- Opportunities: Expand in food and beverage applications. Growing penetration in Asia Pacific and Latin America. Innovation in clinical applications.
- Threats: Slow economic conditions could dampen expenditure. Stricter regulations on health claims. Intense competition globally.
Key Takeaways
The global plant collagen market is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 8.5% and market size reaching US$ 6.46 Bn by 2024. The growth in vegan and flexitarian diets is a key driver for increased adoption of plant collagen.
Regional analysis indicates that North America currently dominates the global plant collagen market attributed to rising health-consciousness. However, Asia Pacific is projected to be the fastest growing region during the forecast period supported by growing economies, rising disposable incomes and largescale adoption of vegan lifestyles in countries like India and China.
Key players operating in the plant collagen market are Geltor, Vital Proteins, Aethic, Vegan Collagen Co., Forestwise, The Beauty Chef, Neocell, Amazing Grass, Sunwarrior, Garden of Life, Sports Research, Youtheory, Organika, Olaplex, and Purisure. These companies are investing in extensive R&D to develop innovative product forms and applications in areas like nutrition, beauty and wellness. Partnerships across the value chain are also a key focus to strengthen market presence globally.
Comments
0 comment