The Hydrolyzed Collagen Market Growth impelled by growing demand for nutritious and healthy food & beverages and growing application of hydrolyzed collagen in cosmetic and personal care products.
Pune, India., June 24, 2021 (GLOBE NEWSWIRE) -- Hydrolyzed Collagen Market: Key Insights
According to our new research study on “Hydrolyzed Collagen Market to 2027 – Global Analysis and Forecast – by Source, and Application,” the Hydrolyzed Collagen Market Size was valued at US$ 852.99 million in 2020 and is projected to reach US$ 1,247.53 million by 2027; it is expected to grow at a CAGR of 5.6% during 2020–2027. The awareness among the consumers regarding the benefits of hydrolyzed collagen contributes significantly to market growth. Nowadays, the populace worldwide is inclined toward a healthy lifestyle and is spending considerably on nutritional products. Moreover, prominent companies in the hydrolyzed collagen market are developing various strategies to expand the awareness regarding the health benefits associated with hydrolyzed collagen.
Hydrolyzed Collagen Market: Competition Landscape and Key Developments
Gelita AG, Rousselot, Nitta Gelatin, Protein S.A., ConnOils LLC, Norland Products Inc., PB Leiner, Ewald-Gelatin GmbH, Titan Biotech Limited, and Viscofan BioEngineering are among the key companies operating in the global hydrolyzed collagen market. The major players are striving toward expanding their presence globally to attain better market position.
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In 2019, Europe held the largest share of the hydrolyzed collagen market. With rise in health awareness among consumers, the demand for hydrolyzed collagen products is expected to continue to grow during the forecast period. The popularity of hydrolyzed collagen is high in the region, particularly in Germany, France, and the UK. Transforming lifestyle trends regarding the inclusion of food supplements and beverages inn diet have a noteworthy influence on the hydrolyzed collagen market in Europe.
Hydrolyzed collagen assists in improving skin health as well as in fixing wrinkles. The Food and Drug Administration (FDA) has approved the use of collagen implants to treat acne scars and smooth wrinkles. Hydrolyzed collagen is applied in various personal care and cosmetic products, including lotions, color cosmetics, skincare lotions, hair care, and baby oil. The demand for personal care and cosmetic products is escalating globally due to the growing focus on aesthetics among individuals. Rising geriatric population would further augment the market growth as hydrolyzed collagen is included as a significant ingredient in anti-aging creams owing to its moisturizing and healing properties. Leading personal care and cosmetic products manufacturers are investing in research and development to produce unique and innovative products that meet the evolving customer demands and sustain in the industry. Such developments in the cosmetic industry are creating lucrative opportunities for the future growth of the hydrolyzed collagen market players.
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Hydrolyzed Collagen Market: Segmental Overview
Based on source, the hydrolyzed collagen market is segmented into bovine, porcine, poultry, marine, and others. The bovine segment held the largest share of the market in 2019 and is expected to continue to be the largest shareholder in the market during the forecast period. However, the marine segment is expected to register the highest CAGR in the hydrolyzed collagen market during 2020–2027.
The hydrolyzed collagen market, by application, is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The pharmaceuticals & nutraceuticals segment dominated the market in terms of value in 2019. Rising consumption of dietary supplements is boosting the demand for hydrolyzed collagen in the nutraceuticals industry. However, the personal care segment is expected to register a higher CAGR during the forecast period.
Impact of COVID-19 Pandemic on Hydrolyzed Collagen Market:
As of May 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms COVID-19 cases and deaths. Food and beverages is one of the major industries wherein hydrolyzed collagen is used, and the negative effects of COVID-19 on the industry have adversely affected the hydrolyzed collagen market performance.
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Moreover, the suspension of operations of various factories and restrictions regarding the employee strength allowed on the work floor in regions such as North America, Europe, Asia-Pacific, South and Central America, and the Middle East and Africa have been affecting the global supply chains and disrupting the manufacturing, delivery schedules, and goods sales. Transportation is also a major concern as many borders are closed due to the global travel bans imposed by countries in major regions. Disturbed transportation operations are affecting business collaboration and partnership opportunities. These factors are severely impacting the hydrolyzed collagen market growth.
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