Awareness among people regarding their skin & health and increase in demand for collagen peptides from the food & beverages sector drive the growth of the global collagen peptides market.
PORTLAND, Ore., Aug. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Collagen Peptides Market by Source (Bovine, Porcine, Marine, Poultry), by Application (Food and Beverage, Nutritional Products, Cosmetics and Personal Care, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global collagen peptides industry generated $696.00 million in 2021, and is anticipated to generate $1.22 billion by 2030, witnessing a CAGR of 6.66% from 2022 to 2030.
Prime determinants of growth
Awareness among people regarding their skin & health and increase in demand for collagen peptides from the food & beverages sector drive the growth of the global collagen peptides market. However, individuals who do not consume animal products due to religious or personal values will also avoid collagen peptide-based products. This is a factor expected to hinder the revenue growth of the global market. On the other hand, globalization, exposure to various cultures, notably western lifestyles, and change in consumer eating habits are expected to shower opportunities for the market revenue growth in the projected timeframe.
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The outbreak of the COVID-19 pandemic hampered the production of collagen peptides in a variety of end use industries such as sports nutrition, food & beverages, dairy, cosmetics, and meat & poultry.
The pandemic led to the implementation of the global lockdown, and as a result, all collagen peptides manufacturing businesses had to suspend their operations, especially during the initial period.
Import & export restrictions led to disruptions in the supply chain. Labor shortage, owing to social distancing norms, was another major factor to restrict the production.
A considerable reduction in meat consumption around the world during the pandemic had a negative impact on the collagen peptides market revenue growth.
However, in the post-pandemic, the market is expected to expand due to a considerable increase in demand for supplements around the world for a stronger immunity. Also, it is projected that sedentary lifestyle can drive the demand for collagen peptides as it helps to lessen health complications such as heart failure and joint pain.
The nutritional products segment to maintain its leadership status throughout the forecast period
Based on application, the nutritional products segment held the highest market share in 2021, accounting for nearly two-fifths of the global collagen peptides market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.0% from 2022 to 2030. Collagen peptide helps to enhance bone health, skin, joints, and muscle strength. As a result, collagen peptide is mostly used in nutritional products and supplements. The report also analyzes segments including food & beverages and cosmetics & personal care.
The bovine segment to maintain its lead position during the forecast period
Based on source, the bovine segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global collagen peptides market, and is projected to maintain its lead position during the forecast period. The collagen peptide extracted from the bovine source has a high resemblance to human collagen. As a result, bovine-sourced collagen peptide is widely used in tendon reinforcement, hernia repairment, and reconstructive surgery material. However, the marine segment is expected to portray the largest CAGR of 7.6% from 2022 to 2030, due to rise in demand for sports supplements.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly one-third of the global collagen peptides market. Rise in awareness among the people of this region is projected to fuel the market growth in the coming years. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.7% from 2022 to 2030. Asian consumers are shifting their focus on fitness and sports activities for good health and physique. Surge in spending on the nutritional supplement, health, and beauty products is estimated to drive the collagen peptide market in the region.
Leading Market Players: -
Darling Ingredients (Rousselot)
Nitta Gelatin, Inc.
Foodmate Co., Ltd.
Naturin Viscofan GmbH
Tessenderlo Group (PB Leiner)
Lapi Gelatine S.p.a.
The report provides a detailed analysis of these key players of the market. These companies have adopted several strategies such as partnerships, expansion, collaborations, new product launches, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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