Press release
Collagen Market to exceed USD 5 billion by 2023:Global Market Insights, Inc.
Gelatin market size, which is a collagen byproduct, dominated overall revenue and accounted for more than 60% of the total collagen market share in 2015, it was valued at more than USD 2.5 billion and is expected to exceed USD 2.8 billion by 2023. Collagen peptides market size was valued at more than USD 0.75 billion in 2015 and is likely to be worth around USD 1.25 billion by the end the forecast period.
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Marine collagen market size was valued at more than USD 200 million in 2015; minimal disease transmission risk and relaxed regional and social regulations are expected to be the key factors driving growth. In terms of application, cosmetics were the major contributor, with total volume of over 4.2 kilo tons in 2015 owing to benefits such as anti aging properties and personal & hygiene products demand.
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U.S. collagen market was the dominant region due to the growth in cosmetics and increasing awareness pertaining to the benefits from gelatin & peptides derived products. The gelatin market was dominated by Europe is likely to grow at a significant rate due to the growth in end-use industries such as food & beverages and pharmaceuticals. Asia Pacific is anticipated grow at a high rate due to increase in per capita income and fast-paced industrialization. Countries such as India, Pakistan and Indonesia where beef & pork consumption is religiously prohibited are expected to be attractive food-grade sheep collagen markets.
Increasing consumer consciousness towards health and personal care coupled with rising trend for nutraceutical products are expected to fuel growth. Improving standard of living and growing fitness consciousness are likely to be the key drivers to propel demand.
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Applications can be segmented into cosmetics, food & beverages, nutraceuticals, healthcare and pharmaceuticals. Food & beverages can be further bifurcated into beer, wine, cakes, jellies, ice-creams, refined sugar, and non-dairy creamer. Increase in consumption and growing food industry is likely to contribute to industry growth.
Nutraceuticals and pharmaceutical sector is anticipated to grow at a higher rate owing to the vast applications in these segments. Healthcare includes orthopedic, dental and surgery procedures, wherein collagen helps in constructing artificial skin in order to heal burns and wounds. Increasing geriatric population accompanied by increasing problems related to the skin and bones is expected to the boost demand. Increasing healthcare spending among consumers accompanied by FDA & IMA approvals for gelatin to be used in drugs and food preservatives has also fueled growth.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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