With global revenues increasing by 4.0 percent in 2021, the demand for microalgae in the personal care and cosmetics business will skyrocket. According to Future Market Insights (FMI), between 2021 and 2031, the revenue derived from the demand for microalgae would increase by 1.5X of the current market worth, reaching roughly US$ 76.50 Mn.
The market is anticipated to experience a compound annual growth rate (CAGR) of 4.2 percent during the forecast period.
Because of increased concern for animal welfare, consumers are converting to vegan cosmetics. Microalgae extracts have become a viable vegan alternative for making cosmetic goods, which will open up new opportunities for use in the cosmetics industry.
Microalgae’s anti-inflammatory and anti-microbial characteristics are being exploited by market players to treat oral problems. As the gelling and water binding capabilities of hydrocolloids are becoming more and more popular in dentistry, algal extracts are now employed to make toothpaste, chewing gum with added benefits, and mouthwash.
Microalgae have been shown through research to have the ability to treat chronic periodontitis and other dental conditions as well as prevent oral cancer. In the next years, these factors are anticipated to fuel market expansion.
Some types of microalgae have demonstrated promising outcomes in the treatment of eye conditions. Zeaxanthin works as a protective layer have more antioxidant effects than other plant sources and promote healing of the eye. The demand for microalgae in the eye product market has benefited from this.
- By 2031, it is expected that the U.S. will control around 89 percent of the North American market, driven by expanding consumer interest in high-end goods and the appeal of vegan and organic items.
- The demand for microalgae personal care products in the U.K. will increase as a result of rising customer preference for organic and natural personal care products and manufacturers’ emphasis on upholding transparency in raw materials and manufacturing processes.
- Microalgae personal care and cosmetics sales in Germany will grow at a CAGR of 3.4 percent in 2021 due to the growing need for high-quality and secure cosmetic products.
- The market will rise as more Spirulina is used to treat skin conditions like tanning, aging, and aberrant pigmentation and as more microalgae are used to make cosmetic goods for skin whitening, anti-aging, and pigmentation reduction.
- Due to its low cost of cultivation and better output, the freshwater microalgae category is predicted to achieve a market valuation of US$ 55.363 million in 2031.
- Because of its anti-bacterial and hair growth-promoting qualities, microalgae are increasingly being used to make hair care products, enabling the industry to expand at a CAGR of 3.6 percent over the assessment period.