Microalgae is extensively used for its antioxidant properties that promote skin health by increasing moisture retention, and elasticity, surpassing other carotenoids and commonly used antioxidants. According to a recent report by Future Market Insights the demand for microalgae in the personal care and cosmetics sector is expected to cross US$ 76.5 Mn by 2031.
A series of human studies conducted by numerous leading companies in this field including BASF SE, BGG, and Fuji Chemical Industry suggested that microalgae could visibly and significantly reduce the depth of wrinkles and the appearance of skin texture, by minimizing age spots, while improving moisture content.
Microalgae is gaining interest for its roles as a preventative and reparative anti-aging agent. Microalgae helps to protect eyes from oxidative stress and radiation. Species such as chlorella is helpful for prevention of eye diseases.
Zeaxanthin is a photoprotective pigment found in plants and algae that displays stronger antioxidant activity than other plant sources. Zeaxanthin, like lutein, plays a protective role and aids in eye healing. These factors are encouraging the production and consumption of microalgae eye products.
For Instance, in April 2019, Microalgae ingredient specialist AlgaTechnologies Ltd. (Algatech) launched a new product within its astaxanthin product line – AstaPure EyeQ – a microencapsulated, cold water-soluble, 2 percent astaxanthin powder, marketed for promoting superior vision functionalities.
Key Takeaways from the Demand for Microalgae in Personal & Cosmetics Sector Study:
The U.S. is estimated to account for 89.9% of the North America market in 2021, supported by a strong clean label movement in the American personal care industry. China is estimated to account for 41.9% of the Asia Pacific in 2021, driven by easy access to raw materials and lower labour costs. Germany accounted for over 17% of the Europe market in 2021, driven by concerns over the side effects of synthetic ingredients in conventional cosmetics. Fresh water microalgae will reflect an above average 3.7% CAGR through 2031 owing to easier availability and higher yield. Spirulina products account for over 38% of the market, owing to widespread cultivation and cost-effective yields for personal care and cosmetics manufacturers.
“Consumers value quality above all. As a result, companies engaged in microalgae-based products manufacturing are investing in R&D to offer high-quality products, while focusing on adopting cutting-edge technology that will enable players to maintain premium standard in the personal care and cosmetics sector,” said a lead analyst at FMI.
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Who is Winning?
Manufacturers of cosmetic ingredients have started customizing their products to suit the needs of their clients, and the applications for which such ingredients are required. Moreover, the increasing demand for clean label and natural products in the cosmetic and personal care industry has pushed manufacturers to invest in R&D facilities to innovate products as per market trends.
Some of the leading companies offering microalgae in the personal care and cosmetics sector are DIC Corporation , Cyanotech Corporation, Koninkliijke DSM NV, Roquette Frères, BASF SE, Fuji Chemical Industries Co., Ltd., Parry Nutraceuticals, BGG (Beijing Gingko Group), KDI Ingredients, Sinoway Industrial Co., ltd. , INNOBIO Corporation Limited, Yunnan Alphy Biotech Co., Ltd, Algaecan Biotech Ltd., Algatechnologies Ltd., Cardax, Inc., Igene Biotechnology, Inc., Fenchem Biotek Ltd., AstaReal Inc., Valensa International, Kunming Biogenic Co., Ltd., and others.
Demand for Microalgae in Personal Care & Cosmetics Sector by Category
By Species Type:
Spirulina
Dunaliella
Haematococcus
Schizochytrium
Euglena
Nannochloropsis
Nostoc
Phaedactylum
Others
By Source:
Marine Water
Fresh Water
By End Use Application:
Fragrance
Hair Care
Hair Removal
Hair Conditioning & Shampoos
Hair Color
Eye Care
Skin Care
Anti-ageing
Acne Preparations
Moisturizers
Skin Whitening Creams
UV-protection
Others
Oral Care
Cosmaceuticals
Others
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By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)