July 17, 2024
Plant Collagen Market

Plant Collagen Market Is Estimated To Witness High Growth Owing To Rising Demand For Vegan Cosmetic Products:

The Plant Collagen Market is estimated to be valued at US$ 6.46 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Plant collagen includes products derived from plant sources like soy, potatoes, cucumbers, etc. These plant collagens are used as an alternative to animal-based collagen in cosmetic products, supplements and protein powders. Plant collagen offers various advantages over animal collagen like being vegan and sustainable. It is widely used in anti-aging creams, serums, shampoos and supplements due to its moisturizing and skin strengthening properties.

Market key trends:

One of the key trends driving the growth of the plant collagen market is the rising demand for vegan cosmetic products. There has been a significant rise in the number of consumers opting for vegan lifestyle and products in the past few years due to health, ethical and environmental reasons. This has prompted many personal care brands to offer plant-based alternatives to their products. According to data, the vegan cosmetics market was valued at US$ 12.1 billion in 2018 and is projected to reach $20.8 billion by 2026, growing at a CAGR of 7.5%. Several leading brands are launching innovative plant collagen infused serums, moisturizers and supplements to cater to this demand.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the plant collagen market due to the high capital requirement, existing intellectual property and patents. New entrants will have to overcome brand loyalty of existing brands.
Bargaining power of buyers: The bargaining power of buyers in the plant collagen market is high due to the availability of substitutes and undifferentiated nature of products. Buyers can negotiate on price and switch brands easily.
Bargaining power of suppliers: Plant collagen suppliers have moderate bargaining power due to their specialized expertise and know-how. However, the availability of substitutes provides some balance.
Threat of new substitutes: The threat of new substitutes is high in the plant collagen market as technological advancements are enabling the development of new plant-based proteins as substitutes.
Competitive rivalry: Intense competition exists among existing players.

SWOT Analysis

Strength: Plant collagen is vegan, non-GMO and gluten free which expands its target market. It is sustainable and its production has lower environmental impact than animal-sourced options.
Weakness: Plant collagen is a new product category and lacks brand recognition compared to animal collagen. Its efficacy is still being researched.
Opportunity: Growing demand for clean label, plant-based and sustainable products present an opportunity. Expanding application scope in nutrition and cosmetic/personal care industries.
Threats: Stricter regulations around labelling of collagen as ingredient. Economic slowdowns can reduce discretionary spending on supplements.

Key Takeaways

The Global Plant Collagen Market Growth  is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing consumer preference for vegan/plant-based products. North America currently dominates the market due to rising health concerns. By 2030, the market size is projected to reach US$ 12.56 Bn.

Regional analysis: Asia Pacific is expected to be the fastest growing region in the plant collagen market due to rapid economic development, rising health awareness and growth of veganism. China dominates the APAC plant collagen market due to its large population and rising focus on preventive healthcare expenditures.

Key players operating in the plant collagen market are Geltor, Vital Proteins, Aethic, Vegan Collagen Co., Forestwise, The Beauty Chef, Neocell, Amazing Grass, Sunwarrior, Garden of Life, Sports Research, Youtheory, Organika, Olaplex, Purisure. Geltor and Vital Proteins have emerged as leading innovators of new plant collagen sources and applications.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it