Microalgae in Personal Care & Cosmetics Sector Market | 2031

Report Description

Microalgae in the Personal Care and Cosmetics Sector Market Outlook 2031

The global microalgae in the personal care and cosmetics sector market size was USD 56.5 Million in 2022 and is likely to reach USD 98.1 Million by 2031, expanding at a CAGR of 6.1% during, 2023–2031. The market is propelled by rising awareness regarding the benefits of nature-based products.

Growing inclination of consumers toward the use of natural and organic products is expected to boost the demand for microalgae-based products during the assessment period. It is rich in antioxidants and provides high UV protection due to the presence of natural UV-absorbing compounds in it.

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Microalgae such as Spirulina find vast applications in the personal care and cosmetic industry due to their anti-aging properties. With the expansion of the beauty and cosmetic industry, the market is projected to have significant propulsion in the coming years.

• As per the report published by the National Institute of Health in April 2023, the microalgae named Arthrospira platensis (commonly known as Spirulina) is one of the most widely used natural resources in the food industry. It has exceptional nutritional properties and is one of the most deeply researched microalgae due to its high protein content.

Microalgae is a rich source of vitamins, minerals, and amino acids that are highly beneficial for skin health. It supports the skin’s microbiome and protects it from environmental pollutants, promoting healthier skin.

Furthermore, microalgae-derived oils and extracts are known for their exceptional moisturizing properties and have anti-inflammatory compounds used for sensitive skin formulations. These factors are projected to enhance its market appeal and contribute to market growth.

The COVID-19 pandemic hindered the market due to the lockdowns imposed by various governments around the world. The production and trade activities were halted in order to stop the spread of infection.

This completely disrupted the supply chain and created a deficit in supply and demand, leading to the slowdown of the market. However, as things are now getting better, the market is projected to have a significant surge during the assessment period.

Impact of Artificial Intelligence (AI) in Microalgae in the Personal Care and Cosmetics Sector Market

The use of artificial intelligence is likely to provide substantial propulsion to the microalgae in the personal care and cosmetics sector market. The cultivation of microalgae through the use of AI technology is a highly sustainable practice that promises to revolutionize modern agriculture.

By leveraging advanced algorithms and machine learning techniques, this approach optimizes the use of resources and minimizes waste, resulting in a highly efficient and eco-friendly process. In particular, AI-driven microalgal cultivation reduces energy, water, and nutrient consumption, while simultaneously enhancing productivity and yield.

Microalgae in the Personal Care and Cosmetics Sector Market Dynamics

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Major Drivers

Growing awareness of the therapeutic and nutritional value of microalgae is expected to drive the market during the projection period. The microalgae are rich in antioxidants, vitamins, important fatty acids, and amino acids. This makes them highly appealing for application in cosmetic and personal care products.

Moreover, microalgae-based products have benefits such as skin brightening, anti-aging, and moisturizing without the risk of any harmful side effects. These factors are likely to boost the market during the assessment period.

• As per the report published by the National Institute of Health in May 2022, microalgae are found to have a rich nutritional composition. Based on the results of one of the microalgae that was tested, it was found to have significantly high amounts of protein (44.2%) and fat (15%).

Existing Restraints

Challenges in microalgae cultivation are likely to hamper the market during the forecast period. The process of cultivating and refining microalgae is highly difficult and requires a very specific environment.

Some of the common problems faced with microalgae cultivation include strain selection and improvement, removing the excess water to obtain a concentrated form and uneconomical use of sunlight for photosynthesis in ponds. This increases the cost of the final product and makes it difficult for cosmetic manufacturers to keep the price in the economical range, thereby impeding the market.

Emerging Opportunities

Research and development in the field of microalgae biotechnology is anticipated to provide substantial growth opportunities for the market.

The advancements in science and technology are leading to the development of highly effective culture techniques, downstream processing, and extraction methods in biotechnology which help in increasing the production efficiency of microalgae-based components on a commercial scale. This is leading to the availability of a large number of microalgae-based personal care and cosmetic products with enhanced quality in the market.

Scope of Microalgae in Personal Care and Cosmetics Sector Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Microalgae in Personal Care and Cosmetics Sector Market Segment Insights

Species Segment Analysis

Based on species, the microalgae in the personal care and cosmetics sector market is divided into spirulina, dunaliella, chlorella, haematococcus, euglena, nannochloropsis, nostoc, schizochytrium, phaedactylum, and others. The spirulina segment is projected to hold the major share of the market during the projection period due to its extensive use by the beauty and skincare industry.

Spirulina is a natural ingredient that can enhance your skin's health and give it a glowing appearance. It is effective in preventing acne and swelling. Spirulina is packed with essential vitamins, nutrients, and acids that help firm up the skin, reduce inflammation, and boost cell regeneration. Spirulina can help you achieve a youthful, radiant complexion and is therefore highly sought after for the manufacture of beauty products.

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Source Segment Analysis

On the basis of source, the global market is segregated into marine water and fresh water. The marine water segment is projected to register a high CAGR during the forecast period as microalgae found in marine environments are capable of utilizing the micronutrients already present in the water more efficiently than their freshwater counterparts.

This results in a slightly higher production of biomass. Additionally, algae grow at a faster rate in saltwater tanks than in freshwater tanks since there are no live plants present to consume the water nutrients that the algae feed on. Consequently, this segment is anticipated to have a major surge with increasing demand for microalgae-based products.

End-use Application Segment Analysis

On the basis of end-use application, the microalgae in the personal care and cosmetics sector market are segmented into hair care, hair removal, moisturizers, fragrance, hair conditioning & shampoos, hair color, anti-aging, acne preparations, UV-protection, eye care, skin care, oral care, cosmaceuticals, and others.

The anti-aging segment is anticipated to register a robust growth rate during the forecast period owing to the large number of benefits of microalgae for the skin. Numerous secondary metabolites with anti-blemish, anti-inflammatory, and antimicrobial properties are synthesized by microalgae.

These microalgal extracts, including Chlorella vulgaris, Arthrospira platensis, and Dunaliella salina, are beneficial for preventing wrinkle formation, and repairing skin aging, and healing, and therefore are expected to boost the market during the projection period.

The UV-protection segment is projected to register a considerable CAGR during the forecast period due to the fact that marine algae and their secondary metabolites are effective against UV radiation and can be utilized as photoprotective agents.

Microalgae have been proven to impede photoaging that is caused by excessive exposure to sunlight. The bioactive compounds in macroalgae absorb UV radiation and help prevent skin damage. With increasing awareness of personal care, this segment is likely to have significant growth in the coming years.

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Regional Analysis

In terms of region, the global microalgae in the personal care and cosmetics sector market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the extensive research and developments in the field of personal care and cosmetics.

It also has several global leaders in the personal care industry that heavily invest in the development of nature-based products for customers. Moreover, factors such as the rapid rise in consumer culture and high disposable income increase the demand for microalgae-based cosmetic and personal care products in this region.

The market in Asia Pacific is expected to expand at a significant rate due to factors such as rapid urbanization and the presence of several developing nations in this region. Countries such as India and China have large populations and are growing economically at a very rapid pace.

The rising awareness regarding the benefits of a sustainable lifestyle is leading to a large adoption of nature-based personal care and cosmetic products. As a result, the demand for microalgae-based products is increasing in this region and is expected to continue doing so in the coming years.

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