The Personal Care and Cosmetics Microalgae Market report forecasts revenue will grow to $76.5m by 2031, a compound annual growth rate (CAGR) of 4.2%.
Increasing use of spirulina in the treatment of skin issues such as tanning, ageing and pigment abnormalities, along with rising use of microalgae in the production of skin whitening, anti-aging, and pigmentation reduction cosmetic products will drive market growth.
Meanwhile, rising adoption of microalgae in creating hair care products due to its anti-bacterial and hair growth boosting properties will see usage in that segment grow by a CAGR of 3.6% to 2031, said FMI.
In addition, consumers are switching towards vegan cosmetic products owing to growing awareness regarding animal welfare.
Microalgae extracts have emerged as a suitable vegan substitute for producing cosmetic products, which will create scope for growing applications in cosmetics sector, said FMI.
Market players are also looking to capitalise on anti-inflammatory and anti-microbial properties of microalgae for treating oral disorders.
Algal extracts are now used in creating toothpastes, functional chewing gums, and mouthwash as gelling and water binding properties of hydrocolloids are becoming popular in dentistry.
The US is predicted to account for around 89% of the North America market by 2031, driven by rising popularity of vegan and organic products and increasing consumer willingness to buy premium products.
In the UK, growing consumer inclination towards organic and natural personal care products in the UK along with the focus on maintaining transparency in raw material and production methods among manufacturers will boost demand there.
Meanwhile, rising demand for high quality and safe cosmetic products will drive the sales of microalgae personal care and cosmetics in Germany at a CAGR of 3.4% in 2021, found FMI.
Euglena, Koninkliijke DSM, Sun chlorella, Fuji Chemical Industries and Novagreen are the top five market players operating in the market.
As per FMI’s market analysis, they account for more than 35% share in the global microalgae personal care and cosmetics market.
“Owing to the increasing demand for premium cosmetic items, microalgae-based products manufacturers are focusing on producing high quality products using state of the art production technology,” said an FMI spokeswoman.
“Increasing consumer spending on premium products will boost the market growth over the assessment period,” she added.
