Animal Collagen Is The Largest Segment Driving The Growth Of Plant Collagen Market.
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| Plant Collagen Market |
The global Plant Collagen Market is estimated to be valued at US$ 6.46 Bn 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 is a protein derived from plants as an alternative to animal collagen. It provides structural support to skin, muscles, and bones. Plant collagen helps boost hydration, elasticity, and firmness of the skin.
Market key trends:
One of the key trends in the plant collagen market is the increasing demand for vegan and plant-based products. More number of consumers are preferring vegetarian food products and nutritional supplements sourced from plants over animal-derived products owing to health, ethical, and environmental reasons. According to research, the global vegan food market is expected to reach $24.3 billion by 2026, growing at a CAGR of 11% over the forecast period. This rising demand for vegan products is positively impacting the growth of the plant collagen market.
SWOT Analysis
Strength: Plant collagen has high biodegradability and is more sustainable than animal-derived collagen as it does not require harming animals. It has low risks of spread of zoonotic diseases.
Weakness: Plant collagen is a relatively new product and lacks extensive research on its long term benefits and effects. It is more expensive than regular collagen supplements presently.
Opportunity: The demand for plant-based and vegan products is increasing globally due to health, sustainability and ethical considerations. This provides major opportunities for the growth of the plant collagen market.
Threats: Limited consumer awareness about the benefits of plant collagen and prevalence of traditional sources of collagen like jellyfish and animal bones can hamper market growth. Established animal collagen product companies can be threat to newer plant collagen brands.
Key Takeaways
The Global Plant Collagen Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand for vegan and sustainable products. According to a report, the global vegan food market size was valued at US$ 24.3 billion in 2020 and is projected to expand at a CAGR of 11.9% from 2021 to 2028.
Regional analysis
North America is expected to dominate the global plant collagen market during the forecast period. This is attributed to increasing health consciousness and vegan lifestyles in the region. Asia Pacific is expected to be the fastest growing market for plant collagen owing to improving living standards and changing consumer preferences in countries like China and India.
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. These companies are adopting strategies like new product launches, partnerships and expansions to strengthen their market position.
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