NEW YORK, June 1, 2021 /PRNewswire/ -- Collagen supplements in the powdered have witnessed increased popularity due to ease of utilization, and this segment is projected to expand at a healthy 5% CAGR through 2031. Collagen supplements have anti-ageing properties and a large part of their demand is driven by word-of-mouth marketing.
Manufacturers are investing on R&D exercises, new product launches, and expanding production capacities to cater rising demand for collagen supplements across regions. While the COVID-19 pandemic led to worldwide lockdowns, affecting manufacturing plants and supply chains, industry development took a hit in 2020. Also, concerns regarding animal cruelty for acquiring collagens may limit market growth to some extent. However, rising product awareness with regards to advancing good health will stimulate product demand over the coming years.
On the back of these factors, global sales of collagen supplements are expected to top US$ 3.9 Bn in 2031. According to the new report published by Persistence Market Research, the collagen supplement market is estimated to register a steady CAGR of around 6.5% over the forecast period of 2021-2031.
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Key Takeaways from Market Study
- The market is considerably fragmented, resulting in moderate bargaining power of customers. Key players are marking their presence through collaborative partnerships with other leading global players.
- Persistence Market Research identifies South Asia and Europe as the largest markets for collagen supplements, with both regions holding more than 20% market share, respectively.
- Hydrolyzed collagen is projected to hold the highest market share by 2031, at over 46%.
- Mass brands account for a larger share as compared to the rest of the end-use segments.
- Powdered collagen supplements are the most-liked form, with a projected market share of around 40%. Liquid/drinks are seeing increased demand because of convenience of carrying and easy consumption; these are easy to add to smoothies, coffee, or even water.
- Sales of collagen supplements across China are slated to expand, in value, at a CAGR of over 9% from 2021 to 2031.
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"Rising health awareness, especially due to the COVID-19 pandemic, has boosted the sales of nutraceuticals," says an analyst at Persistence Market Research.
Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the collagen supplement market, along with the highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include Further, Inc., Glanbia PLC, Hunter & Gather Foods Ltd, Tci Co., Ltd., The Bountiful Company, The Clorox Company, Shiseido Company Limited, Amorepacific Corporation, The Protein Drinks Co., Asterism Healthcare, Hangzhou Nutrition, Biotechnology Co., Ltd., Aneva Nutraceuticals Ltd., Bottled Science Ltd., Bauer Nutrition USA, Wilmar Sugar Pty Ltd., Elavonne, Optimum Nutrition, INC, Vital Proteins LLC, Hunter&Gather, Nature'S Bounty Co., and Codeage LLC.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the collagen supplement market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, type, form, source, application, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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About Persistence Market Research
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To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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