As per a newly published report by Research Dive, the global collagen peptides market is expected to rise at a CAGR of 8.1% and is estimated to generate a revenue of $1,169.5 million during the period of forecast from 2020 to 2027. The global market is segmented on the basis of source, application, and region. The report provides detailed insights on drivers, challenges, restraints, opportunities, and key players of the market. As per our analysts, the rising demand from food & beverage industry and the growing awareness amongst people related to health and fitness are the major factors anticipated to bolster the growth of the global collagen market over the forecast period. Moreover, product demand in developing countries and favorable government initiatives are predicted to create lucrative growth opportunities in the market by 2027. Conversely, the regulations on animal origin foods and availability of substitute products are likely to hamper the growth of global market in the coming future.
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COVID-19 Impact on the Market
The COVID-19 pandemic is impacting the global collagen peptides market in a negative way due to decline in meat consumption across the globe, which is subsequently impacting the production of collagen peptides as beef and fish waste are major raw materials for collagen products. However, major players functioning in the industry are continuously executing several business tactics such as joint ventures and novel product launches to sustain in the unprecedented situation.
Bovine Segment to Hold Largest Market Share
Based on source, the global collagen peptides market is segmented into bovine, porcine, marine, and poultry. The bovine segment held the largest market share in 2019 and is expected to continue this trend during the forecast period. The organs of bovine animals such as ligaments, bones, skin, and others are widely used in the manufacturing of collagen products, which is estimated to propel the segmental market growth.
Food & Beverage Segment to Witness a Lucrative Growth
Based on application, the global market is categorized into food & beverage, nutritional products, cosmetics & personal care, and others. The food & beverage segment accounted for $278.6 million in 2019 and is projected to experience a lucrative growth by the end of 2027. This is mainly because collagen peptide products are extensively used in food & beverage industry due to its absorption capacity, thickening and texturizing properties.
North America Region to Grow at the Fastest Rate
Geographically, the global collagen peptides industry is divided into North America, Asia Pacific, Europe, and LAMEA. The North America market for collagen peptides is anticipated to grow at the fastest CAGR with 8.6% over the period of forecast owing to increasing awareness amongst individuals regarding health consciousness along with rising usage of collagen peptides in the cosmetics industry.
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Prominent Players of the Industry
The key players operating in the global collagen peptides market include
- Darling Ingredients
- Tessenderlo Group
- GELITA AG
- Collagen Solutions Plc
- Holista Colltech
- Nitta Gelatin India Limited
- Ewald-Gelatine GmbH
- FOODMATE CO. LTD.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis.