CHICAGO, June 22, 2023 /PRNewswire/ — The Collagen Peptides Market is projected to reach USD 922 million by 2028 from USD 699 million by 2023, at a CAGR of 5.7% from 2023 to 2028 according to a report published by MarketsandMarkets™. The market for collagen peptides is experiencing growth due to growing consumer health awareness and varied applications of collagen peptides.
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Increase in demand for collagen peptides for medical applications to drive the market growth
Collagen peptides have various versatile applications that give rise to their demand in medical, dental, and pharmacological fields. They are used as adequate support for drugs and are a natural biomaterial with astringent and wound-healing properties. It is considered an ingredient used in different forms. For instance, it is used as a hemostatic and dressing treatment for various types of injuries. Collagen-based biomaterials are of utmost importance for tissue engineering and regenerative medicine. They can be extracted from various tissue sources and assembled in combination with other molecules. Features of collagen, such as biocompatibility and biodegradability, well-defined structure, biological characteristics, and the way collagen interacts with tissues, make it one of the most used biomaterials. This high potential possessed by collagen has revolutionized the pharmaceutical industry. Recent advancements in biotechnology have discovered the incorporation and utilization of marine collagen as a functional biomaterial in the pharmaceutical industry.
By source, bovine holds a significant market share during the forecast period
The bovine segment dominated the collagen peptides market by source. This is because the segment has been studied and researched up on since a long time. Bovine as a source for collagen peptides are largely commercialized in the market. Moreover, factors such as ease of availability and biocompatibility of bovine sourced collagen is fueling the segment’s growth. Bovine collagen peptides are relatively less costly and easily available in the market. It is the best option for consumers who are health- and beauty-conscious. Some of the benefits associated with bovine collagen are that it hydrates the skin, supports digestion and heals the gut, supports muscle strength, and supports hair growth and nail health. All the stated factors are fueling the growth of the bovine segment in the collagen peptides market.
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Asia Pacific to boost market growth during the forecast period
The Asia Pacific region is expected to play a significant role in boosting the market growth of the collagen peptides industry during the forecast period. Asia Pacific has a rapidly growing livestock industry driven by population growth, urbanization, and increasing demand for animal meat and related products such as collagen. Countries in Asia such as China are among the top collagen exporters globally.
The key players in this region include Nitta Gelatin Inc. (Japan), Tessenderlo Group (Belgium), Holista Colltech (Australia), Darling Ingredients (US), Foodmate Co., Ltd. (China), Amicogen Inc (South Korea), among others. The study includes an in-depth competitive analysis of these key players in the collagen peptides market with their company profiles, recent developments, and key market strategies.
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