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The global collagen market size is estimated to reach USD 16.7 billion by 2028 expanding at a CAGR of 9.0% from 2021 to 2028. The escalating adoption of collagen for wound healing treatments and cosmetic surgeries is boosting product demand across the world. Furthermore, expanding application areas of collagen including widespread acceptance in the food & beverages sector and the surging usage in the cosmetics sector are projected to fuel the market growth.
Collagen finds wide-ranging applications in the healthcare sector. The food & beverages industry is anticipated to be a key contributor to the increasing demand for hydrolyzed collagen and gelatin. Collagen is a crucial protein for the body and has numerous skin, nutritional, and health benefits. Nonetheless, the increasing concerns about disease transfer from specific sources of raw material are hindering the market growth. The industry is highly controlled by regulations and laws about ingredients used in collagen production and animal-based raw materials.
The four primary sources used in the manufacturing of collagen include bovine, poultry, porcine, and marine. The bovine source held a substantial volume share of over 38% in 2020, owing to the abundant availability and relatively lower price in comparison with other sources. The marine source is expected to witness the fastest growth rate during the forecast period. Marine is comparatively a superior source than its counterparts, pertaining to its bioavailability and high absorption rate. However, the product derived from marine costs is higher than those from bovine and porcine, which is anticipated to restrict the growth of the segment.
Based on product, the gelatin segment held the largest revenue share in the collagen market in 2020. This is attributable to the uptrend in demand for gelatin as a food stabilizer. Furthermore, the increasing developments in the fishing industry in countries including India and China have attracted numerous gelatin manufacturers in the Asia Pacific region to utilize fish as a raw material for the production of gelatin.
Healthcare application dominated the market in 2020. Collagen is incrementally gaining popularity in the healthcare industry as a filler for bone voids owing to its capability to boost bone development. Furthermore, a rise in the demand for collagen sponges for carrying proteins in treatments for bone repair is anticipated to be opportunistic for market growth.
The Asia Pacific region is poised to emerge as the fastest-growing region during the forecast period with a volume-based CAGR of over 9.7% from 2020 to 2028. The region depicts the presence of a robust meat processing industry, paired with increasing investments in industrial development by the governing agencies to augment economic development. Additionally, the growing investments in R&D activities for developing collagen-based products are projected to favor regional market growth.
The key players in the global market operate via limited production capacities with the manufacturing plants positioned in close proximity to the source of raw materials, which leads to the low cost of procurement. Therefore, numerous key vendors focus on firming their market position in local and emerging markets, particularly in the Asia Pacific and the Middle East & Africa regions, with the help of strategic alliances and geographic expansions. Furthermore, the market players are involved in growth strategies including product launches, partnerships, mergers, and acquisitions in order to sustain their positions in the market. For instance, in October 2022, Collagen Matrix, Inc., a leading company in regenerative medicine across the world, acquired Polyganics, B.V. Polyganics develops and manufactures medical devices that are bioresorbable. The acquisition is aimed at expanding Collagen Matrix’s portfolio of bioresorbable solutions and bone repair technology platforms.
Research Support Specialist, USA