The global marine extract market is set to secure a valuation of US$ 6,054.0 million in 2023. It is anticipated to reach US$ 10,117.5 million by 2033. From 2023 to 2033, the global marine extract demand is likely to increase at a CAGR of 5.3%.
The growing demand from the cosmetic industry can drive the global marine extract market throughout the forecast period. Cosmetics manufacturers are increasingly seeking natural and sustainable ingredients. Marine extracts, such as seaweed, algae, and sea minerals, are expected to be increasingly popular due to their inclusion of beneficial compounds and environmentally friendly properties.
Cosmetics manufacturers are set to use marine extracts to produce anti-aging cosmetics containing compounds such as collagen, hyaluronic acid, and antioxidants. The demand for these products is rising due to the increasing aging population.
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The launch of new moisturizers, serums, and masks infused with marine extracts is anticipated to aid demand. As consumer awareness of skincare expands, so does the need for marine-derived ingredients.
A handful of marine extracts have natural sun protection properties. With increasing concerns about sun damage, cosmetics made from these extracts are in high demand due to their UV protection benefits. Marine extracts are also known for their hydrating and skin-nourishing properties, making them essential for products, including moisturizers and lotions.
Companies are focusing on sustainable sourcing, which aligns with the preservation of marine ecosystems. Ethical and eco-friendly sourcing practices are becoming a selling point for cosmetics manufacturers. As marine extracts provide unique textures, colors, and scents, these would enable cosmetic companies to create innovative products that stand out in the market.
Emerging markets, especially in Asia Pacific, are showing increasing demand for cosmetic products. This, in turn, drives the demand for marine extract-based cosmetics.
Ongoing scientific studies and discoveries related to the benefits of marine extracts in cosmetics are projected to fuel the market’s growth. High-end and luxury cosmetic brands often use marine extracts to create premium products, catering to consumers looking for luxury skincare options.
Key Takeaways from the Marine Extract Market Report-
- The global marine extract market is expected to reach a valuation of US$ 10,117.5 million by 2033.
- Global demand for marine extracts will likely soar at 3% CAGR over the forecast period.
- Based on application, the functional food & beverages segment is anticipated to reach a valuation of US$ 1091.6 million by 2033.
- On the basis of the extract type, the protein segment is expected to clock a staggering CAGR of 3% from 2023 to 2033.
- Japan is estimated to witness a CAGR of 1% during the projection period.
“Increasing demand for natural ingredients in several industries and the growing awareness about the health benefits of marine extracts are driving growth. Key manufacturers are focusing on launching new extracts with improved properties to expand their presence.” – says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape of the Marine Extract Market
Leading companies are concentrating on expanding their portfolios by launching new products. They would also prioritize sustainable and responsible sourcing of marine ingredients, aligning with environmental and ethical standards to ensure a long-term supply of marine extracts.
For instance,
- In March 2019, Lonza Group launched a new line of marine-based omega-3 fatty acid products for the dietary supplement market called Oceanix.
- In November 2019, MRC commended Sanford for growing its marine extract factory. Since buying ENZAQ in 2017, Sandford has begun developing a Greenshell mussel powder. Two of the founders of its Marlborough Food and Beverage Technology Hub were Sanford and ENZAQ.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global marine extract market, presenting historical demand data (2018 to 2022) and forecast statistics from 2023 to 2033.
The study incorporates compelling insights on the marine extract market based on extract type (protein, lipid, carbohydrate, ash, others), source (macroalgae, microalgae, aquatic animals, others), and application (functional food & beverages, pharmaceuticals, cosmetics & personal care, animal feed & pet food, and others) across several regions.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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