July 21, 2024

The Plant-Based Collagen Boom fueled by growth in Demand for Clean Label Products

The global plant collagen market has witnessed significant growth in recent times due to the rising demand for clean label and plant-based products from health-conscious consumers. Plant collagen is derived from various plant sources like vegetables, fruits, seeds, and legumes and offers comparable health benefits to animal-derived collagen. It helps support skin, hair, nails, joints, and digestive health. With growing awareness about the benefits of plant proteins and a shift towards a vegan lifestyle, plant collagen has emerged as a popular alternative to traditional collagen supplements. The market has seen many new product launches from startups and established brands offering collagen peptides and powders from konjac root, potato, pumpkin seeds, and other plant sources.

The global Plant Collagen Market is estimated to be valued at US$ 6.46 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed in the plant collagen market is the increasing demand for clean label and natural ingredients. Consumers are more inclined towards products with simple and understandable ingredients sourced from plants rather than pharmaceutical-sounding ingredients or animal-derived collagen. This has encouraged brands to focus on developing non-GMO, gluten-free, and allergen-free plant collagen powders and supplements. Another key trend is the functional applications of plant collagen. With growing research, plant collagen is finding wider applications beyond beauty in joint and bone health, digestive health, heart health, and more. Furthermore, e-commerce has boosted the accessibility of plant collagen products to consumers worldwide and is expected to drive the market growth over the forecast period.

Porter’s Analysis

  • Threat of new entrants: The threat is moderate as the plant collagen market requires high R&D investments and established supply chains. However, new plant sources are being explored.
  • Bargaining power of buyers: The bargaining power is high as plant collagen is substitutable with animal collagen and various forms are available.
  • Bargaining power of suppliers: The power is moderate to high as key raw materials like plant proteins are facing increasing demand.
  • Threat of new substitutes: The threat is high as new plant sources and formulation techniques are increasing product innovation and diversity.
  • Competitive rivalry: The rivalry is high among existing players to launch newer products and captue market share.

Key Takeaways

The global plant collagen market is expected to witness high growth. The market size for 2024 is US$ 6.46 billion indicating a CAGR of 8.5% during the forecast period 2023 to 2030.

Regional analysis: North America dominates the market currently owing to rising veganism and flexibility in regulations. Asia Pacific is expected to be the fastest growing market led by countries like China, India and South Korea due to the expansion of production facilities by key players and growing health consciousness.

Key players: Key players operating in the plant collagen market are Geltor, Vital Proteins, Aethic, Vegan Collagen Co., Forestwise, The Beauty Chef, Neocell, Amazing Grass, Sunwarrior, Garden of Life, Sports Research, Youtheory, Organika, Olaplex, and Purisure. These market players are emphasizing on new product launches, collaborations and partnerships to enhance their market share.