According to a new report published by Allied Market Research, titled,Collagen Supplement Market by Source, Form and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The global collagen supplement market size was valued at $1,827.6 million in 2019, and is projected to reach $3,017.6 million by 2027, registering a CAGR of 6.9%. North America was the highest revenue contributor, accounting for the highest value share in 2019, and is estimated to grow at a CAGR of 7.1%. U.S. was the leading country in terms of collagen supplement consumption, and is expected to continue this trend during the forecast period.
Collagen supplement is a nutraceuticals, which is made from the combination of Type I, II, III, & IV collagen extracts. Collagen supplements contain peptides that are easily digestible and rich in essential amino acids, including hydroxyproline, glycine, and proline.
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The growth of the collagen supplement market can be attributed to several health and beauty benefits associated with the ingestion of collagen supplement. For instance, the ingestion of collagen supplement enhances the health of skin by reducing dryness and wrinkles. It also increases muscle mass, improves bone health, and provides relieve from joint pain. Moreover, the rise in diseases, such as arthritis, rheumatoid arthritis, and other inflammatory bone diseases, has encouraged consumers/people to inculcate special supplements to keep themselves agile. In addition, easy availability of supplements due to improvement in the retail infrastructure has been beneficial to the sales of nutraceuticals such as collagen supplement. However, high cost of collagen supplements and growing adoption of veganism act as the major restraints for the collagen supplement market growth. On the contrary, growing awareness about the beneficial effects of collagen supplement in the untapped markets, such as Asia-Pacific and LAMEA, is expected to provide growth opportunities for the collagen supplement market.
The collagen supplement market has been segmented on the basis of source, form, sales channel, and region. Based on source, the market is divided into marine & poultry, porcine, and bovine. On the basis of form, it is fragmented into pills & gummies, powder, and liquid/drinks. Based on sales channel, the market has been classified into pharmacy, specialty store, and online store. Furthermore, it includes the revenue generated from the sales of collagen supplement across North America (the U.S., Canada, Mexico), Europe (Germany, the UK, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Africa, and the rest of LAMEA).
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Based on source, the bovine segment was the largest segment in 2019, and is expected to remain dominant during the forecast period. The growth of this segment is attributed to collagen supplement being very popular among bodybuilders and athletes. However, the marine & poultry segment is projected to grow at the fastest CAGR of 7.1% over the forecast period
Based on collagen supplement market analysis by form, the pills & gummies segment was the largest & the fastest-growing segment in 2019, and is expected to remain dominant over the forecast period. The growth of this segment is attributed to an increase in the demand and consumption of dietary supplements that come in the form of pills and gummies, owing to rise in health concerns among consumers. Furthermore, increase in inclination of consumers toward the consumption of dietary supplement to aid recovery after exercise and help in the growth of muscles is expected to fuel the growth of the pills & gummies segment in future.
Based collagen supplement market forecast by sales channel, the pharmacy segment was the largest segment in 2019, and is expected to remain dominant over the forecast period. The growth of this segment can be attributed to pharmacies being often considered as a much more trusted source to acquire medication and supplementation. Moreover, services, such as home delivery through mails and consultations with the pharmacists, further boost the segment growth. However, the online segment is projected to grow at the fastest CAGR of 7.5% over the forecast period.
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Region-wise, North America was the largest market in 2019, in terms of revenue generation, garnering almost one-third of the global collagen supplement market share. The U.S. is further expected to expand at a notable growth rate exhibiting the highest share over the forecast period. However, Asia-Pacific and LAMEA regions in the collagen supplement market are expected to witness notable growth during the forecast period. The market growth in these regions can be attributed to increase in adoption of healthy food & supplements
Key Findings Of The Study
Based on source, the marine & poultry segment is projected to witness the highest CAGR of 7.1%, in terms of revenue, during the forecast period.
Based on form, the pills & gummies segment is expected to dominate the market through 2021-2027.
Based on sales channel, the pharmacy segment occupied the largest market with maximum market share in 2019, and is expected to grow at a significant CAGR during the forecast period.
The U.S. was the largest country in terms of demand for collagen supplement in 2019.
Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 7.6% from 2021 to 2027.
Key players in the collagen supplement industry have relied on strategies, such as innovation and business expansion, to expand their market share and to stay competitive in the global market. The key players in the collagen supplement market profiled in the report include Optimum Nutrition, Inc, BIoTechUSA, TCI CO., LTD., Further Food, Vital Proteins LLC, Hunter&Gather, Shiseido Co. Ltd, The Clorox Company, Nature’s Bounty Co., and Codeage LLC.
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