The major factors powering the surge of the market are the increasing requirement of hair and skincare products, rising customer demand for plant-based protein supplements, and the surging awareness of health, fitness, and wellness amongst the people throughout the world.
The rise in the working women population and disposable income of people around the world, especially in the emerging economies are the main reasons behind the growing usage of hair and skincare products. In addition to this, the increasing popularity of organic and natural products, on account of the soaring public awareness of the toxic effects of chemicals on the body, is causing a surge in the sales of chlorella-based cosmetic and personal care products across the globe.
Besides the aforementioned factor, the increasing consumer awareness of health and wellness is also driving the advancement of the market all over the globe. Chlorella is a nutrient-rich alga, which is rapidly becoming popular across the world on account of its numerous health benefits. For example, the alga helps in the removal of many toxic compounds such as mercury, cadmium, lead, and various other heavy metals from the body. In addition to this, it improves the functioning of the immune system by stimulating antibody production in the body.
The rising penetration of the internet has led to the rapid growth of the e-commerce industry, which has, in turn, boosted the sales of many products including chlorella-based products across the world. Furthermore, the increasing popularity of online shopping and home delivery is pushing up the sales of these products, thereby fueling the progress of the market. There are currently over 3.47 billion users of the internet globally and this number will further rise in the future, which will, in turn, offer immense opportunities to the market players.
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On the basis of end use, the chlorella powder ingredient market is classified into animal feed, dietary supplements, cosmetics, and food and beverages categories. Amongst these, the food and beverages category had the largest market share in the past, due to the large-scale consumption of various chlorella-based food items and drinks. The increasing health consciousness amongst people boosted the adoption of vegan lifestyles, which, in turn, augmented the sales of the chlorella-based food items and beverages, on account of the high vitamins, minerals, and protein content of the alga.
Depending on the distribution channel, the market is divided into pharmacies, specialty stores, convenience stores, online platforms, and supermarket/hypermarkets. Out of these, the online platforms division is predicted to exhibit the fastest market growth during the next few years, as per the estimates of the market research company, P&S Intelligence. This is because of the increasing internet penetration and the soaring popularity of e-commerce platforms, on account of their ability to provide a hassle-free shopping experience, greater product range, home delivery, and affordable product prices, across the world.
In the coming years, the chlorella powder ingredient market is predicted to demonstrate rapid expansion in North America and Asia-Pacific (APAC), with both regions predicted to hold more than 65% market share by 2024. This is attributed to the soaring sales of organic skincare and hair products, rising public awareness about health, fitness, and wellness, and growing usage of various plant-based protein supplements in the regions. The market will also exhibit rapid progress in Europe, Middle East and Africa (MEA), and Latin America (LATAM) in the upcoming years.
Hence, with the growing usage of organic and natural hair and skincare products, increasing customer preference for plant-based nutrient supplements, and the rising public awareness of health and wellness, the market will demonstrate substantial growth over the next several years.
SOURCE: P&S Intelligence
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