The North America Algae Skincare Products Market would witness market growth of 6.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1,921.3 thousand units, showcasing a growth of 6.2% (2019-2022).
Adopting algae skincare products raises consumers' awareness of the environmental impact of their beauty choices. As consumers become more conscious of sustainability and the need for eco-friendly alternatives, algae, a renewable and abundant resource, has emerged as a compelling option. The clean beauty movement, characterized by a demand for products with transparent ingredient lists and ethical sourcing, has propelled the adoption of algae skincare. Algae, sourced sustainably and often cultivated using eco-friendly practices, aligns with the principles of clean beauty, resonating with consumers seeking conscientious choices in their skincare routines.
The overall shift towards embracing natural and plant-based ingredients in skincare has been a key driver for adopting algae products. Algae, with its diverse range of species offering unique skincare properties, has become a sought-after ingredient for brands aiming to cater to the growing market of consumers preferring botanical and nature-derived formulations. The efficacy of algae in skincare formulations is supported by scientific research highlighting its rich nutrient profile. Algae contain vitamins, minerals, antioxidants, and bioactive compounds that contribute to various skincare benefits, including hydration, anti-aging, and anti-inflammatory properties. The scientific validation of these benefits has boosted consumer confidence and, in turn, adoption.
According to the Bureau of Economic Analysis (BEA) of the US, in June 2023, personal consumption expenditures (PCE) climbed by $100.4 billion (0.5%), while disposable personal income (DPI), or personal income less personal current taxes, increased by $67.5 billion (0.3%). Therefore, the factors mentioned above will drive the regional market growth.
The US market dominated the North America Algae Skincare Products Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $76,149.1 Thousands by 2030. The Canada market is experiencing a CAGR of 8.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 7.8% during (2023 - 2030).
Free Valuable Insights: The Algae Skincare Products Market is Predict to reach $312.5 Million by 2030, at a CAGR of 7.1%
Based on Source, the market is segmented into Macroalgae, and Microalgae. Based on Algae Type, the market is segmented into Brown Algae, Red Algae, Green Algae, and Others. Based on Type, the market is segmented into Face Serum & Oil, Cleansers & Toners, Moisturizers & Creams, Face Masks, Eye & Lip Care Treatments, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Source (Volume, Thousand Units, USD Million, 2019-2030)
By Algae Type (Volume, Thousand Units, USD Million, 2019-2030)
By Type (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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