Philippines Alginate Market size is projected to grow at a CAGR of 7.2% during 2024-2030F

Sodium Alginate sector by Type held the highest revenue share of Philippines Alginate Market -6Wresearch

Sodium alginate attained the largest share in the market and it is currently dominating the Philippines alginate market due to its wide range of applications as a thickening, gelling, and stabilizing agent in sectors such as food, textiles, and cosmetics. The increase in jams, fruit jellies, and marmalades exports from 10.5 million kg in 2022 to 11.2 million kg in 2023 highlights its growing demand. Its cost-effectiveness, ease of use, and functional benefits further cement its leading position in the market.

According to 6Wresearch, Philippines Alginate Market size is projected to grow at a CAGR of 7.2% during 2024-2030F. The cosmetics and skincare products market in the Philippines has experienced significant growth in recent years, driven by rising demand for personal care items, especially among young adults focused on maintaining their appearance. In 2021, the Philippine cosmetics industry was valued at $1.5 billion, with an anticipated annual growth rate of 10%. This expansion is supported by factors such as a growing middle class, increasing urbanization, and heightened awareness of beauty and personal care. Additionally, around 2% to 5% of the population can afford high-end products, boosting the demand for premium cosmetics.

Consumer trends are shifting towards "clean beauty" products, which prioritize natural and organic ingredients, further fueling the demand for skincare products and increasing the use of alginates in cosmetics. Between 2021 and 2026, the Philippine skincare market is forecasted to grow from USD 1.1 billion to USD 1.5 billion, with a compound annual growth rate (CAGR) of 7.7%.

According to Sumit, Senior Research Analyst, 6Wresearch, the food and beverage sector leads the Philippines alginate market because of its widespread use of alginates as thickeners, stabilizers, and gelling agents. With food and beverage sales increasing from $30 billion in 2020 to $35 billion in 2023, the sector’s substantial size and demand for processed and functional foods drive alginates' dominant share in this application segment.

Philippines Alginate Market (2024-2030) report provides an in-depth analysis with 19 figures and 3 tables, covered in 58 pages. The report thoroughly covers market by type, by material, by shape and by end-user. Philippines Alginate Market outlook report provides an unbiased and detailed analysis of the on-going Philippines Alginate Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.