Market research from Fact.MR has identified that the global upcycled ingredients market was estimated to be valued at US $275.3 million in 2022 after having registered Y-o-Y growth of 5.9%.
Manufacturers of upcycled ingredients are working to gather more raw materials to bring more upcycled ingredients into the market. Many manufacturers collect raw materials from previous manufacturing processes to bring in upcycled ingredients, per Fact.MR.
The cosmetics industry is no exception as upcyling continues to gain popularity. C&T discussed trends in upcycled ingredients last year, wherein a number of companies utilizing upcycling for cosmetics products were discussed.
Upcycling is expected to continue to grow in popularity, as Fact.MR projects worldwide consumption of upcycled ingredients to increase at a CAGR of 6.4% over the 2022-2032 period, with the U.S. accounting for more than 60% increase in its market share.