By 2033, the global market for hyaluronic acid personal care products is poised to surge to an impressive US$ 7.36 billion, a substantial increase from the 2023 figure of US$ 3.26 billion. This market is projected to maintain a robust 8.5% Compound Annual Growth Rate (CAGR) in the coming years, primarily attributed to the heightened concerns regarding the aging population’s appearance.
These products are readily available for purchase online and through various retail channels, including beauty salons, pharmacies, supermarkets, and specialty stores, all without the need for a prescription. Hyaluronic acid contributes to enhancing the efficacy of skincare products by mitigating flaking and rejuvenating damaged or dry skin.
Notably, hyaluronic acid’s application can lead to the reduction of wrinkles, skin plumping, and overall improvement in skin texture. Furthermore, it offers exceptional properties such as moisture retention, anti-wrinkle capabilities, anti-irritation features, effective nutrient delivery, and the ability to combat free radicals. Due to these remarkable attributes, cosmetic-grade hyaluronic acid is witnessing a surge in popularity within the realms of skincare, makeup, cleansing, and hair care.
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Key Takeaways from Market Study
- The hyaluronic acid personal care products market is expected to record a CAGR of 8.5% over the forecast period.
- According to estimates, the market in North America is likely to remain strong throughout the length of the forecast period.
- In terms of product, the serum segment accounts for a significant share of the market, since they are more effective at penetrating the skin.
- China holds a 40% share of the Asia Pacific market and is projected to expand at a CAGR of over 8.5%.
Competitive Landscape:
Several prominent companies dominate this market, including Shiseido Co., Ltd., CeraVe, L’oréal Paris, La Roche Posay, Johnson & Johnson Consumer Inc. (Neutragena), SkinCeuticals, The Ordinary (Deceim Beauty Group, Inc.), Heraux (Carthronix), Innisfree (Amorepacific US, Inc.), Saro De Rúe, Beautiful Korea and others.
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Several domestic and international manufacturers are present in the market, and they are continually investing in research and development, making the market highly fragmented. It is common for companies to innovate their products and collaborate with celebrities and social media influencers to gain more customers.
Manufacturers of these products can gain a larger share of the market, expand their product portfolios, and expand their geographical reach by engaging in these activities. By partnering with other companies, key players can also gain access to new markets and advanced technologies. They can also acquire companies, merge, and diversify their portfolios as well.
Recent Developments:
- A freeze-dried hyaluronic acid system that offers clinically proven benefits for the skin was introduced by Saro De Re in January 2021.
- In March 2021, Royal DSM, a global science-based company focused on nutrition, health, and sustainability, launched three forms of hyaluronic acid. HYA-ACT Medium Molecular Weight (MW 1.0-1.3 MDa) enhances skin hydration and strengthens the skin’s protective barrier. HYA-ACT XS Molecular Weight (MW 37-56 kDa) pumps out fine lines and wrinkles and locks in moisture for an even greater hydration boost and calms reddened skin, while HYA-ACT Small Molecular Weight (MW 200-400 kDa) locks in moisture for an even greater hydration boost and calms reddened skin.
- In February 2020, Seikagaku Corporation, Japan-based pharmaceutical research and development company announced that it had acquired Dalton Chemical Laboratories Inc, a Canadian drug manufacturer. As a result of this acquisition, Seikagaku is able to strengthen its market position, as well as expand its research and development operations.
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By Category
By Product:
- Skin Creams
- Skin Lotions
- Toner
- Serum
- Moisturize
By Price:
- High/Premium
- Medium
- Low
By Application:
- Dermal Fillers
- Ophthalmic
By Distribution Channel:
- Supermarket/Hypermarket
- Specialty Stores
- Company Owned Websites
- Online Retailing
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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