Increasing Focus on Personal Care and Aesthetic Appearance Is Expected To Significantly Influence Demand for Hyaluronic Acid over the Coming Years
Seoul, South Korea, June 28, 2022 (GLOBE NEWSWIRE) -- As of 2022, the global hyaluronic acid market holds a net value of US$ 11.31 billion and is predicted to reach US$ 24.11 billion by the end of 2032. Worldwide hyaluronic acid shipments are expected to rise at a CAGR of 7.9% from 2022 to 2032.
The world has witnessed a prominent increase in focus on personal care, and this has bolstered the demand for hyaluronic acid in several personal care products and cosmetics. Increasing incidence of osteoarthritis is also expected to further boost demand for hyaluronic acid, as it is crucially used in viscosupplementation treatment. Rising disposable income and investments in research to uncover more benefits of hyaluronic acid are also expected to positively market growth across the forecast period (2022-2032).
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Hyaluronic acid suppliers are majorly focusing on mergers, collaborations, partnerships, and acquisitions to increase their market presence and gain a competitive advantage. They are also investing in product development to fast-track new launches and increase their sales revenue.
In February 2021, Contipro, a renowned hyaluronic acid manufacturer based in the Czech Republic, announced the launch of its new anti-aging and anti-acne treatment product called HyRetin, which improves visibility of the skin.
What Factors Could Result in Increased Hyaluronic Acid Market Revenue?
“Rising Focus on Personal Care to Drive Demand for Hyaluronic-based Products”
Aesthetic awareness among the general population has substantially increased over the past few years owing to the rising penetration of social media and the growing influence of celebrities. Consumption of hyaluronic acid supplements is expected to rise as the popularity of their anti-aging effect increases.
Hyaluronic acid for skin-based applications and hyaluronic acid for hair-based applications are expected to see a prominent increase throughout the forecast period. Rising preference for organic products is expected to drive demand for organic hyaluronic acid powder, and this is expected to adversely affect synthetic hyaluronic acid sales through 2032.
Increasing disposable income is also expected to boost sales in the personal care segment. All of these factors are expected to make the personal care segment a target market for hyaluronic acid over the years to come.
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Key Segments Covered in the Hyaluronic Acid Industry Survey
Hyaluronic Acid Market by Application :
Hyaluronic Acid-based Dermal Fillers
Hyaluronic Acid Market by Distribution Channel :
Online Sales of Hyaluronic Acid
Offline Sales of Hyaluronic Acid
Hyaluronic Acid Market by End Use :
Pharmaceutical Grade Hyaluronic Acid
Dermatology Clinics & Cosmetic Surgery Centers
Food Grade Hyaluronic Acid
Other End Uses
Hyaluronic Acid Market by Region :
Top companies in the hyaluronic acid market are focusing on launching new products to increase their sales potential across several geographies. Hyaluronic acid suppliers are also eyeing mergers, collaborations, and acquisitions to drive their revenue generation potential and gain a competitive edge over other hyaluronic acid brands.
In February 2020, Seikagaku Corporation, a pharmaceutical-oriented R&D company based in Japan, announced the acquisition of a Canada-based drug manufacturer Dalton Chemical Laboratories Inc. This acquisition is expected to expand Seikagaku’s R&D operations and strengthen its position in the market.
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Key players in the Hyaluronic Acid Market
Zhonglan Industry Co. Ltd.
Altergon Italia Srl
Fidia Farmaceutici s.p.a.
Anika Therapeutics Inc.
Key Takeaways from Hyaluronic Acid Market Study
The hyaluronic acid market stands at US$ 11.31 billion at present.
From 2022 to 2032, consumption of hyaluronic acid is projected to increase at a CAGR of 7.9%.
The hyaluronic acid market is expected to rake in a sales revenue worth US$ 24.11 billion by 2032.
Increasing use of hyaluronic acid in personal care products, rising incidence of osteoarthritis, increasing disposable income, and rising investments in research are major factors driving market potential.
The North America hyaluronic acid market accounts for a market share of 33.3% in 2022 and is estimated to reach a valuation of US$ 8.99 billion by 2032.
Sales of hyaluronic acid-based dermal fillers are expected to increase at a CAGR of 8.8%.
The Japan hyaluronic acid market is expected to rise at a stellar CAGR of 9.2% over the forecast period.
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