Hyaluronic acid has always found its use in skincare and makeup products since ages. Its demand has further increased in the recent years due to hectic schedules, busy lifestyles and harsh environmental conditions that give rise to acne, wrinkles, and dandruff. Hyaluronic acid is mostly used in skincare and makeup products. In addition to healing cuts and burns more quickly, it also reduces wrinkles, fine lines, and skin aging. It has moisture-retaining, anti-wrinkle, anti-irritation, and free radical scavenging qualities. Cosmetics containing hyaluronic acid that are used on the skin as moisturizers, serums, creams, etc., nourish the skin. These products help improve skin quality by lessening flaking and giving dry or injured skin back its suppleness. These qualities have led to the growing popularity of hyaluronic acid for use in skincare, cosmetics, cleaning, and hair care.
According to SPER Market Research, ‘Global Hyaluronic Acid Personal Care Products Market Size- By Product, By Price, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ the Global Hyaluronic Acid Personal Care Products Market is estimated to reach USD 7.06 billion by 2032 with a CAGR of 8.94%.
Personal care products with hyaluronic acid are widely used in the market to combat a range of issues faced by consumers including prevention of premature aging, improving the quality of skin and damage caused due to pollution. Additionally, hyaluronic acid has found its use in the treatment of joints in case of conditions like osteoarthritis. It is used to help ease joint discomfort and thus relieves the symptoms. The elderly form a large section of the population using these products. An increase in the medical and healthcare expenses has established the use of hyaluronic acid as a cost-effective alternative. Cosmetics containing hyaluronic acid can be purchased in physical stores, online, through company websites, and on e-commerce sites. This has increased the likelihood that the target market will buy the products.
The high cost of hyaluronic acid which makes it difficult to enter the middle-class segment of the population. Price sensitive consumers, find it difficult to invest in products with hyaluronic acid. As a result, a large share of the population is devoid of the opportunity to experience its benefits. The market's expansion is impeded by substitute products lacking hyaluronic acid, such as ceramides, squalene, and vitamin C. Moreover, emollients—such as moisturizers enhanced with ceramides and squalene—better soften the skin. Emollients are a more economical option as their manufacturing costs are lower and their profit margins are larger for businesses. An increase in their popularity in the recent years has led to a decline in the sales of products with hyaluronic acid.
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Impact of COVID-19 on Global Hyaluronic Acid Personal Care Products Market
The COVID-19 pandemic resulted in a financial and health crisis, causing resources to be reallocated towards necessary medicinal products. The early phases of the pandemic hindered the manufacturing of personal care products by affecting the industrial supply chain and production. Several companies that manufacture a broad range of hyaluronic acid based personal care products reported sharp declines. Additionally, brick-and-mortar pharmacies and mass markets had a sharp decline in sales during the pandemic due to travel restrictions, whereas e-commerce sales of these products saw a remarkable surge.
Hyaluronic Acid Personal Care Products Market Key Players:
The largest market shares for Global Hyaluronic Acid Personal Care Products Market are held by North America due to the increasing desire for minimally invasive aesthetic procedures. Allergan Plc., Anika Therapeutics Inc., Bioventus LLC, Croma-Pharma and Sanofi are a few of the major names in the market.
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Hyaluronic Acid Personal Care Products Market Scope
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