Hyaluronic Acid depending upon its molecular weight is used in various medical purposes ranging from tissue engineering, ophthalmology, and orthopedic to cancer treatment and cosmetic surgeries. Hyaluronic Acid also finds its extensive application in making of cosmetics and range of skincare products. Resultantly, Hyaluronic Acid witnesses a vast uptake and demand from the pharmaceutical as well as the cosmetics industry. The heightened demand leads to driving the growth of the hyaluronic acid market.
The Hyaluronic Acid Market has been witnessing steady growth over the past few years mainly due to the improving economic condition, worldwide that is enhancing per capita healthcare and wellness expenses. Consumers nowadays are exceedingly demanding luxury wellness products that can give maximum output. This demand is escalating the market on the global platform, ascending the demand for Hyaluronic Acid.
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Acknowledging the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Hyaluronic Acid Market will achieve yet another ascending level by 2023, registering a CAGR of approximately 5.2% throughout the forecast period (2018 to 2023).
Additionally, this versatile chemical finds its applications in dietary supplements as well. Attributing to the wide uptake in a range of application areas the market for Hyaluronic Acid enjoys great traction always. The improving standard of living has increased the consumption of wellness products such as anti-aging cosmetics, etc. which is resultantly driving the demand for Hyaluronic Acid.
Global Hyaluronic Acid Market – Segmentation
For ease of understanding, the report has been segmented into two key dynamics: –
By Application: Cosmetics, Orthopedic Products, Ophthalmology, Dietary Supplements, and Pharmaceuticals among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Key Players Leading the Global Hyaluronic Acid Market include Seikagaku Corporation (Japan), Hoffmann-La Roche Ltd (Switzerland), BASF SE (Germany), Evonik Industries AG (Germany), SpecialChem (France), Merck KGaA (US), Abiogen Pharma S.p.A. (Italy), American Chemical Society (US), Genzyme Corporation (US), Galderma S.A. (Switzerland), Ferring B.V. (Netherlands), Alfa Sagittarius (Poland), Smith & Nephew (UK), Shiseido Company (Japan), and Kikkoman Corporation (Japan) among others.
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Global Hyaluronic Acid Market – Competitive Analysis
Highly competitive the Global Hyaluronic Acid Market appears to be fragmented due to the presence of various small as well as large-scale players. These players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch to gain an edge over their competitors.
These players also make high investments in acquiring small yet promising companies locally and internationally to expand their distribution network, production capacity, and supply chain to the emerging market. The supplier’s strategy to sustain in the market is to obtain strong financial support. These players strive to minimize the cost of their product by adopting cost-effective manufacturing methods.
Global Hyaluronic Acid Market – Regional Analysis
The Asia Pacific region, heading with its largest number of production plants of this acid is projected to continue with its dominance over the Global Hyaluronic Acid Market. The accounts for the largest producer and consumer of hyaluronic acid. Countries such as Malaysia, China, Indonesia, and India, backed by raw material advantages play a vital role in Asian Hyaluronic Acid production.
Moreover, factors such as the growing population and increasing urbanization alongside the increasing number of skin diseases & disorders and orthopedic problems provide impetus to the growth of the market.
Moreover, the availability of cost-competitive logistic such as workforce and the raw materials in the region has always been attracting foreign investors encouraging them to shift their production bases to the region. Additionally, factors such as the increasing industrialization, the presence of the largest production base and minimal regulatory norms foster the growth of the regional market to an extent.
The Hyaluronic Acid Market in the North American region accounts for the second-largest market, globally. Factors such as the ever-growing pharmaceutical industry and the widespread usage of cosmetics are contributing to the growth of the hyaluronic acid market in the region. The hyaluronic acid market in North America is expected to show remarkable growth throughout the forecast period.
The European Hyaluronic Acid Market is rapidly emerging as a profitable market, globally. Key driving forces driving the demand for hyaluronic acid in the region include the growing demand in the cosmetic industry and the growing consumption of medicines.
Moreover, the presence of major manufacturers such as Evonik Industries & BASF positively impacts the growth in the European region, offering a superior quality product. Stringent regulatory norms in the well-developed regions such as Europe and North America have been shifting the demand for Hyaluronic Acids to emerging countries like China and India.
Industry/ Innovation/ Related News:
April 04, 2019 – MDNA SKIN (the US), a leading global skincare brand announced its collaboration with Moschino S.p.A. (Italy) a luxury fashion house, specializing in leather accessories, shoes, luggage, and fragrances to create three exclusive skincare sets. These luxury skincare sets are based around MDNA’s core products, but repackaged in an exquisite Moschino bag, and sold in specially devised combinations. All products contain ingredients that are focusing on hydration and consists of a highly moisturizing triple hyaluronic acid blend that hydrates severely dry skin.
April 02, 2019 – Drunk Elephant (the US), a lifestyle and skincare brand announced its partnership with Sephora (the US), a beauty retail giant to launch its new product named – Slaai Makeup-Melting Butter Cleanser.
Consisting Hyaluronic Acid and various skin benefitting ingredients, this new product is a cleansing balm that, transforms from oil to milk upon contact with water, and claims to melt away all traces of dirt, makeup, and sunscreen, even tackling water-resistant formulations.
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