According to a new report published by Allied Market Research titled, “Hyaluronic Acid Market by End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The hyaluronic acid market was valued at $1.0 billion in 2020, and is projected to reach $2.1 billion by 2030, growing at a CAGR of 8.1% from 2021 to 2030.
Hyaluronic acid is also known as hyaluronan. It is a linear and natural polysaccharide belonging to the category of the non-sulphated glycosaminoglycans. Hyaluronic acid is a sugar that is present naturally in the body, such as in skin, eyes, and joints. The fundamental role of hyaluronic acid is to offer moisture to these areas of the body. It is a vital component of skin hydration. It can also have positive impacts on people with gum disease and mouth ulcers. It can be produced through fermentation.
There is an increase in the demand for hyaluronic acid from cosmetic industry, pharmaceutical industry, and others. The demand for facial injectables increasing which is boosting the demand for hyaluronic acid from cosmetic industry. Some of the major cosmetic markets are North America and Europe. However, stringent regulatory rules are projected to be a one of the barriers for hyaluronic acid market growth. In addition, the prices of hyaluronic acid are also expected to hinder the hyaluronic acid market. On the contrary, the increasing cosmetics and pharmaceutical industry in Asia-Pacific and LAMEA is expected to offer lucrative opportunities during the forecast period.
The hyaluronic acid market is segmented into end-use industry and region. On the basis of end-use industry, the hyaluronic acid market is categorized into cosmetic industry, pharmaceutical industry, and nutraceutical industry. Region-wise, the hyaluronic acid market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of end-use industry, the cosmetic industry segment is expected to grow at a CAGR of 7.4%, in terms of revenue during the forecast period. This is attributed to rising consumer spending on cosmetic products from Asia-Pacific and LAMEA. Moreover, the pharmaceutical industry is expected to grow at a CAGR of 8.5% in terms of revenue during the forecast period. This is attributed to rising pharma sector in emerging economies such as India, China, Brazil, and others.
On the basis of region, the Asia-Pacific market is expected to grow at a CAGR of 8.3%, in terms of revenue during the forecast period. This is attributed to numerous factors such as presence of rising consumer base in different countries such as China, Japan, India, and others. In addition, the consumer spending is expected to rise in coming years in Asia-Pacific countries. This will help to boost the cosmetic product sales. Moreover, the hyaluronic acid is used to treat joint pain. The joint pain problems are faced by old age individuals. There is presence of high number of old age populations in Japan.
The hyaluronic acid market analysis covers in-depth information of the major industry participants. Some of the major players in the market include Contipro a.s., Landec Corporation, Anmol Chemicals Group, Kewpie Corporation, Shandong Topscience Biotech Co., Ltd. (Shandong Topscience), Liuzhou Shengqiang Biotech Co.,Ltd., (Shengqiang Biotech), Shijiazhuang lateen chemical co., ltd., Shandong Focuschem Biotech Co., Ltd., Tiansheng Bio, and Kikkoman Biochemifa Company.
Other players in the hyaluronic acid market are Allergan, Inc., Salix Pharmaceuticals, Sanofi, Anika Therapeutics, Smith and Nephew Plc, Shiseido, and others
Key findings of the study
- The report outlines the current hyaluronic acid market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The hyaluronic acid market size is provided in terms of volume and revenue.
- On the basis of region, Europe hyaluronic acid market garnered share of 9.0% in 2020 in terms of volume.
- On the basis of end-use industry, pharmaceutical segment garnered market share of 56.4% in 2020 in terms of volume.
- The report also covers the impact of COVID-19 on the hyaluronic acid market.
Impact of COVID-19 on the Hyaluronic Acid market
- Manufacturing as well as the supply regions witnessed economic slowdown owing to lockdown.
- Raw material procurement was a challenge owing to disturbed transportation services.
- As per the companies operating in the market there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political, and economic disturbance it might cause.