The Azelaic Acid Market is estimated to be valued at US$ 295.81 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Azelaic acid is a non-toxic dicarboxylic acid that naturally occurs in wheat, rye, and barley. It has various applications in the cosmetic, pharmaceutical and agriculture industries. In the cosmetic industry, azelaic acid is used in the formulation of anti-acne creams and lotions owing to its ability to reduce inflammation and regulate keratinization in skin. Pharmaceutically, it is used in the treatment of hyperpigmentation disorders and inflammatory skin conditions such as rosacea.
Market Dynamics:
Growing awareness regarding the benefits of azelaic acid in treating acne and associated skin conditions is a key driver for the azelaic acid market growth. According to American Academy of Dermatology, acne affects around 50 million Americans annually. Azelaic acid is effective in treating mild to moderate acne with lesser side effects as compared to other treatments. Furthermore, increasing usage of natural ingredients in cosmetic products due to growing consumer preference for non-toxic personal care items is another factor propelling the demand for azelaic acid from the cosmetic industry. Surging production of cosmetic products worldwide along with rising geriatric population prone to hyperpigmentation is anticipated to supplement the market expansion over the forecast period. However, availability of alternative treatment options and natural sources of azelaic acid can hamper the market growth.
Segment Analysis
The Global Azelaic Acid Market Size is segmented on the basis of form, grade, application and region. Based on form, the market is segmented into solid and liquid. The solid segment held maximum share of the market in 2022 and is expected to remain dominant during the forecast period. Solid azelaic acid is widely used in personal care and pharmaceutical industry due to its ease of handling.
Based on grade, the market is divided into pharmaceutical, cosmetic and technical grades. Cosmetic grade dominated the market in 2022 due to significant usage of azelaic acid in skin lightening creams, facial serums and anti-acne treatments. Cosmetic grade azelaic acid provides effective results in reducing pigmentation, acne scars, rosacea lesions and dark spots.
Based on application, the market is classified into pharmaceuticals, plastics, cosmetics & personal care and others. Cosmetics & personal care was the largest application segment in 2022 on account of wide uses of azelaic acid in varied skin care products for treatment of acne, hyperpigmentation and rosacea.
Pest Analysis
Political: Stringent regulatory norms regarding usage of chemicals in pharmaceuticals and cosmetics will influence the azelaic acid market.
Economic: Rising disposable income and growing awareness about appearance and skin care is fueling the demand for dermatology products incorporating azelaic acid.
Social: Increasing instances of acne, rosacea and hyperpigmentation issues due to changes in lifestyle and environment is creating high demand for azelaic acid based treatments.
Technological: Advancements in fermentation process and purification methodologies have made commercial production of azelaic acid cost efficient.
Key Takeaways
The global azelaic acid market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing awareness about application of azelaic acid in acne treatment and skin brightening. The market size for 2023 is projected to be US$ 295.81 Mn.
Regional analysis indicates Europe dominated the global market in 2022 due to large cosmetics industry and high spending on skin care products. However, Asia Pacific is projected to be the fastest growing market during the forecast period supported by rising middle class population, increasing disposable incomes and growing awareness about skin care.
Key players operating in the azelaic acid market are BASF SE, Croda International plc, Emery Oleochemicals, Haihang Industry Co., Ltd, Jiangsu Senxuan Pharmaceutical and Chemical Co., Ltd., Matrica S.p.A., Nantong Hengxing Electronic Materials Co., Ltd., Nantong Jinghua Pharmaceutical Co., Ltd., Wufeng Chicheng Biotech Co., Ltd., and Xi’an Sonwu Biotech Co., Ltd. BASF is the market leader due to its wide product portfolio and global presence in pharmaceutical chemicals market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it