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 naturally occurring dicarboxylic acid that has various pharmaceutical and industrial applications. In the pharmaceutical industry, it is used in topical formulations for the treatment of rosacea, acne and hyperpigmentation. It is effective against gram-positive and gram-negative bacteria that cause acne. Azelaic acid creams are also used for lightening the color of skin. In the personal care industry, azelaic acid is used in production of various cosmetic products such as moisturizers, serums, and face washes due to its anti-inflammatory and skin lightening properties.
Market Dynamics:
Growing demand for effective acne treatments is expected to drive the market growth over the forecast period. According to American Academy of Dermatology Association, acne affects around 50 million Americans annually. Currently, azelaic acid is the most effective topical prescription treatment for mild to moderate inflammatory acne. Moreover, increasing awareness about use of natural ingredients for skin care is also fueling the demand for azelaic acid in anti-aging creams and serums. Furthermore, growing personal disposable income especially in developing countries of Asia Pacific is creating lucrative opportunities for personal care product manufacturers, which in turn is boosting the adoption of azelaic acid in skin lightening creams and moisturizers. However, availability of alternative treatments for acne and hyperpigmentation conditions may restrain the market growth.
Segment Analysis
The global azelaic acid market is dominated by the cosmetics segment, accounting for nearly 30% of the overall market share. Azelaic acid is widely used in the formulation of various skincare products such as facial cleansers, toners, creams, and lotions to treat acne and hyperpigmentation. It has emerged as an effective alternative to hydroquinone and retinoids in lightening blemishes and discoloration. The growing awareness about the skin benefits of azelaic acid and rising spending on personalized skincare are driving the demand from the cosmetics segment.
PEST Analysis
Political: There are no significant political risks impacting the azelaic acid market globally.
Economic: The rising disposable incomes and growing middle-class populations in emerging economies offer potential opportunities for market expansion. Rapid industrialization also contributes to market growth.
Social: Increasing research on azelaic acid for medical applications and rising consumer spending on skincare and cosmetics have created high social acceptance for the market.
Technological: Advancements in production technologies have reduced manufacturing costs and improved yields. This allows wider application in end-use industries. Continuous R&D also aids the development of niche application areas.
Key Takeaways
Global Azelaic Acid Market Size was valued at US$ 295.81 million in 2023 and is expected to grow at a CAGR of 6.2% during the forecast period. Growing demand from the cosmetics industry for skin lightening and treatment of hyperpigmentation is a major factor driving the market.
Regionally, Asia Pacific accounted for around 30% of the overall market share in 2023 and is projected to witness the fastest growth during the period due to rising industrialization, growth of cosmetic and Personal care industries, and increasing health awareness in major countries like China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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