According to the research reports by MRFR, the global Hyaluronic Acid Market is projected to register a healthy CAGR of over 6.77% to reach a market size of USD 20,144.59 million by 2027.
Hyaluronic acid, also known as hyaluronan, refers to an anionic, nosulfated glycosaminoglycan spread broadly throughout neural, epithelial, and connective tissues. The acid is popularly known for its skin benefits, particularly speeding up wound healing, reducing the appearance of fine lines and wrinkles, and alleviating dry skin. The global hyaluronic market has witnessed substantial growth over recent times owing to the factors such as growing applications in cosmetic and personal care products, extensive research &development associated with hyaluronic acid, and a rising number of cosmetic surgeries. However, the market growth is likely to be restricted by the availability of substitutes.
Segment Analysis
The global hyaluronic acid market is split into several segments based on grade, application, end-user, and region.
The market is divided into food, pharmaceutical, and cosmetic based on grade.
By application, the hyaluronic acid market is split into ophthalmology, cosmetics, osteoarthritis, dietary supplements, pharmaceutical API, aesthetics, and others.
Based on end-users, the hyaluronic market is divided into personal care, pharmaceutical industry, food industry, dermatology clinics & cosmetic surgery centers, and others.
Regional Analysis
The global hyaluronic acid market size is studied across five major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The North American regional hyaluronic acid market dominated the field with the largest share of over 48.7% in 2019 and is projected to experience substantial growth over the review timeframe. The regional market’s growth is being driven by the presence of a major company and high demand for the product in the pharmaceutical industry.
The European region contributed over 22.9% to the net hyaluronic market in 2019. The regional market’s growth is being propelled by the region being the largest market for cosmetics and personal care products and growing pharmaceutical R&D activities across the region.
The Asia-Pacific regional market for hyaluronic acid is likely to witness substantial growth over the coming years, owing mainly to the growth of the pharmaceutical industry. India is the fastest-growing market globally, with a robust CAGR of over 9.86% during the forecast period.
The Latin American regional hyaluronic acid market will witness substantial growth over the review timeframe. The regional market’s growth is being driven by the significant growth in the aging population and surge in chronic diseases.
The Middle East & African region is projected to record a healthy CAGR of over 4.67% during 2021–2027. The regional market’s growth is attributed to the increasing penetration of health insurance, growing aging population, and high prevalence of Non-communicable Diseases (NCDs).
Competitive Analysis
The global market hyaluronic acid is known for tier-1 and tier-2 companies. The market is intensely competitive, with all market players fighting to gain the upper hand in the global market. The list of prominent leaders in the global hyaluronic acid market includes Anika Therapeutics, Inc. (US), Altergon Italia Srl (Italy), Allergan plc (Ireland), Seikagaku Corporation (Japan), s. (Czechia), Kewpie Corporation’s (Japan), Symatese (France), Bioiberica S.A.U. (Barcelona), Zhonglan Industry Co., Ltd (China), Fidia Farmaceuticis. p.a. (Italy), and several others.
Recent Developments
February 2021 – Contiproa.s.(Czech Republic) introduced an anti-aging and anti-acne treatment product, HyRetin, which improves the appearance of skin given its good skin penetration property.
Mar 2021- Royal DSM has launched three different forms of hyaluronic acid. With the new HYA-ACT range, DSM strengthens its hyaluronic acid portfolio to expand market prospects for less-invasive, effective, and dependable beauty care solutions. By releasing the latest effective HYA-ACT range, DSM unravels the complete potential of hyaluronic acid and supplements its current portfolio.
Mar 2021 – Poundland is launching new hyaluronic acid skincare profiles and anti-aging retinol, expanding their number 6 range.
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