Hyaluronic acid serum is a naturally occurring ingredient that lightens and rejuvenates skin. It also has the potential to act as an anti-aging agent by keeping skin moisturized, as skin begins to lose its essential components with age. Being a humectant—an emollient—hyaluronic acid draws and retains water molecules, keeping the skin hydrated. Therefore, hyaluronic acid products are utilized to promote firmness and elasticity as well as improve the texture of the skin. Skin-nourishing hyaluronic acid products include serums, moisturizers, creams, and skin toners. Due to their natural ingredients, low weight, absorbability, suitability for all skin types, lack of allergic responses, and biodegradability, these serums are quite popular among youths.
According to SPER market research, ‘Hyaluronic Acid Personal Care Products Market Size- By Product, By Price, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Hyaluronic Acid Personal Care Products Market is predicted to reach USD 7.06 billion by 2032 with a CAGR of 8.94%.
The demand for aesthetic operations, especially nonsurgical ones like Botox and hyaluronic acid injectables, is being driven by the growing number of plastic surgeons and cosmetic clinics. During the forecast period, this is expected to fuel demand for hyaluronic acid products. Hyaluronic acid is expected to drive demand for hyaluronic acid products in the upcoming years because to its many health benefits, which include moisture retention, quicker wound healing, joint pain reduction, prevention of dry eyes and discomfort, and maintenance of bone strength. Injections and supplements of hyaluronic acid relieve orthopaedic conditions, such as osteoarthritis brought on by deteriorated joints. The senior population is an important global target demographic for hyaluronic acid-based medicines since they are more prone to bone and joint disorders like osteoporosis and rheumatoid arthritis.
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The market’s expansion is impeded by substitute products lacking hyaluronic acid. Hyaluronic acid is rivalled by other skin care molecules such as ceramides, squalene, and vitamin C. Furthermore, it is anticipated that the global growth rate of hyaluronic acid products will be impeded by a shortage of skilled practitioners and dermal goods. Additionally, the majority of dermal applications and scar revision therapies for osteoarthritis require multiple clinic visits during treatment. Moreover, the difficulty in getting the raw ingredient drives up manufacturing costs, making hyaluronic acid products more expensive. For producers, this served as a challenging obstacle to overcome.
Impact of COVID-19 on Global Hyaluronic Acid Personal Care Products Market
Hyaluronic acid production and the industrial supply chain were impeded by the COVID-19 pandemic, which made it difficult to produce HA personal care items in the early stages of the pandemic. Numerous businesses that offer a large variety of hyaluronic acid-based personal care items have seen a sharp fall in net revenues in addition to an overall decrease in sales of HA-based goods. Furthermore, due to travel limitations, physical drug stores and mass markets saw a sharp drop in sales during the pandemic, whereas e-commerce sales of HA-based beauty care products experienced a meteoric rise.
Hyaluronic Acid Personal Care Products Market Key Players:
Due to the existence of significant HA product manufacturers, the North American market for hyaluronic acid products held the biggest proportion of the global market on a regional basis. Furthermore, it is projected that the aging population, rising desire for less invasive cosmetic procedures, advantageous reimbursement programs, and regulatory approvals for intra-articular hyaluronic acid injections will all contribute to the North American market’s rapid expansion. Additionally, some of the key market players are Allergan Plc., Bausch Health Companies Inc., Bioventus LLC, Croma-Pharma, Ferring B.V., and others.
Global Hyaluronic Acid Personal Care Products Market Segmentation:
By Product: Based on the Product, Global Hyaluronic Acid Personal Care Products Market is segmented as; Skin Creams, Skin Lotions, Toner, Serum, Moisturize
By Price: Based on the Price, Global Hyaluronic Acid Personal Care Products Market is segmented as; High/Premium, Medium, Low
By Application: Based on the Application, Global Hyaluronic Acid Personal Care Products Market is segmented as; Dermal Fillers, Ophthalmic
By Distribution Channel: Based on the Distribution Channel, Global Hyaluronic Acid Personal Care Products Market is segmented as; Supermarket/Hypermarket, Specialty Stores, Company Owned Websites, Online Retailing
By Region: The Global Hyaluronic Acid Personal Care Products Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. The Asia pacific region dominated the market in previous years and is anticipated to continue doing so over the next years. The increasing popularity of skincare products and the presence of significant international players in the area are both factors contributing to the market expansion in the area. North America is expected to experience significant growth. The increase can be linked to consumers’ shifting attitudes toward experimenting with new products to improve the appearance of their skin. Additionally, businesses are adopting creative marketing initiatives to expand their customer base through online retail platforms. Due to the increased presence of foreign companies on the European market and the improvement in people’s health, wellness, and confidence brought about by these brands, Europe held a sizable market share in the forthcoming year.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Hyaluronic Acid Personal Care Products Market Scope
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