by The global 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 an unsaturated dicarboxylic acid that can be produced synthetically or derived from wheat, rye, and barley. It is available as a cream, gel, or topical medication and widely used in skin care and cosmetic products. Azelaic acid effectively targets multiple concerns including acne, hyperpigmentation, and rosacea. It helps reduce inflammation, kill acne-causing bacteria, and prevent new breakouts. It is also gentler compared to prescription-strength retinoids and glycolic acid. The anti-aging properties and ability to improve skin tone and texture have increased its demand from the personal care industry.
Market key trends:
One of the key trends in the azelaic acid market is its increasing demand from the cosmetic industry for manufacturing anti-aging products. Azelaic acid is known to improve hyperpigmentation, fine lines, and wrinkles. It stimulates collagen production and cell turnover, resulting in firmer and brighter skin. Leading cosmetic brands are launching serums, creams, and face masks containing azelaic acid. Another major trend is the growing popularity of online retail channels. E-commerce platforms offer a wide variety of azelaic acid products from different brands. They provide product information, reviews, and discounts which is encouraging more customers to shop online. This is positively impacting the sales and revenue generation of key manufacturers. Moreover, increasing R&D investments by major players to expand the application scope of azelaic acid in various industries like pharmaceuticals and agriculture will provide new growth opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and high product differentiation limits the threat of new entrants in the azelaic acid market.
Bargaining power of buyers: Large number of buyers and availability of substitutes increases the bargaining power of buyers in the market.
Bargaining power of suppliers: Specialized production process and suppliers’ differentiation results in moderate bargaining power of suppliers in the market.
Threat of new substitutes: Availability of alternative active ingredients poses threat from substitutes in the market.
Competitive rivalry: Growth opportunities and market penetration attract high competitive rivalry among existing players.
Key Takeaways
The Global Azelaic Acid Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for skin care and hair care products. In 2023, the market size for azelaic acid is estimated to reach US$ 295.81 Mn.
Regional analysis: Asia Pacific is projected to dominate the global market during the forecast period. This is attributed to growing personal care industry and rising disposable income in countries such as China and India. China is the largest producer as well as consumer of azelaic acid in the region.
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. Key players are focusing on new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
