Hyaluronic Acid Market Will Reach USD 1237.4 Million By 2028 With A CAGR of 19.2% - Valuates Reports
BANGALORE, India, March 7, 2022 /PRNewswire/ -- Hyaluronic Acid Market By Type - Microbial Fermentation, Animal Tissue, By Application - Cosmetics, Medical, Food, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Health Category.
The global Hyaluronic Acid market size is estimated to be worth USD 431.4 million in 2022 and is forecast to be a readjusted size of USD 1237.4 million by 2028 with a CAGR of 19.2% during the review period.
Major factors driving the growth of the hyaluronic acid market are
Increasing demand from the cosmetic and pharmaceutical industry is expected to drive the growth of the hyaluronic acid market. In the cosmetic industry, hyaluronic acid is used as an injectable.
Furthermore, consumer awareness of proper skin care and treatment is increasing, indicating a bright future for the hyaluronic acid market over the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE HYALURONIC ACID MARKET
Increasing use in the cosmetic industry is expected to drive the growth of the Hyaluronic acid market. Because of its moisture-binding properties, hyaluronic acid is commonly used in skincare products to provide softer, smoother, and hydrated skin. Hyaluronic acid is also available as a dietary supplement for people who have low levels of the substance in their bodies. Premature aging is caused by prolonged exposure to the sun, dust, pollutants, and other factors that weaken the skin's surface. Because of its ability to draw and hold water, hyaluronic acid is a key ingredient in skincare products, driving up demand in the cosmetic industry. Hyaluronic acid levels have been found to decrease with age, and consumers rely on hyaluronic acid dietary supplements to supplement their hyaluronic acid levels.
The use of hyaluronic acid in certain eye surgeries, such as cataract removal, corneal transplantation, and the repair of a detached retina and other eye injuries, has been approved by the FDA. During the procedure, it is injected into the eye to help replace natural fluids. In plastic surgery, hyaluronic acid is also used as a lip filler. Hyaluronic acid is used to treat wounds, diabetic foot ulcers, dry eyes, burns, skin ulcers, and as a moisturizer by some people. Thus the growing use in the medical sector is expected to drive the hyaluronic acid market growth.
Furthermore, lubrication, water retention, good biocompatibility, and viscosity are some of the beneficial functions and properties of edible hyaluronic acid. Food grade hyaluronic acid is in high demand for a variety of applications, including food, beverage, jelly, and dairy products, due to these properties. This in turn is expected to boost the hyaluronic acid market.
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HYALURONIC ACID MARKET SHARE ANALYSIS
Based on region, Asia Pacific is expected to be the most lucrative. This is due to the presence of a growing consumer base in industries such as cosmetics, pharmaceuticals, and nutraceuticals. Furthermore, the region includes major industrial players, particularly in China. Furthermore, the low cost of Chinese hyaluronic acid companies is a significant competitive advantage.
Based on the end-user, the cosmetic industry is expected to be the most lucrative. The rising fashion industry fueled demand for skincare products, which in turn fueled demand for hyaluronic acid, which is expected to be the market's major driving factor during the forecast period. Furthermore, rapid city expansion resulted in an increase in salons, which increased the demand for hyaluronic acid-based products.
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TOP COMPANIES IN THE HYALURONIC ACID MARKET
Top companies in the hyaluronic acid market include Bloomage Biotech, Focus Chem and Fufeng Group, etc. The 5 major companies are expected to hold a share of about 60%.
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Hyaluronic Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Hyaluronic Market By Company
- Bloomage Biotech
- Focus Chem
- Fufeng Group
- AWA Biopharm
- China Eastar Group
- Kewpie
- Contipro
- Seikagaku
- HTL Biotechnology
- Fidia Farmaceutici
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SIMILAR REPORTS
- The global OTC Hyaluronic Acid (HA) market size is projected to reach USD 34670 million by 2028, from USD 26720 million in 2021, at a CAGR of 3.3% during 2022-2028.
- The global Hyaluronic Acid Raw Material market was valued at USD 335.4 million in 2020 and it is expected to reach USD 929.5 million by the end of 2027, growing at a CAGR of 15.7% during 2021-2027.
- Hyaluronic Acid Fillers market size was USD 2556.4 million and it is expected to reach USD 4814.7 million by the end of 2027, with a CAGR of 9.5% during 2021-2027.
- The global Pharma-Grade Hyaluronic Acid market size is estimated to be worth USD 150.3 million in 2022 and is forecast to a readjusted size of USD 276.7 million by 2028 with a CAGR of 10.7% during the review period.
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- Global Orthopedic Hyaluronic Acid Market Insights and Forecast to 2028
- Global Food Grade Hyaluronic Acid Market Insights and Forecast to 2028
- Global Joint Pain Hyaluronic Acid Injection Market Outlook 2022
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