by Azelaic acid is an organic compound that is used widely in applications such as cosmetics and pharmaceuticals due to its antibacterial, anti-inflammatory and skin-lightening properties. It helps treat acne, hyperpigmentation and rosacea. The increasing demand for azelaic acid from cosmetics manufacturers to produce various anti-aging creams and serums and from pharmaceutical companies to develop topical therapeutics has been driving the global azelaic acid market. The Global Azelaic Acid Market Size is estimated to be valued at US$ 340.78 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key drivers of the azelaic acid market has been the rising demand from the cosmetics industry. Azelaic acid works as an effective active ingredient for skin lightening and reducing hyperpigmentation issues. It has gained widespread popularity as a gentle alternative to hydroquinone and other stronger substances for skin lightening creams and serums. Many cosmetic brands have been incorporating azelaic acid into their anti-aging products to cater to consumer demand, thus positively impacting the market growth.
SWOT Analysis
Strength: Azelaic acid has various medicinal uses like treating acne, rosacea, and hyperpigmentation disorders which is driving its demand. It is a naturally occurring saturated dicarboxylic acid found in wheat, rye, and barley which makes it non-toxic.
Weakness: High development and production costs involved make azelaic acid based products expensive. Stringent regulations regarding chemical synthesis can hamper the market growth.
Opportunity: Increasing personal care spending and growing cosmetics industry offer opportunities for new product development. Rising demand for natural ingredients based cosmetics also provides lucrative opportunities.
Threats: Availability of alternative natural ingredients poses challenge. Fluctuating raw material prices can threaten supply stability.
Key Takeaways
The global azelaic acid market is expected to witness high growth over the forecast period. The global azelaic acid market is estimated to be valued at US$ 340.78 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Asia Pacific region is expected to dominate the market and witness fastest growth. Increasing disposable incomes and expanding middle class population are driving sales of personal care products in the region. Countries like China, India, Japan, and South Korea are major markets driving regional growth. Expanding middle class population, rising disposable incomes, and increasing demand for skin care and hair care products are some factors contributing to the growth of the azelaic acid market in Asia Pacific. North America and Europe are also significant markets globally.
Key players operating in the azelaic acid market are Kamstrup, Danfoss, Qundis, Itron, Zenner, Engelman, Ista, Landis+Gyr, Diehl, Sontex, Brunata, Apator, Techem, Techno-Trade, GWF MessSysteme, Weihai Ploumeter, Axioma Metering, Zhifang Huaxu, Sensus Metering Systems, and Emerson. These companies are focusing on new product developments and geographical expansions to strengthen their market presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
