Hyaluronic Acid Personal Care Products Market

Hyaluronic Acid Personal Care Products Market Outlook

The global hyaluronic acid personal care products market is estimated to reach US$ 7.36 billion by 2033, up from US$ 3.26 billion in 2023. The market is likely to expand at a CAGR of 8.5%.

Growing concern about the appearance of the aging population can be attributed to the market's growth. These products can be easily purchased online and in other retail channels, such as beauty salons, pharmacies, supermarkets, & specialty stores, without requiring prescriptions.

By reducing flaking and restoring suppleness to damaged or dry skin, hyaluronic acid helps skincare products improve their appearance. For instance, hyaluronic acid can be used to reduce wrinkles and fine lines, plump up the skin, and improve overall skin texture.

The product provides moisture-retaining film-making, anti-wrinkle, anti-irritation properties, nutrition delivery, and free radical scavenging properties. In addition to skincare, makeup, cleansing, and hair care, cosmetic-grade hyaluronic acid is becoming increasingly popular due to these properties.

Cosmetic-grade hyaluronic acid has been in demand for a long time due to the increasing consumer consciousness of skin care. In addition to acne, wrinkles, dandruff, and dryness, many consumers face other skin problems caused by changing lifestyles, eating habits, and busy schedules. A combination of these factors drives the demand for hyaluronic acid in personal care products.

This product improves emulsion stability as well as delivers nutrition, and prevents and repairs skin damage. It is used primarily in lotions, creams, facial cleansers, essence, shampoo, shower gel, lipstick, and mousses. Hence, rising demand for cosmetic and skincare products may fuel market growth during the forecast period.

Top personal care brands are diversifying their portfolios to incorporate authenticated and innovative products as perceptions of clean and natural ingredients change. For instance, companies such as JeNu have developed a hyaluronic acid-infused eye serum that claims to reduce wrinkles and puffiness. Furthermore, a hyaluronic acid moisturizer claims to reduce dryness and wrinkles.

The companies are investing in a wide range of combination products to meet the needs of customers. Through iontophoresis technology, in March 2022 Givaudan Active Beauty launched its patented Cristalhyal e-Perfection, a complex of high molecular weight hyaluronic acid and bentonite clay.

Global Hyaluronic Acid Personal Care Products Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

The global hyaluronic acid personal care products market expanded at 5.5% CAGR over the past 10 years. The market is expected to expand at a CAGR of close to 8.5% over the forthcoming decade.

Market growth is expected to be driven by an increase in demand for personal care products that are ingredient-based and cruelty-free. The companies are also collaborating with celebrities and social media influencers to increase awareness regarding the benefits of Hyaluronic Acid (HA) to target these nature-sensitive consumers.

To increase brand loyalty among premium consumers, companies offer customized products. For example, La Roche-Posay launched their Daily Mineral SPF Moisturizer with HA and Cell-Ox Shield in May 2021.

There was a steep drop in net sales, including HA-based products, for many companies that offer a wide range of HA personal care products. In addition, brick-and-mortar drug stores and mass markets reported a significant decline in sales during the pandemic due to travel restrictions, while e-commerce sales of beauty care products containing HA boomed.

After the pandemic, people became more conscious of skincare and began using plant-based or natural products to rejuvenate their skin. HA topped the list of rising sun care constituents with 1,900 monthly searches from April 2020 to March 2021 versus April 2021 to March 2022, based on data collected from United States web searches from April 2020 to March 2021 versus April 2021 to March 2022.

• Short-term Growth: During the post-pandemic period, retailers and e-commerce platforms offer discounts and value packs, which increase consumer spending and enhance brand awareness.
• Mid-term Growth: Consumers are becoming increasingly tech-savvy, concerned about sustainable manufacturing, and inclined to custom-made solutions more than ever before. The shift from a glamorous look to a healthy one is impacting the market.
• Long-term Growth: A growing medical beauty trend and a booming demand for cosmeceuticals. This has given the hyaluronic acid personal care products market the opportunity to offer skin care-conscious consumers innovative and personalized products.

Factors Driving the Hyaluronic Acid Personal Care Products Market

• Usage of Hyaluronic Acid is on the Rise

In the past, Hyaluronic Acid (HA) was used in high-end skincare formulations, but technological advancements have reduced the cost and difficulty of extracting and processing Hyaluronic Acid. Low-end formulations have gradually begun to use hyaluronic acid, and have expanded the use of these products.

Companies are recognizing the potential for targeting Generation Z with these products. Various cost-effective products are being launched to meet the needs of Gen Z consumers. Among other things, OLAY introduced its Regenerist Hyaluronic + Peptide24 Collection in September 2022, for longer and better skin hydration at a lower cost than other luxury products. The product is suitable for consumers of all ages.

• The Rise In the Personal Care Influencers

Beauty, personal care, and cosmetics influencers greatly influence the purchasing power of consumers. For example, beauty influencers on social media platforms like Instagram and YouTube are often seen sharing their experiences with beauty and skincare products. This can directly impact consumer buying decisions.

A survey conducted by Harvard Business School in August 2019 found that 62% of women follow beauty influencers on social media when making product choices. A survey conducted by Harvard Business School found that nearly 67% of respondents seek information regarding products from social media influencers. In addition, 59% seek information from third parties, and 55% seek advice from professionals in the beauty industry.

• Growing Awareness of Beauty Products

Consumers both in developed and developing countries are more concerned about healthy skin these days. By enhancing the skin, hyaluronic acid helps prevent the natural aging process, pollution damage, and skin aging. Consumers are actively looking for solutions to deal with skin and aging problems.

All these factors have contributed to the popularity of hyaluronic acid. For example, consumers in the United States and Europe are increasingly opting for anti-aging products that contain hyaluronic acid, due to its hydrating properties and ability to reduce the appearance of wrinkles.

Sabyasachi Ghosh

Principal Consultant

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Opportunities Impacting The Market

Advanced Technology and Developments in Hyaluronic Acid Personal Care

Several body parts, including the skin, have been improved with innovative technologies, making skincare one of the accelerating industries. Homegrown brands with active ingredients, ingredient-based skincare, and beauty are experiencing an increase in investment, and consumers are keenly involved.

Hyaluronic acid demand is growing due to advances in innovative technology and new hyaluronic acid-based personal care products. Hyaluronic dermal products use hyaluronic acid to correct facial imperfections, increase volume, and highlight certain areas of the face.

With advancements in personal care products, facial features can be enhanced, restored, and defined effectively. Therefore, technological advances in hyaluronic dermal products are expected to provide market growth opportunities.

Key Challenges Faced in the Market

Availability of Alternatives Products

The growth of the market is restricted by alternative products that do not contain hyaluronic acid. Ceramides, squalene, vitamin C, and others are being used as skin care chemicals, which compete with hyaluronic acid.

Emollients, such as moisturizers supplemented with squalene and ceramides, also soften the skin more effectively. For instance, emollients are known to be a more cost-effective solution, as they are cheaper to manufacture and have a higher profit margin for companies.

Category-wise Insights

Hyaluronic Acid Personal Care Products Market Segment Analysis - By Product

The skin cream segment dominated the market and accounted for the soaring revenue share in 2023. Compared to serums, skin creams have a lower price because of the concentration of active ingredients and their lower price. Furthermore, skin creams are gentler on the skin than serums, which can over-exfoliate it. Additionally, creams can be used together with serums to hydrate the skin throughout the day.

In the forecast period, the serum segment is expected to grow steadily. Because serums aren't diluted with moisturizers and have higher concentrations of active ingredients, they are more effective at penetrating the skin. Because serum formulations are highly effective, they provide hydrating effects on the skin.

For example, a serum with hyaluronic acid can bind up to 1,000 times its weight in water, making it an excellent ingredient for reducing wrinkles and fine lines.

An article published in Springer in 2021 stated that hyaluronic acid serum improved skin hydration immediately after application for 40 women aged 30 to 65 years. By the sixth week, skin smoothness, plumpness, hydration, fine lines, and wrinkles increased by 64%, plumpness by 60%, hydration by 63%, and wrinkles by 14%.

Hyaluronic acid-based emulsions, shampoos, conditioners, hair masks, etc. are expected to witness significant growth during the forecast period. Hyaluronic acid is effective for itchy scalps, rough hair, and dry scalps. Hyaluronic acid is also thought to reduce dandruff. For example, Dove Dryness Care Shampoo contains hyaluronic acid and is formulated to help reduce scalp dryness and nourish and protect the hair from damage.

Increasing interest from market leaders in other hyaluronic acid products is driving market growth. For example, L'oreal Paris launched Hyaluron Moisture 72Hr shampoo in September 2022.

Country-wise Analysis

What Makes the United States a Leader in the North American Market?

The United States dominates the North American Hyaluronic acid personal care products market with a total share of 45% in 2023, and is projected to continue exhibiting high demand through the course of the forecast period. In terms of innovation and product availability, the cosmetic industry in the United States is among the most flourishing and mature.

By streamlining its presence across skin-related products, the hyaluronic acid personal care products market is expected to grow due to the demand from the country. The market share in the United States is likely to be driven by its anti-aging function. Gen X consumers are likely to seek ‘ageless’ products, citing ample funds to invest in a long-term solution.

During the forecast period, North America is expected to lead the hyaluronic acid market due to its strong healthcare industry and increased alertness. Additionally, the rapid adoption of new skin care treatments and technologies are further propel the hyaluronic acid market in the region.

Through online-retail channels, the companies are also launching innovative campaigns to attract more customers. Cetaphil, for example, launched a virtual marketing campaign in March 2022, promoting ‘Sensitive Skin Care Awareness Month’ and providing advice on how to care for and treat all kinds of skin.

Why is Germany Considered Lucrative Within Europe?

Germany dominates the Europe hyaluronic acid personal care products market, with a share of 30%. Germany accounted for a significant share of the European hyaluronic acid personal care products market in 2023, due to international brands' increasing presence in the European market. This is due to improvements in people's health, well-being, and confidence.

• A German-based company, Biodroga, launched a comprehensive range of moisturizing products, which include creams and serums that are enriched with hyaluronic acid.
• In April 2021, RéVive Skincare, a luxury skincare product brand based in the United States, is planning to expand its global presence with the launch of various products beyond North America, particularly in Western & Eastern Europe and the Middle East region.

What Makes China Market Highly Attractive?

China holds a 40% share of the Asia Pacific market and is projected to expand at a CAGR of over 8.5%. China dominated the Hyaluronic Acid Personal Care Products market in 2023 and is continue to dominate the market over the forecast period.

This is because consumer awareness regarding skin care increases and leading global players to establish themselves in the region. Increasing awareness of the positive effects of hyaluronic acid on the skin has led to an increase in the demand for hyaluronic acid personal care products. For example, L'Oréal reported sales of its high-concentration hyaluronic acid eye cream of more than US$ 29 million during a China-wide shopping festival on 18 June 2019.

Start-up Ecosystem

Hyaluronic acid personal care products are readily available, but starting a business based on the cost of raw materials can be challenging. As the availability of cost-effective raw materials increases, hyaluronic acid personal care products islikely to be introduced soon, providing ample growth opportunities.

For instance, the cost of hyaluronic acid used in skin care products has decreased due to increased production. This has allowed more companies to enter the market and provide consumers with more affordable products.

Companies and producers are developing cost-effective solutions to meet the needs of consumers when a variety of businesses offer the same product. With the growth of food start-ups, companies are taking advantage of this rising potential.

It is the choice of technology that primarily determines fixed costs for hyaluronic acid personal care product production, such as initial capital investments for equipment and facilities.

Competitive Landscape

Since several domestic and international manufacturers are present in the market, and they are constantly investing in research & development, the market is highly fragmented. To compete in the market and capture more consumers, companies use product innovations, new formulations, and collaborations with celebrities and social media influencers

• Shiseido Co., Ltd.
• CeraVe
• L’oréal Paris
• La Roche Posay
• Johnson & Johnson Consumer Inc. (Neutragena)
• SkinCeuticals
• The Ordinary (Deceim Beauty Group, Inc.)
• Heraux (Carthronix)
• Innisfree (Amorepacific US, Inc.)
• Saro De Rúe
• Beautiful Korea

Recent Development

• In January 2021, Saro de Rúe introduced the Freeze-Dried Hyaluronic Acid System, an anti-aging system that offers clinically proven benefits for the skin.
• A global science-based company focused on nutrition, health, and sustainability, Royal DSM launched three forms of hyaluronic acid in March 2021. These are HYA-ACT™ Medium Molecular Weight (MW 1.0-1.3 MDa), which strengthens the protective barrier of the skin and enhances skin hydration. HYA-ACT™ S Small Molecular Weight (MW 200-400 kDa) locks in moisture for an even greater hydration boost and calms reddened skin, while HYA-ACT™ XS Very Small Molecular Weight (MW 37-56 kDa) pumps out fine lines and wrinkles.
• The pharmaceutical R&D company, Seikagaku Corporation, based in Japan, announced in February 2020 that it had acquired Dalton Chemical Laboratories Inc, a Canadian drug manufacturer. As a result of this acquisition, Seikagaku will be able to expand its R&D operations and strengthen its market position.

Scope of Report

By Category

By Product:

• Skin Creams
• Skin Lotions
• Toner
• Serum
• Moisturize

By Price:

• High/Premium
• Medium
• Low

By Application:

• Dermal Fillers
• Ophthalmic

By Distribution Channel:

• Supermarket/Hypermarket
• Specialty Stores
• Company Owned Websites
• Online Retailing

By Region:

• North America
• Latin America
• Europe
• The Middle East and Africa
• East Asia