The retinol market size has grown steadily in recent years. It will grow from $1.28 billion in 2023 to $1.34 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increasing usage of the product in the formulation of skin care creams, increasing demand for personal care and cosmetics applications, increasing adopting products that address, and growing awareness about skincare.
The retinol market size is expected to see steady growth in the next few years. It will grow to $1.61 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increasing demand for anti-aging products, increase in demand for fortified food, increase in demand for fortified food and beverages, rising demand for synthetic retinol, and increase in natural and organic retinol formulations. Major trends in the forecast period include developing new formulations, developing new advanced retinol products, technology-enabled skin analysis, technology-driven formulations, and integration with digital skincare platforms.
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Segmentation & Regional Insights
The retinol market covered in this report is segmented –
1) By Type: Natural, Synthetic
2) By Application: Personal Care And Cosmetics, Dietary Supplements, Food And Beverage, Animal Feed, Other Applications
3) By Distribution Channel: Offline, Online
Europe was the largest region in the retinol market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the retinol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing beauty and cosmetics industry is expected to propel the growth of the retinol market going forward. The growth of the beauty and cosmetics industry can be attributed to factors such as evolving consumer preferences, technological advancements, social media influence, wellness trends, and globalization, which foster accessibility and innovation in beauty products. Retinol is a versatile and effective ingredient in beauty and cosmetic products, offering a wide range of benefits for improving skin health and appearance. For instance, in July 2022, according to the International Trade Administration, a US-based government agency, Canada’s cosmetics industry, which generated approximately $1.24 billion in revenue in 2021, is projected to experience a yearly revenue growth of 1.45% to reach $1.8 billion by 2024. Therefore, the increasing beauty and cosmetics industry is driving the growth of Retinol.
Key Industry Players
Major companies operating in the retinol market are Archer Daniels Midland Company, BASF SE, Bayer AG, L’Oréal Uruguay S.A, GlaxoSmithKline plc, Merck KGaA, Estée Lauder Inc., Eastman Chemical Company, DSM, Givaudan, Adisseo, Piramal Pharma Solutions, Kingdomway Nutrition Inc., Nutraceutical International Corporation, Zhejiang Medicine Co. Ltd, Kate Somerville US, Beauty Solutions LTD, Biotics Research Corporation, Divi’s Nutraceuticals, Drunk Elephant LLC, DERMAdoctor, Eluminex Biosciences, Sunday Riley, Nutrilo GmbH, The Vitamins Company
The retinol market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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