Press release
Ceramide Market Sales Revenue to Touch $133.8 Million By 2027 | Major Companies, Strategies and New Trends
The global ceramide market size was valued at $85.0 million in 2019, and is projected to reach $133.8 million by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
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In addition, synthetic ceramide can be produced through microbial fermentation of various microorganisms. Ceramide is majorly used in cosmetics and skincare products to improve skin hydration rate and to improve the moisturizing ratio.
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Growing prominence of antiaging skincare products and increase in disposable income are the major drivers in the market. In addition, rise in aging population in countries such as the U.S., Japan, and UK fuels the demand for various cosmetics and dietary supplements. Ceramide used in skincare and food products can improve skin hydration rate and is effective against various age-related skin disease. Moreover, with rise in disposable income, large number of consumers are spending on personal care and cosmetics products.
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The application of such products is often considered to improve the quality of life and self-confidence of consumers. Such factors are expected to boost the growth of the ceramide market. Furthermore, with surge in demand for internet and mobile network, the e-commerce and online sales channels are expected to gain traction in the market. For instance, North America and Europe have over 80% internet users, who largely contribute to the online sales of various cosmetics and food supplements.
COVID-19 scenario analysis:
The rapid spread of COVID-19 pandemic largely impacted the demand from end users of ceramide such as cosmetics and skincare products manufacturers. Lockdown measures and travel restrictions hindered the offline sales of cosmetics and personal care products. Moreover, due to limited social gathering, consumers are leaving home only for essential products. In addition, due to social distancing norms large number of direct sales channels and retail stores witnessed sharp decline in sales of cosmetics product. Countries across the globe imposed ban on cross-border imports of various goods, which largely impacted the supply chain of ceramide market. Delayed supply of raw materials and increase in lead time affected the production of ceramide and various end products.
However, the restriction on offline sales channels created new market opportunities for e-commerce, direct-consumer, and click-and-collect sales channels. Many cosmetics products manufacturers reported 200% increase in online sales compared to that of pre-Covid period. Moreover, with new promotion and discounts on online products, the market will slowly improve moving the unsold inventories.
Key Market Players:
►CAYMAN CHEMICAL
►KAO GROUP
►INCOSPHARM CORPORATION
►ARKEMA
►CRODA INTERNATIONAL
►ASHLAND INC.
►DOOSAN CORPORATION
►VANTAGE SPECIALTY INGREDIENTS
►TOYOBO
►EVONIK INDUSTRIES
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