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Global Retinol Market Growth Prospects, Future Industry Landscape 2033
Retinol Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the retinol market focus on developing innovative products, such as anti-aging skincare treatment solutions, for more effective aging sign care. Anti-aging skincare treatment solutions encompass a range of products and procedures designed to address signs of aging and promote youthful-looking skin. These treatments and products aim to improve skin texture, tone, and appearance by addressing the underlying biological processes contributing to aging. For instance, in December 2023, Cosrx Inc., a Korean-based best-selling skincare brand, introduced Retinol 0.3 Cream, a comprehensive anti-aging solution that effectively targets signs of aging, improves skin texture, and caters to various skin concerns, making it a valuable addition to skincare routines for individuals looking to combat aging and enhance their skin's overall health and appearance.
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Major Key Players of the Market:
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
Retinol Market 2024 Key Insights:
• 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 Impact Of The Beauty And Cosmetics Industry On The Growth Of The Retinol Market
• Companies In The Retinol Market Focus On Developing Innovative Anti-Aging Skincare Solutions
• Europe was the largest region in the retinol market in 2023
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