by The global Azelaic Acid Market is estimated to be valued at US$ 295.81 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Azelaic acid is a naturally occurring dicarboxylic acid with antibacterial and anti-inflammatory properties. It can be produced synthetically or obtained from wheat, rye and barley. Azelaic acid is mainly used as an active ingredient in pharmaceutical formulations and cosmetic products. In the pharmaceutical industry, Azelaic acid based topical formulations are used to treat mild to moderate acne as it exhibits antibacterial and anti-inflammatory effects on skin lesions caused due to acne. In cosmetic products, Azelaic acid is used as an active ingredient in creams and serums to treat hyperpigmentation, rosacea and other skin conditions. Azelaic acid reduces inflammation and hyperpigmentation of the skin caused due to sun exposure, age spots and post-inflammatory hyperpigmentation.
Market key trends:
One of the key trends in the Azelaic Acid market is its increasing use as an active ingredient in treatments for acnes and hyperpigmentation disorders. Many pharmaceutical companies are launching Azelaic acid based topical products indicated for treatment of mild to moderate acne as well as hyperpigmentation conditions like melasma. For instance, in 2020, Bayer launched a new prescription acne treatment containing Azelaic Acid 20% called Epiduo Forte gel, indicated for treatment of acne vulgaris in patients 12 years and older. Further, growing awareness about skin health and increasing demand for natural and plant-based cosmetic ingredients is fueling the integration of Azelaic acid in anti-aging and skin lightening cosmetic products. This increasing demand from pharmaceutical as well as cosmetic industry is expected to drive the growth of global Azelaic Acid market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry prevents other players from entering the market easily due to well established players and high production cost.
Bargaining power of buyers: Buyers have low bargaining power due to less availability of substitutes and differentiated products offered by manufacturers.
Bargaining power of suppliers: Suppliers have high bargaining power due to scarce availability of raw materials and supply chain dependencies of manufacturers.
Threat of new substitutes: Low threat of substitution exists as azelaic acid has unique properties and requires high R&D investment to develop new substitutes.
Competitive rivalry: Intense competition exists among existing players to gain maximum market share and create brand awareness.
Key Takeaways
Global Azelaic Acid Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from pharmaceutical and personal care industries.
Regional analysis
Europe dominates the global azelaic acid market due to growing cosmetic industry and significant investments in R&D activities by key players in the region. Asia Pacific is expected to witness the fastest growth in the market over the forecast period, owing to rapid industrialization, rising disposable income, and increasing health awareness in emerging countries such as China and India.
Key players
Key players operating in the azelaic acid market are BASF SE, Croda International plc, Emery Oleochemicals, Haihang Industry Co., Ltd, Jiangsu Senxuan Pharmaceutical and Chemical Co., Ltd., Matrica S.p.A., Nantong Hengxing Electronic Materials Co., Ltd., Nantong Jinghua Pharmaceutical Co., Ltd., Wufeng Chicheng Biotech Co., Ltd., and Xi’an Sonwu Biotech Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
