Epidermal growth factors (EGF) are signaling proteins that activate cell surface receptors to stimulate cell proliferation, cell motility, cell survival and differentiation in various tissues and organs. EGF is commonly used in skin care products to stimulate skin cell regeneration and collagen production for anti-aging benefits. It helps repair skin damage from UV rays, improves wound healing and reduces the appearance of fine lines and wrinkles. The growing geriatric population and increasing consumer preference for natural and organic cosmetic ingredients are driving the demand for EGF in anti-aging creams, serums and lotions.
The global Epidermal Growth Factors (EGF) Market is estimated to be valued at US$ 1,349.6 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Epidermal Growth Factors (EGF) Market is the increasing demand for plant-derived EGF. Due to rising health concerns related to animal testing and ingredients, consumers are shifting towards herbal and plant-based cosmetic products. Companies are investing in research and development of plant-based EGF extracts from sources like aloe vera and ginseng. These natural plant EGFs perform similar anti-aging functions as animal-derived EGF but without ethical issues. They provide additional benefits of antioxidants, vitamins and minerals present in these plants. Another trend is the use of EGF in wound healing applications. EGF spray and gel formulations are gaining traction for treating diabetic ulcers, pressure sores and various kinds of burns. This increasing usage of EGF across diverse applications from skin care to wound management is expected to propel the market growth over the forecast period.
Threat of new entrants: Low, as significant capital investments are required for R&D, manufacturing facilities, and distribution networks. Strong intellectual property rights also reduce the threat of new players.
Bargaining power of buyers: Moderate to High. Large customers can negotiation lower prices due to their purchasing power and available alternative options.
Bargaining power of suppliers: Moderate. Suppliers of advanced ingredients have some bargaining power due to differentiated offerings and technologies required.
Threat of new substitutes: Low. No significant substitutes available currently for the unique functions provided by EGF.
Competitive rivalry: High. The market is dominated by global players investing heavily in new product innovations and portfolio expansion through mergers and acquisitions.
The global Epidermal Growth Factors (EGF) market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific is projected to be the fastest growing regional market during the forecast period supported by rising cosmetic expenditures, growing middle-class population and increasing opportunities in countries like China, India and South Korea.
Key players: Key players operating in the Epidermal Growth Factors (EGF) market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. Players are focusing on new product launches with innovative formulations and delivery mechanisms to strengthen their market position.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it