The 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 an organic compound that is produced naturally in most animals and plants. It is a dicarboxylic acid that helps regulate skin cell turnover and soothe inflammation. It is used in the treatment of mild to moderate acne, hyperpigmentation, and rosacea. Azelaic acid helps treat acne by killing bacteria, reducing skin cell shedding, and decreasing inflammation. It also has antifungal properties.
Market key trends:
Azelaic acid has various dermatological applications and benefits, which is expected to drive the market growth over the forecast period. It is an effective treatment for mild to moderate acne and is generally well-tolerated. In addition, it is effective in reducing post-inflammatory hyperpigmentation caused by acne lesions and superficial peeling. It is also effective in treating rosacea, a common inflammatory skin condition in adults. Azelaic acid works by reducing redness and pus-filled bumps associated with rosacea. Growing prevalence of skin conditions such as acne and rosacea around the world is expected to increase the demand for azelaic acid.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the Azelaic Acid market is moderate as it requires immense capital investment to set up production facilities for Azelaic acid. However, the growing market attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes like Salicylic acid. Buyers can switch between suppliers easily based on pricing strategies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials can be sourced from multiple suppliers and suppliers have no control over pricing.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for Azelaic acid in its applications.
Competitive rivalry: The competition in the Azelaic Acid market is high due to presence of several global and regional players.
SWOT Analysis
Strengths: Azelaic acid is effective in treating mild to moderate acne and hyperpigmentation. It is a non-toxic and naturally occurring saturated dicarboxylic acid.
Weaknesses: High production cost and availability issues restricts mass production of Azelaic acid. Alternatives like Salicylic acid poses competition.
Opportunities: Growing cosmetic industry is creating demand for skin lightening and anti-aging products using Azelaic acid. Emerging applications in pharmaceuticals also offers opportunities.
Threats: Stringent regulations associated with cosmetic ingredients and easy availability of substitutes are major threats.
Key Takeaways
Global Azelaic Acid Market Size is expected to witness high growth at a CAGR of 6.2% over the forecast period due to increasing demand from skincare and pharmaceutical applications. Asia Pacific dominates the market and is expected to grow the fastest due to growing cosmetic industry in China, India and other developing nations in the region.
The global Azelaic acid market size was valued at US$ 295.81 Mn in 2023 and is anticipated to reach US$ 457.45 Mn by 2030. Growing awareness about skincare products and increasing spending on personal care drives the market. Azelaic acid is widely used for treatment of acne, hyperpigmentation, and rosacea. Its non-irritant and gentle properties increases its demand.
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.
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