Specialty Products Global Market Report 2024

The specialty products market size has grown strongly in recent years. It will grow from $5.79 billion in 2023 to $6.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth witnessed during the historic period can be attributed to several factors, including economic growth and increased affluence, a rise in awareness regarding health and wellness, the expansion of globalization and trade, changes in regulatory measures and standards, as well as cultural and lifestyle shifts.

The specialty products market size is expected to see strong growth in the next few years. It will grow to $9.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period is expected to be driven by several factors, notably a heightened emphasis on the circular economy, ongoing innovations in materials and ingredients, evolving consumer preferences, the emergence of boutique and niche brands, as well as the influence of global events and the effects of pandemics. Key trends projected in the forecast period encompass the integration of artificial intelligence (AI) technologies, innovations in packaging methods, technological advancements in specialty chemicals, the trend towards customization and personalization, the digital transformation within specialty retail, as well as advancements in biotechnology and genetic engineering.

The specialty products market is anticipated to experience growth driven by the incorporation of precious rare elements such as diamonds, sapphires, gold, and rubies. These precious and semi-precious gemstones, known for their appeal, toughness, and rarity, are utilized in creating jewelry and accessories. Diamonds, sapphires, gold, and rubies have become status symbols, commonly used in crafting unique rings, bracelets, ornaments, and other items such as engagement rings. In January 2021, Alrosa, a Russia-based diamond mining company, reported a total of $4,169 million worth of raw and polished diamond sales in 2021, highlighting the significance of precious rare elements in the specialty products market.

The specialty products market is set to witness growth propelled by the increasing demand for personal care and cosmetic products. These products encompass a broad range used for personal hygiene, grooming, and beautification. Specialty products play a vital role in enhancing the benefits of individual components in cosmetic formulations, offering improved performance compared to conventional ingredients. According to data from January 2021, skincare product sales in the US increased by 13% the previous year, with online beauty merchants experiencing a growth of 24%, and skincare leading the way. This surge in demand for personal care and cosmetic products is a driving force in the growth of the specialty products market.

A key trend in the specialty products market is product innovation, with major players focusing on creating new technological advancements to enhance their market positions. In August 2022, Calumet Specialty Products Partners, a US-based lubricating oil manufacturing company, introduced a new line of transformer oils for Canada in collaboration with Aevitas Inc., a Canada-based engineering consultancy. The Caltran line of arctic-grade insulating oils, known for remarkable oxidation stability, corrosion protection, and low-temperature fluidity, is tailored for Canadian conditions, showcasing the importance of product innovation in the specialty products market.

Prominent companies in the specialty products market are strategically focusing on the introduction of innovative products, such as baclofen oral granules, as part of their efforts to drive revenue growth. Baclofen oral granules are a medication designed to address muscle stiffness, spasms, and pain associated with conditions such as multiple sclerosis and spinal cord injuries. In June 2022, Amneal Pharmaceuticals Inc., a US-based pharmaceutical company, launched LYVISPAH, a baclofen oral granule specialty product. Approved by the U.S. Food and Drug Administration, these rapidly dissolving flavored granules (available in 5, 10, and 20 mg) are intended for treating spasticity related to multiple sclerosis. LYVISPAH provides relief for flexor spasms, concomitant pain, clonus, muscular rigidity, and other spinal cord disorders. The product can be administered in three ways such as directly into the mouth with or without water, in combination with food or drink, or through an enteral feeding tube.

In January 2022, Ronatec C2C, a US-based industrial chemical manufacturer and distribution company, made a strategic move by acquiring Metalx Specialty Products for an undisclosed amount. This acquisition aligns with Ronatec's strategy, bringing about better product understanding, enhanced marketing, efficient sales, and an established distribution system. Metalx Specialty Products Inc., the acquired company, is a US-based specialty chemical products company specializing in non-toxic metal stripping products for the metal finishing industry. This strategic acquisition reinforces Ronatec C2C's position in the specialty products market.

Major companies operating in the specialty products market report are LVMH Moët Hennessy Louis Vuitton, Kering, L'Oréal S.A., Ralph Lauren Corporation, Shiseido Company Limited, Rolex SA, Luxottica Group SpA, Royal Terberg Group B.V., Bucher Industries AG, KIRCHHOFF Gruppe Gmbh & Co. KG, Gucci, Frederique Constant, Compagnie Financière Richemont SA, Hermes International SA, Patek Philippe, The Swatch Group Ltd., Cargill Incorporated, General Mills, Kraft Foods, Saudi Arabian Oil Co., SABIC, Farabi Petrochemicals Co., Total Energies, Chevron Corporation, Solvay, Evonik Industries AG, Clariant AG, Akzo Nobel N.V., DuPont, Lanxess.

North America was the largest region in the speciality products market in 2023. North America is expected to be the fastest-growing region in the speciality products market during the forecast period. The regions covered in the specialty products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the specialty products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of specialty products encompass watches and jewelry, perfumes and cosmetics, clothing, bags, and other specialized items. Watches are small timekeeping devices that can be worn on the wrist or carried, while jewelry consists of ornamental pieces such as rings, bracelets, and necklaces crafted from precious metals such as gold and occasionally adorned with valuable gemstones. Specialty products are distributed through various channels such as internet retailing, department stores, specialty retailers, and exclusive showrooms, catering to both men and women, including unisex options.

The specialty products market research report is one of a series of new reports that provides specialty products market statistics, including specialty products industry global market size, regional shares, competitors with a specialty products market share, detailed specialty products market segments, market trends and opportunities, and any further data you may need to thrive in the specialty products industry. This specialty products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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