Retinol Global Market Report 2024

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 observed in the historical period can be attributed to several factors. These include the increasing use of retinol in the formulation of skincare creams, rising demand for personal care and cosmetics applications, the growing adoption of products that address specific skin concerns, and heightened awareness about skincare among consumers.

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 anticipated growth in the forecast period can be attributed to several key factors. These include the increasing demand for anti-aging products, a rise in demand for fortified food and beverages, the growing popularity of synthetic retinol, and an increase in natural and organic retinol formulations. Major trends expected during this period encompass the development of new and advanced retinol formulations, technology-enabled skin analysis, technology-driven formulations, and the integration of retinol products with digital skincare platforms.

The growth of the beauty and cosmetics industry is expected to drive the retinol market forward. Factors contributing to the industry's expansion include evolving consumer preferences, technological advancements, social media influence, wellness trends, and globalization, which enhance accessibility and innovation in beauty products. Retinol is a versatile and effective ingredient in these products, offering numerous benefits for skin health and appearance. For instance, according to the International Trade Administration, Canada's cosmetics industry, which generated approximately $1.24 billion in revenue in 2021, is projected to grow at a yearly rate of 1.45%, reaching $1.8 billion by 2024. Thus, the burgeoning beauty and cosmetics industry is fueling the demand for retinol.

Companies in the retinol market are focusing on developing innovative products, such as anti-aging skincare treatments, to provide more effective solutions for addressing signs of aging. These treatments aim to improve skin texture, tone, and overall appearance by targeting the biological processes that contribute to aging. For example, in December 2023, Cosrx Inc., a leading Korean skincare brand, launched Retinol 0.3 Cream, an anti-aging solution designed to address various skin concerns and improve skin texture, making it an essential addition to skincare routines for those looking to combat aging and enhance their skin's health and appearance.

In July 2023, Croda International Plc, a UK-based chemicals company, acquired Solus Biotech for an undisclosed amount. This acquisition aims to strengthen Croda's position in the biomaterials market, expand its offerings in pharmaceuticals, cosmeceuticals, and nutraceuticals, and increase its presence in the health and beauty industries. Solus Biotech Co. Ltd. is a South Korean biotechnology company specializing in biotech-derived retinol.

Major companies operating in the retinol market are 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.

Europe was the largest region in the retinol market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the retinol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the retinol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Retinol, a form of vitamin A, is widely utilized in skincare products for its powerful anti-aging and skin-renewing properties. It helps reduce the appearance of fine lines, wrinkles, and hyperpigmentation while promoting skin renewal and collagen production.

The retinol is categorized into natural and synthetic types. Natural retinol is sourced from plant-based ingredients such as carrots, sweet potatoes, and rosehip oil. Retinol is used in various applications including personal care and cosmetics, dietary supplements, food and beverages, animal feed, and other uses. It is distributed through both offline and online channels.

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

The retinol market consists of sales of retinol creams, retinol serums, moisturizers, eye creams, and retinol sunscreens. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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