With the influx of numerous applications in cosmetic and dermal products, alpha hydroxy acid market is poised to witness commendable growth prospects in the coming years. Beauty and skincare products with chemicals such as AHA, Vitamin C, and retinol have been drawing substantial appeal from the masses in the recent times, which has significantly triggered the cosmetic companies to manufacture their products with these ingredients. The growing popularity of AHA-based skin care products is undoubtedly having tremendous impact on the expansion of alpha hydroxy acid market. In fact, alpha hydroxy acids are being used as common additives in various skin care products such as moisturizers, cleansers, masks, and toners. The strong outlook of the cosmetic industry and rise in disposable income for self-grooming has been pinpointed as important factors which have uplifted AHA-based product demand. Industry analysts claim this broad cosmetic application arena to have an impeccable impact on the growth of alpha hydroxy acid market size, which as per reports was worth USD 1.5 billion in the year 2016.
U.S. Alpha Hydroxy Acid Market, By Product, 2013-2024, (Kilo Tons)
Cosmetic sector to majorly drive AHA industry share
Research and experimental studies have revealed that alpha hydroxy acids act as an excellent chemical exfoliants and dead skin remover. This has prompted several industry players to add the ingredient in skincare products such as anti-aging creams, face pack, peels, face creams, and lotions. In addition, the product is deemed to have high absorbability and moisturizing properties, which has fueled its adoption in skincare regimes. Based on these grounds, it is quite overt that the overall AHA industry is all set to witness remarkable gains from the cosmetic application in the forthcoming years. Reportedly, the global cosmetics industry in 2016 was worth USD 290 billion and is further anticipated to exceed a valuation of USD 344 billion by the year 2021 - statistics validating the enormous scope of the AHA industry from its expanding application horizon in the cosmetic sector.
Speaking of the robust expansion of the cosmetic industry, Asia Pacific is a vital region attracting huge product demand, owing to changing lifestyle and fashion trends. The growing regional cosmetic sector is further providing a significant impetus to APAC market - analysts estimate the Asia Pacific cosmetics industry to register USD 126 billion by 2020. The extensive cosmetic and skincare product penetration across the region is thus anticipated to positively influence Asia Pacific alpha hydroxy acid market size. Reports state that the regional AHA industry in 2016 was valued at USD 410 million and is expected to exceed USD 900 million in coming seven years. Growing number of cosmetic and skincare manufacturing plants particularly in China, Japan, and India has further fortified AHA market demand in the region.
Active consumption of AHA in skin care segment to spur AHA market trends
Skincare is the biggest segment of the beauty industry with its global sales projected to exceed USD 130 billion by 2019. The rising consumer inclination toward herbal, natural, vegan, and organic products have prompted several companies to manufacture innovative products, in turn amplifying AHA product demand. Allegedly, natural products such as lemon, sour milk, yogurt, sugarcane, grapes, and tomato are rich sources of AHA and are now being widely used in manufacturing of natural or herbal skincare products. As per reports, AHA market from the skin care application accounted for USD 400 million in 2016 and has been forecast to remain one of the most profitable segments in the ensuing years. Analysts also predict AHA industry to amass magnificent gains due to growing use the AHA acid in treatment of skin diseases such as seborrheic keratoses, ichthyosis, xerosis, irregular pigmentation, acne vulgaris, and seborrheic skin.
Apart from skin care, other cosmetic applications such as makeup, hair care, body, perfumes, toiletries and deodorants are some of the prominent sectors strongly impacting alpha hydroxy acid market expansion.
Stringent regulatory landscape to impact AHA market growth
Despite all the benefits of AHA, on the flip side, the acid is also claimed to cause mild skin irritation, itching, redness, swelling, and skin discoloration. This has led to the presence of stringent regulatory landscape under the canopy of AHA industry. With regards to the above-mentioned side effects of alpha hydroxy acid, the U.S. Food and Drug Administration has circulated essential procedures and guidelines to be followed by cosmetic manufacturers using AHA in their products as a vital ingredient. These directives have also aided in spreading awareness among the consumers about the potentially harmful impact of cosmetics containing excess AHA. According to reliable sources, experts state that facial peels, creams, and lotions with a concentration of AHA greater than 10% should only be used under the supervision of a dermatologist.
Weighing the side effects, several cosmetic and AHA industry players are strongly focusing on the proper concentration of such ingredients in their cosmetic products. In fact, the FDA itself is working together with the NTP (National Toxicology Program) to assess and rightly evaluate the safety of long-term usage of AHA, thereby significantly stimulating alpha hydroxy acid industry share. Parchem, Dupont, Crosschem, Dow chemical, H Plus Ltd., and Ava Chemicals are some of the prominent players partaking in alpha hydroxy acid market, while cosmetic giants such as L'Oréal Paris, Nivea, Gillette, Garnier and Neutrogena are identified as potential participants of this fraternity. Observing the growing importance of AHA in beauty products along with the inclusion of regulatory norms emphasizing on the appropriate content usage, the worldwide alpha hydroxy acid market, as per Global Market Insights, Inc., is slated to cross USD 3 billion by 2024.