Retinol Market Size, Share & Trends Analysis Report By Type (Natural, Synthetic), By Application (Personal Care & Cosmetics, Dietary Supplements), By Region, And Segment Forecasts, 2023 - 2030

Retinol Market Size, Share & Trends Analysis Report By Type (Natural, Synthetic), By Application (Personal Care & Cosmetics, Dietary Supplements), By Region, And Segment Forecasts, 2023 - 2030

Retinol Market Growth & Trends

The global retinol market size is expected to reach USD 1.79 billion by 2030, expanding at a CAGR of 3.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. This is attributed to the growing inclusion of the product in various end-use industries, including personal care & cosmetics, animal feed, and food & beverages, especially in emerging economies of China, India, and Indonesia.

Rising demand for synthetic retinol from the cosmetics sector is expected to drive the global market. Increasing usage of the product in the formulation of skincare creams which leads to the removal of dead skin cells and the formation of healthy and new skin cells is projected to provide ample opportunities to key manufacturers in the near future.

Manufacturers are developing new formulations and delivery methods to make retinol-based products more effective and user-friendly. For instance, in 2021, Paula's Choice launched a product called "Clinical 0.3% Retinol + 2% Bakuchiol Treatment" that combines retinol with bakuchiol. The product promises to be gentle on the skin while still providing anti-aging benefits.

The food & beverage segment is also growing and making its mark. One of the key trends driving the growth of this segment is the increasing demand for functional foods and beverages that provide health benefits. Retinol is a nutrient that is essential for maintaining healthy skin, eyesight, and immune function, which has led to an increase in demand for fortified food and beverages. For instance, in 2020, the company Bössi introduced a line of vitamin-infused sparkling water that included a retinol-fortified option.

Manufacturers are developing new formulations and delivery methods to make fortified products more effective and appealing to consumers. For instance, in 2021, the company Lycored launched a retinol-fortified gummy supplement that is targeted toward children. The gummies are designed to be fun and easy to consume, making it more likely that children will receive the health benefits of the product.

Europe emerged as the largest consumer of the market due to its increasing demand for personal care & cosmetics applications. The personal care & cosmetics industry is one of the prominent consumers in Europe because of increasing concerns among people towards skin cancer, and exposure to harmful rays, which has led to increased production of nutricosmetic products. However, stringent government regulations related to limiting the concentration of retinol in personal care & cosmetics products are likely to become a challenge for market growth.

Retinol Market Report Highlights

• The synthetic segment is the largest of type segment. It accounted for 82.8% of revenue share in 2022. As it is more readily available, stable, and consistent in terms of potency and purity, which ensures consistent product quality for consumers
• Personal Care & Cosmetics is the largest application segment which accounted for 50.9% of revenue share in 2022. This can be attributed to the increasing demand for anti-aging products
• The product is utilized in dietary supplements owing to its numerous health benefits. They are typically used to maintain healthy bones and teeth, as well as to support the growth and development of body cells
• North America is the fastest-growing region with a CAGR of 4.3% during the forecast period. The region is home to many cosmetics & personal care manufacturers and offers thriving opportunities for manufacturers as the demand for the products is abundant
• The market is highly competitive, with several key companies involved in the production and distribution of retinol-based products. Some of the leading players in the market include BASF SE; DSM Nutritional Products; and Zhejiang NHU Co., Ltd.
• In 2020, the company Bossi introduced a line of vitamin-infused sparkling waters that included a retinol-fortified option.

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