Alpha Hydroxy Acid Market Size by Product (Glycolic, Lactic, Citric), by Application [Cosmetics (Skincare, Hair Care, Makeup, Fragrances], Dermal) Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Price Trends, Compet

Alpha Hydroxy Acid Market Size by Product (Glycolic, Lactic, Citric), by Application [Cosmetics (Skincare, Hair Care, Makeup, Fragrances], Dermal) Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2028

The alpha hydroxy acid market is set to witness robust growth through 2028 owing to increasing product utilization in the cosmetics industry. In addition, the booming chemical sector is anticipated to drive market demand over the forecast timeframe.

Moreover, high emphasis of companies on product innovation has positively influenced the product landscape. For instance, in July 2022, cosmetics behemoth L’Oreal patented a skin peeling composition, which included alpha hydroxy acid as one of the major ingredients.

Additionally, prominent research and development activities in the field have been favorable for the progress of the alpha hydroxy acid market. Notably, after the onset of COVID-19, studies found that wearing masks for a long time could increase the flare of acne resulting from the higher temperature and humidity on the facial skin surface from expired air and perspiration. Subsequently, growing awareness regarding product benefits against acne has fostered product outlook in recent years.

The alpha hydroxy acid market has been bifurcated in terms of application, product, and region.

On the basis of application, the market has been divided into cosmetics and dermal. The cosmetics segment has been further classified into skin care, make up, hair care, fragrances, and others. The skincare segment is anticipated to grow steadily in the upcoming time period owing to increased consumption of moisturizers and face creams for skin care treatment.

The fragrances segment is set to exhibit robust expansion on account of escalating popularity of scented products among the millennial population. In addition, the others segment accounts for a considerable market share due to mounting influence of social media and marketing strategies.

Based on product, the alpha hydroxy acid market has been divided into glycolic acid, citric acid, lactic acid, and others (malic acid, tartaric acid). The others segment is estimated to register substantial gains over the review timeline. Soaring utilization of malic acid in the food processing industry as it prolongs the shelf life of packaged food is foreseen to support segmental growth. Furthermore, proliferating demand for tartaric acid as an anti-microbial agent is also slated to fuel product uptake through the forecast period.

In the regional context, continuous innovation in personal care products is expected to drive alpha hydroxy acid industry growth in the Latin America region. Meanwhile, the Middle East & Africa alpha hydroxy acid market is poised to showcase notable revenue growth through the forecast period. Rising concerns pertaining to skincare among the young population and burgeoning number of internet users would bolster the demand for cosmetics products, which is primed to propel market growth in MEA over the assessment timeframe.