According to the firm, the potential outlook in skin care, hair care, makeup, fragrances and other cosmetic applications will drive the alpha hydroxy acid market growth, with high effectiveness in treatment of acne, black & white heads, and dark pigments key properties supporting the product demand.
Increase in cosmetic spending particularly in developed nations will support product demand, and as per analysis, average annual cosmetic spending is around USD 200 per person in 2017.
Demand for naturals
According to GMI, shifting consumer preference for natural based cosmetic ingredients is the key factor driving alpha hydroxy acid market size.
Meanwhile, rising demand for anti-ageing products owing to multifunctional properties and easy product availability will drive industry demand. Anti-aging products industry is projected to worth over USD 216 billion in 2021.
Changing income trends and improving standard of living particularly in developing nations will enhance industry growth, the firm also predicts.
For instance, China disposable income increased to USD 5 billion per capita in 2016 from USD 4 billion per capita in 2015.
Product benefits driving growth
Significant product benefits include efficient exfoliation, removal of blackhead & blocked pores and skin lightening, and these are the key driving factors of industry growth.
Increased potency and efficiency due to technological advancements and innovations will open new avenues for product demand.
However, increased photosensitivity of skin due to removal of dead skin or upper layers of skin is the major restraining factor of business growth, the firm cautions.