Hyaluronic Acid Personal Care Products Market Size, Share & Trends Analysis Report By Type (Creams, Serums, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2023 - 2030

Report Overview

The global hyaluronic acid personal care products market size was valued at USD 3.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. The growth of the market can be attributed to the growing concern about the appearance of the aging population. The easy availability of these products without any prescription through online retail stores and other sales channels, including beauty salons, pharmacies, supermarkets, & specialty stores, drives growth.

In personal care products, Hyaluronic Acid (HA) was previously utilized in high-end skin care formulations. However, with continuous technological advancements, the cost and difficulty in extracting and processing HA has decreased. HA has been gradually used in low-end formulations and has expanded the scope of application of these products. The companies are recognizing the opportunities for targeting Generation Z. They are launching various cost-effective products that suit best Gen Z consumers. For instance, in September 2022, OLAY launched Regenerist Hyaluronic + Peptide24 Collection for longer and better hydration of the skin at a lower cost compared to other luxury products. The product is recommended for all age groups including Gen Z.

Furthermore, the shift from a glamorous look to a healthy look is impacting the market. Consumers are becoming more tech-savvy, concerned about sustainable manufacturing, and inclined toward custom-made solutions than ever before. Changing perceptions of clean and natural ingredients are challenging top personal care brands to diversify their portfolios to include authenticated and innovative products.

Due to the booming demand for cosmeceuticals and growing medical beauty trends, the personal care products market has the opportunity to offer innovative and personalized products to skin care-conscious consumers. The companies are investing in various combination products to deliver the efficacy that customers seek. For instance, in March 2022, Givaudan Active Beauty launched the patented Cristalhyal e-Perfection, a complex of high molecular weight HA and bentonite clay, manufactured through the process of iontophoresis.

COVID-19 hyaluronic acid personal care products market impact: % increase from 2021 to 2022

Beauty, personal care, and cosmetics influencers have a strong role in purchasing power of consumers. Consumers rely on influencers to make choices for products. According to the survey conducted by the Harvard Business School in August 2019, around 62% of women respondents followed beauty influencers on social media, around 67% of respondents seek information regarding products from social media influencers, around 59% of respondents seek information from third-party reviews, and around 55% respondents seek information from beauty professionals.

Type Insights

The creams segment dominated the market and accounted for the highest revenue share in 2022. This is attributed to the lower cost associated with the product compared to serums and the lower concentration of the active ingredient in the formulation. Moreover, creams are gentler on the skin, unlike serums, which can over-exfoliate it. In addition, the creams are used with the serums to offer better all-day hydration.

The serum segment is anticipated to witness the fastest growth during the forecast period. This growth can be attributed to better penetration associated with serums, as they are not diluted with moisturizers and have higher concentrations of active ingredients. The higher efficacy of a serum formulation provides hydrating effects to the skin. According to a study of 40 women aged 30 to 65 years, published in Springer in 2021, the HA serum improved skin hydration immediately post application, and at 6th week of application, the smoothness of skin increased by 64%, plumping by 60%, hydration by 63%, fine lines by 31%, and wrinkles by 14%.

The other product segment is expected to witness significant growth during the forecast period. This segment includes HA-based emulsions, shampoos, conditioners, hair masks, etc. HA has proven to be effective for itchy hair, dry scalp, & rough hair. HA also potentially reduces dandruff. the growing interest of market leaders in other types of HA-based products is driving market growth. For instance, in September 2022, L'oreal Paris launched Hyaluron Moisture 72Hr shampoo for a long-lasting hydrating effect on hair.

Regional Insights

Asia Pacific region dominated the market in 2022 and is expected to dominate the market over the forecast period. The market growth in the region can be attributed to the growing awareness regarding skincare and the presence of major global players in the region. The demand for hyaluronic acid personal care products is rising among the population owing to increased awareness regarding its positive effects on the skin. For instance, on 18 June 2019, one of the biggest shopping festivals in China led by Taobao, L’Oréal reported more than USD 29 million (200 million yuan) in sales of its high-concentration hyaluronic acid eye cream.

North America region is projected to witness the significant growth during the forecast period. The growth can be attributed to the changing consumer preferences towards experimenting with new products for enhancing their skin appearance. Moreover, the companies are launching innovative campaigns to attract more customer base through online-retail channels. For instance, in March 2022, Cetaphil launched a virtual marketing campaign as Cetaphil premiered Sensitive Skincare Awareness Month, which offers guidance on the care and treatment of all kinds of skin.

Europe held a significant market share in 2022 owing to increase in the presence of international brands in the European market and improvement in people’s health, wellbeing & confidence through these brands. For instance, in April 2021, RéVive Skincare, a luxury skincare product brand based in the U.S., is planning to expand its global presence with the launch of various products beyond North America, particularly in Western & Eastern Europe and the Middle East region.

Key Companies & Market Share Insights

The market is highly fragmented in nature due to the presence of several domestic and international manufacturers and constant R&D investment by them. Product innovations, the launch of different formulations, and collaborations with celebrities & social media influencers are the key strategies adopted by the companies to compete in the market and attract more consumers. For instance, in January 2021, Saro de Rúe launched the Freeze-Dried Hyaluronic Acid System, an anti-aging system that offers a range of clinically tested skin benefits. Some of the prominent players in the hyaluronic acid personal care products market:

• Shiseido Co., Ltd.

• CeraVe

• L’oréal Paris

• La Roche Posay

• Johnson & Johnson Consumer Inc. (Neutragena)

• SkinCeuticals

• The Ordinary (Deceim Beauty Group, Inc.)

• Heraux (Carthronix)

• Innisfree (Amorepacific US, Inc.)

• Saro De Rúe

• Beautiful Korea

Hyaluronic Acid Personal Care Products Market Report Scope

Global Hyaluronic Acid Personal Care Products Market Segmentation

Grand View Research has segmented the global hyaluronic acid personal care products market report on the basis of type and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Creams

  • Serums

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait