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Report Overview
The global retinol market size reached around USD 1.40 Billion in 2023. The market is projected to grow at a CAGR of 3.90% between 2024 and 2032 to reach nearly USD 1.98 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Nearly 54% of all global consumers believe in the efficacy of retinol for anti-ageing treatments, leading to growth of retinol market.
- Retinol combined with Beauactive (including Hydroxystearic Acid) can boost collagen production in skin by 238%.
- In the EU, body lotions and face/hand creams are allowed to have a retinol concentration of 0.05%-0.3%.
Global Retinol Market Growth
In 2023, the retail sales of all beauty products recorded a year-on-year surge of 10% to reach nearly USD 446 billion. North America, Europe, the Middle East and Africa, and Latin America witnessed year-on-year growth of 9%, 10%, 18%, and 17% respectively. However, the market analysis suggests that the Asia Pacific (excluding Australia and China) recorded the highest growth in retail sales of beauty products, with India leading the market growth. In 2023, overall sales surged y-o-y by 10%, indicating the rising demand for beauty products even among low-income consumers. This is expected to drive the retinol market expansion as it’s extensively used in anti-ageing creams, acne treatment formulations, and sunscreens.
Compound Annual Growth Rate
Value in USD Billion
3.9%
2024-2032
Retinol Market Outlook
*this image is indicative*
Moreover, as per the International Agency for Research on Cancer (working under the WHO), nearly 20 million new cases of cancers were reported in 2020, while 9.7 million individuals lost their lives. Every 1 in 5 people are expected to develop cancer over their lifetime, with 1 in 12 women and 1 in 9 men at a risk of not improving from treatment. To improve the survival rates among patients, many healthcare providers are switching towards the usage of retinols for treating Acute Promyelocytic Leukemia (APL) and Neuroblastoma, apart from other types of cancers occurring in lungs, women’s breasts, women’s ovaries, prostate gland, gall bladder, and mouth. This is expected to drive the retinol market value over the forecast period.
Key Trends and Developments
Increasing pet food sales worldwide; rising appeal for fortified foods; development of pharmaceuticals; and increasing scientific research are trends favourably shaping the retinol market outlook.
Increasing pet food sales worldwide
By 2030, global pet food sales are expected to grow by over 50% from the current levels due to changing family sizes and increasing rates of pet adoption among the millennials. This is expected to drive the demand for retinol-based pet food supplies, since they enhance skin texture and immune health of animals.
Rising appeal for fortified foods
Vitamin A is renowned for its health benefits, such as improved eyesight, better immune health, and ensuring overall physical growth and development. This is expected to increase the demand for food products fortified with retinol, thereby contributing to retinol market expansion.
Development of pharmaceuticals
Retinol is a crucial ingredient in many pharmaceutical products, including creams for treating hyperpigmentation due to its therapeutic benefits.
Increasing scientific research
Rapid advancements in biotechnological research has led to the discovery of numerous benefits of using retinols in small quantities. This is expected to drive the market growth.
Global Retinol Market Trends
The United States and Europe are expected to dominate the global pet food sales till 2030. As per the market analysis, the average cost of owning dogs is expected to reach USD 1520 in the United States and USD 695 in Europe, driven by growing consumer expenditure on healthy and nutritious pet food products. A similar trajectory is observed in cat food, as the cost of ownership has risen to USD 950 in the United States and USD 472.50 in Europe. This is expected to favourably impact the market outlook, as fortified pet food products ensure all-round development of pet health, including reproductive and immunity functions.
Global Retinol Industry Segmentation
The EMR’s report titled “Global Retinol Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Type
- Natural
- Synthetic
Breakup by Application
- Personal Care and Cosmetics
- Dietary Supplements
- Food and Beverage
- Animal Feed
- Others
Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Retinol Market Share
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the Asia Pacific is expected to grow at a CAGR of 4.5% because of growing sales of retinol-based beauty products in the region. Moreover, the increasing consumption of dietary supplements for enhancing eye health and promoting immune strength is expected to drive the market expansion in APAC over the forecast period.
Leading Companies in the Retinol Market
Major players are removing ingredients of concern such as BHA and BHT from their retinol formulations to increase their revenue from cosmetics manufacturers and expand their retinol market share.
BASF SE
BASF SE is a multinational company which was founded in 1865 and is based in Ludwigshafen, Germany. It is involved in the production of numerous functional solutions and materials, apart from performance products and agricultural solutions.
dsm-firmenich
dsm-firmenich was founded in 1895 and is headquartered in Aargau, Switzerland. It is engaged in producing earl...
Eluminex Biosciences
Eluminex Biosciences is a privately held company engaged in conducting biotechnological research. It was estab...
Merck KGaA
Merck KGaA was founded in 1668 and is headquartered in Darmstadt, Germany. It is a leading science and technol...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
There are many other players in the global retinol market landscape.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.40 Billion.
The market is projected to grow at a CAGR of 3.90% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1.98 Billion by 2032.
Key trends aiding the market expansion are increasing pet food sales worldwide, rising appeal for fortified foods, development of pharmaceuticals, and increasing scientific research and development efforts.
The different regions covered in the market report include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different types of retinols in the market are natural and synthetic.
The different applications of retinol include personal care and cosmetics, dietary supplements, food and beverage, and animal feed, among others.
The key market players are BASF SE, dsm-firmenich, Eluminex Biosciences, and Merck KGaA, among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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