The glycolic acid market was valued at USD 309.3 million in 2021, and it is set to reach USD 604.4 million by 2030, growing at a CAGR of 7.7% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

In 2021, the personal care and cosmetics category held the largest market share at 58.2%. this is due to glycolic acid being extensively utilized in skincare and personal care products, including wrinkle removal products, moisturizers, anti-aging creams, and other hair care products.

Moreover, the rising knowledge regarding personal hygiene, coupled with increasing per-capita income and growing desire among people to look better, is boosting the demand for skincare products, which is eventually snowballing the requirement for glycolic acid. For example, the sales of cosmetic items throughout the world accounted for USD 80.73 billion in 2020, in which the skincare section had a 42% share and the hair care segment had a 22% share.

The APAC glycolic acid market is projected to witness the highest growth rate, of 8.1%, in

the coming few years. This can be ascribed to the growing need for cosmetic items in the region. The need for personal care items is increasing due to the surge in the working woman populace, an impactful change in their lifestyle, and growth in awareness regarding physical appearance. 

Furthermore, working women take skincare products to be a requirement offering them confidence in their overall look. Females in the age group of 20 and 40 years have the highest percentage of cosmetic usage in the region.

In APAC, China is the biggest buyer of glycolic acid, and the nation's industry is projected to rise at a CAGR of 8.3% in the coming years. According to the government source, the retail sales worth of cosmetics accounted for USD 52.3 billion in 2020 in the country. 

Furthermore, the public leans toward caring about their skin from pollution and dirt, and therefore, they are spending on good skincare items and hair items, in to order look to up to the mark in a corporate meeting.

Europe is the largest industry for glycolic acid. This can be credited to the snowballing sales of beauty items, including toners, anti-aging, moistures, and other cosmetic items, and the increasing emphasis of key players to surge their portfolio of glycolic acid-based products.

key players, such as Unilever and L’Oréal continually spending on technologies to build enhanced skincare products and advance customer experience, by offering products that comprise glycolic acids like Classic Anti-Wrinkle Eye Cream, L'Oreal Revitalift Glycolic Acid, and many others.

Hence, the growing working women populace and the urge to look good among the people will drive the glycolic acid market in the future also. 

Source: P&S Intelligence