The global retinoid industry foresees a moderate CAGR of 6.5%, estimating the market size to increase from USD 1.63 billion to USD 3.05 billion during the forecasted period from 2024 to 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | USD 1.63 billion |
| Projected Market Value in 2034 | USD 3.05 billion |
| Value-based CAGR from 2024 to 2034 | 6.5% |
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The retinoid industry was pushed through the historical period moderately at a CAGR of 6.1% to change its market size from USD 1.15 billion to USD 1.54 billion from 2019 to 2023.
The pandemic governed the historical period. People explored DIY activities, which surged the demand for skincare products, elevating the retinoid supply from retinoid manufacturers. Retinoids were also used to reduce the side effects created during the pandemic. Therefore, these are the primary retinoid market demand generators.
| Historical CAGR from 2019 to 2023 | 6.1% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 6.5% |
The demand for premium luxury products will likely increase in the forecasted period. Due to this, personalized skincare will be demanded more, leveraging the retinoid demand. Therefore, this is a key retinoid trend.
Furthermore, more focus will likely be placed on preventive treatments. Due to the prevalence of skin diseases and side effects of heavy medications during the pandemic, people suffered from skin issues. Hence, preventive therapies will likely be taken to arrest this in the future, which has been a force for retinoid suppliers. Therefore, this will generate retinoid demand in the market.
The Latin American countries will provide lucrative growth opportunities for the global retinoid industry. Due to the emergence of stable markets, the investment in the medical infrastructure is increasing. Therefore, the region will likely contribute significantly to the market growth.
The Asia-Pacific region will be another key contributor. The developing research and development activities assist the innovation process, driving the market.
Europe and North America are developed regions with excellent healthcare and medical facilities, fostering retinoid manufacturers and suppliers. Consequently, these regions stabilize the industry, helping it progress rapidly.
Forecast CAGRs from 2024 to 2034
| Countries | Forecasted CAGR |
|---|---|
| Brazil | 5.8% |
| The United States | 6.5% |
| Japan | 6.8% |
| France | 8.4% |
| Russia | 13.3% |
Brazil leads Latin America by estimating the advancement at a CAGR of 5.8% through 2034. The rising prevalence of acne in young adults raises demand for retinoids.
Also, the probability of skin-related issues occurring is higher in the country, which will likely be responsible for the market growth. Hence, these are the main market drivers.
The United States’ market growth is moderate and estimates a CAGR of 6.5%. Due to the rising disposable income per capita, the demand for premium products and services, including personalized treatment, is growing.
Customer-tailored solutions for skin care issues are preferred, driving the retinoid industry. Thus, this is the fundamental market driver in the country.
Japan registers its market progress at a CAGR of 6.8%. The geriatric population of the country forms a substantial share of the demographics of the country.
Due to this, the demand for anti-acne products, anti-aging solutions, and other skincare products is rising. Consequently, this spurs the retinoid forecasted growth, driving the subject market.
The French cosmetic industry is recognized as one of the world's best markets. The industry is in demand for its cosmetic products. Consequently, the country’s exports, including different skincare products and solutions, are increasing.
Retinoid formulations form a substantial subset of these exports, which govern most of them. Thus, the retinoid industry in France is advancing at a CAGR of 8.4%, the highest in Europe.
Due to the vast geographical structure, Russia experiences extreme weather conditions and climate zones. Due to this, the country's prevalence of skin-related issues is higher.
Consequently, people demand retinoids to avoid skin irritation, burns, dryness, and aging. Therefore, this spikes retinoids' demand, causing the market to lead the global market and propel at an impressive CAGR of 13.3%.
| Category | Type- Synthetic Retinoids |
|---|---|
| Market Share in 2024 | 77.3% |
| Market Segment Drivers |
|
| Category | Application- Acne |
|---|---|
| Market Share in 2024 | 47.8% |
| Market Segment Drivers |
|
The growth of the healthcare sector is attributed to the growing presence of key players. Their presence increases the competitiveness in the market, providing a fierce competitive landscape in the industry.
However, new entrants can dive deep through augmented therapies and services, which might differentiate their offerings from existing key competitors. This will give a decisive advantage to them.
Existing marketers rely more on developmental strategies to expand. Innovation is the key principle followed, which provides them a competitive niche. Apart from this, mergers and acquisitions, partnerships, collaborative initiatives, etc., are key market expansion modes organizations adopt.
Key Market Developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 1.63 billion |
| Projected Market Valuation in 2034 | USD 3.05 billion |
| Value-based CAGR 2024 to 2034 | 6.5% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Market Segments Covered |
Type, Application, Distribution Channel, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | GlaxoSmithKline Inc.; Mylan Pharmaceuticals Inc.; Sun Pharmaceutical Industries Ltd.; Janssen Pharmaceuticals Inc.; Bausch Health Companies Inc.; Ortho Dermatologics |
The retinoid market is estimated to progress at a CAGR of 6.5% through 2034.
The retinoid market will reach USD 3.05 billion by 2034.
The retinoid market will reach USD 1.63 billion in 2024.
The retinoid market's synthetic retinoid segment will hold 77.3% of the market space in 2024.
The retinoid market's acne segment will hold 47.8% of the market space in 2024.
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Retinoid Market
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