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The mandelic acid market is projected to grow from USD 0.28 Billion in 2023 to USD 0.80 Billion by 2032, exhibiting a CAGR of 13.80% during the forecast period (2023 – 2032).
Competitive Dynamics
The market players are BASF, Keyuan Biopharm, Wuhan Runder Pharmda Technology, Hanhong Chemical, Xiang Rong Chemical, and Shengyu Chemical.
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Market Dynamics
The mandelic acid market is experiencing a significant increase in demand because of the growing popularity of skincare products. Mandelic acid, renowned for its mild exfoliating qualities, is a crucial component in numerous skincare formulas. The demand for skincare products infused with mandelic acid is rising as consumers increasingly look for solutions to address concerns such as acne, hyperpigmentation, and uneven skin tone. This aspect influences the Compound Annual Growth Rate (CAGR) of the market.
Furthermore, there is a significant inclination towards natural and organic components in skincare products, which is a prominent trend in the mandelic acid market. Beauty and skincare companies are adding mandelic acid to their products in response to the increasing consumer demand for natural, plant-derived components.
Continuous innovation is occurring in cosmetic compositions within the mandelic acid sector. Corporations are allocating resources to research and development to provide cutting-edge skincare products that offer improved effectiveness and minimum adverse reactions. One notable advancement is the integration of mandelic acid into versatile skincare products like serums, toners, and peels. This provides consumers with a wide array of choices to tackle different skincare issues effectively. In 2019, BioAmber Inc. formed a cooperation with EcoMundo, a sustainability consulting organization, to evaluate and decrease the ecological consequences of its production process. Consequently, this drives the income of the mandelic acid market.
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Segmental Analysis
The mandelic acid market segmentation, based on type, includes DL Type, L Type and D Type.
The mandelic acid market segmentation, based on Application, includes Pharmaceutical, Cosmetics & Personal Care, Textiles & Dye Intermediates and Others.
Key Players:
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Regional Analysis
North America accounts for the largest share, primarily increasing skincare awareness and demand and the availability of a high number of cosmetic and pharmaceutical industries.
Europe’s market for mandelic acid is the second largest market share because of consumers’ awareness and education, along with advanced innovation in the field of health and physical appearance. Moreover, the mandelic acid market for Germany held the largest market share in the past few years, while the UK is the fastest-growing mandelic acid market in the European region.
The Asian-Pacific Mandelic acid Market is predicted to acquire the highest growth rate during the period of years 2023–2032. This is due to the driving factors, which include the rise in the demand for cosmetic ingredients and product innovation and formulation. To begin with, China’s market dominated the market share of mandelic acid. But mandelic acid market in the India is likely to be the fastest-growing market in the Asia-Pacific region.
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