Avobenzone Market Size & Growth Analysis to 2030

Key Findings:

• The market is registering a significant CAGR of over 8% and estimated to reach at over USD 2 billion by 2030
• By application, the cosmetics and personal care segment is estimated to hold the largest market share in the benchmark year 2023
• Geographically, North America dominated the market and expected to grow at the same trend by 2030

The global Avobenzone Market is anticipated to grow at a significant CAGR of over 8% during the forecast period from 2024 to 2030 and expected to reach at around USD 2 billion by 2030. The market is primarily driven by the increasing awareness about the harmful effects of ultraviolet (UV) radiation on skin, leading to a growing demand for effective sun protection products. With rising concerns about skin cancer and premature skin aging, consumers are increasingly seeking sunscreens and skincare products that offer broad-spectrum UV protection, where avobenzone plays a pivotal role as a key ingredient. Additionally, the expansion of the cosmetic and personal care industry, coupled with advancements in formulation technologies, has further propelled the demand for avobenzone. Moreover, changing lifestyles, increasing disposable incomes, and growing tourism activities in sunny destinations are contributing to the rising demand for sun care products containing avobenzone. Furthermore, regulatory support for the use of avobenzone in sunscreens and its compatibility with other sunscreen agents make it a preferred choice for formulators, driving its market growth.

Market Snapshot:

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Market Trends:

Demand for Natural and Organic Sunscreens: There is a growing consumer inclination towards natural and organic skincare products due to increasing awareness about the potential risks associated with synthetic chemicals. Avobenzone, when formulated with natural carriers and stabilizers, can meet the demand for natural sunscreens. Consumers are becoming more environmentally conscious and are looking for products that are not only effective but also eco-friendly. Avobenzone’s compatibility with natural ingredients and its mildness on the skin make it a preferred choice for eco-conscious consumers.

Innovation in Formulations: Formulators are continuously exploring innovative combinations of avobenzone with other UV filters like octocrylene or titanium dioxide to enhance the broad-spectrum UV protection, improve photostability, and reduce potential skin irritation. There is a rising trend towards multifunctional skincare products that offer sun protection along with additional skincare benefits such as anti-aging, moisturizing, or brightening properties. Avobenzone’s compatibility with various active ingredients enables the development of these all-in-one formulations.

Emphasis on Transparent Labeling and Ingredient Transparency: With increasing consumer demand for transparency in product labeling and ingredient lists, there is a shift towards cleaner formulations with fewer chemical additives and potential allergens. Avobenzone suppliers and manufacturers are working towards refining the production process and ensuring the purity of avobenzone to meet these clean beauty standards. Regulatory bodies are becoming more stringent in terms of sunscreen safety and efficacy. Manufacturers are investing in research and development to improve the stability and safety profiles of avobenzone, ensuring its compliance with evolving regulatory standards such as the FDA’s Sunscreen Innovation Act.

Advent of Wearable Technology and Smart Sun Protection Solutions: The integration of avobenzone into wearable technology and smart sun protection solutions allows for real-time monitoring of UV exposure levels, providing users with personalized sun protection recommendations and alerts. These innovative products not only offer sun protection but also combine avobenzone with other beneficial ingredients to address specific skincare concerns, catering to the growing demand for personalized and tech-driven skincare solutions.

Market Opportunities:

The global avobenzone market presents several promising opportunities for growth and expansion. One significant opportunity lies in the rising consumer awareness and demand for effective sun protection products, driven by increasing concerns about skin health and premature aging caused by UV radiation. This growing demand opens avenues for the development of innovative avobenzone-based sunscreens and skincare formulations that offer enhanced UV protection, stability, and skin-friendly properties. Additionally, the trend towards natural and organic skincare products provides an opportunity for avobenzone suppliers and manufacturers to innovate and formulate eco-friendly and clean-label products to cater to eco-conscious consumers. Moreover, the integration of avobenzone into multifunctional skincare products that combine sun protection with additional skincare benefits, such as anti-aging or moisturizing properties, offers a significant market opportunity. Furthermore, collaborations and partnerships within the cosmetic and personal care industry can foster innovation, expand the application areas of avobenzone beyond traditional sunscreens, and penetrate new market segments.

Market Challenges:

The global avobenzone market also faces several challenges that could potentially impact its growth and development. One of the primary challenges is the increasing scrutiny and regulatory requirements surrounding sunscreen safety and efficacy, which necessitate continuous research and development to ensure the stability, photostability, and safety profiles of avobenzone-based formulations. Formulating avobenzone with other UV filters can also present challenges related to compatibility, stability, and potential skin irritation, requiring innovative solutions and rigorous testing to address these issues. Additionally, the growing consumer demand for natural and clean-label products poses a challenge for avobenzone suppliers and manufacturers to meet these clean beauty standards while maintaining product efficacy and performance.

Market Insights:

The global avobenzone market is bifurcated into purity, application, and geography. On the basis of application, the market is further segmented into cosmetics and personal care, pharmaceuticals, and others. The cosmetics and personal care segment stands as the dominant segment for avobenzone usage due to its high demand driven by the widespread use of sunscreens and sun care products. With increasing awareness of the detrimental effects of UV radiation on skin health, there’s a growing consumer demand for effective sun protection products, fueling the demand for avobenzone. This segment benefits from avobenzone’s compatibility with various cosmetic and skincare formulations, allowing its incorporation into a broad range of products, including sunscreens, moisturizers, facial creams, lip balms, and makeup products with added sun protection. Its ability to provide broad-spectrum UV protection against both UVA and UVB rays positions it as a key ingredient in sun care and anti-aging formulations.

Additionally, the cosmetics and personal care industry is characterized by continuous innovation and product development to meet evolving consumer preferences and regulatory requirements. Formulators are constantly exploring innovative combinations of avobenzone with other UV filters and active ingredients to enhance sun protection efficacy, improve product stability, and offer additional skincare benefits. Moreover, increasing consumer awareness about the importance of sun protection and skincare has led to a shift towards the use of sun care products containing avobenzone. Manufacturers and brands are investing in consumer education and marketing initiatives to promote the benefits of avobenzone-based sunscreens and skincare products, further boosting its demand in the cosmetics and personal care segment.

The avobenzone market research report presents the analysis of each segment from 2020 to 2030 considering 2023 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2024 to 2030.

Historical & Forecast Period

• 2020-22 – Historical Year
• 2023 – Base Year
• 2024-2030 – Forecast Period

Market Segmentation:

By Purity:

• less than 98%
• between 98%-99%
• more than 99%

By Application:

• Cosmetics and Personal Care
• Pharmaceuticals
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America has consistently emerged as the dominant region for global avobenzone market in the benchmark year 2023, primarily driven by its high consumer awareness regarding sun protection and skincare. The United States, in particular, has seen extensive public health campaigns, educational initiatives, and media coverage highlighting the risks associated with UV radiation and skin cancer. This heightened awareness has led to a significant demand for avobenzone-based sunscreens and skincare products in the region.

Additionally, North America boasts one of the most advanced and innovative cosmetics and personal care industries globally. The region’s leading cosmetic and personal care brands frequently incorporate avobenzone into their sun care and skincare formulations, leveraging its broad-spectrum UV protection capabilities to meet the stringent regulatory standards for sunscreens in the region, which require protection against both UVA and UVB radiation.

Furthermore, the stringent regulatory environment in North America, especially in the United States, plays a crucial role in driving the dominant usage of avobenzone. The regulatory standards for sunscreen safety and efficacy are rigorous, necessitating the use of effective and broad-spectrum UV filters like avobenzone in sun care products. This regulatory landscape, combined with the advanced cosmetics and personal care industry and high consumer awareness, creates a conducive market environment for avobenzone-based sunscreens and skincare products, solidifying North America’s position as the dominant region for avobenzone usage in the global market.

Competitive Landscape:

Some of the leading market players operating in the global avobenzone market are Making Cosmetics Inc., NS Chemicals, Merck KGaA, Chemspec Chemicals Pvt. Ltd., and Aeco Chemical Industrial Co. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Making Cosmetics Inc.
• NS Chemicals
• Merck KGaA
• Chemspec Chemicals Pvt. Ltd.
• Aeco Chemical Industrial Co
• Selleck Chemicals
• Anshul Life Sciences
• Sandream Specialties
• Abcam
• Adina
• LGC Limited

Key Questions Answered by Avobenzone Market Report

• Global avobenzone market forecasts from 2024-2030
• Regional market forecasts from 2024-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2024-2030 covering 15 major countries from the regions as mentioned above
• Avobenzone submarket forecasts from 2024-2030 covering the market by purity, application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level avobenzone markets from 2024-2030
• Competitive Landscape and market positioning of top 10 players operating in the market