Global Kojic Acid Market Size Likely to Grow At a CAGR of 2% By 2033

Food & Beverage End-user to Witness Considerable CAGR in the Kojic Acid Market

According to Custom Market Insights (CMI), The Global Kojic Acid Market size was estimated at USD 60 million in 2021 and is anticipated to reach around USD 75 million by 2030, growing at a CAGR of roughly 2% between 2022 and 2030. Our research report offers a 360-degree view of the Kojic Acid market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Kojic Acid market.

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Kojic Acid Market Overview

A chelation agent known as kojic acid is produced from several fungi, including Aspergillus oryzae. The acid has a high concentration of antibacterial, antioxidant, and color-protecting characteristics and is a tyrosinase inhibitor. As a result of these special qualities, it is employed as a skin-lightening agent in the cosmetics industry and as a food additive in the food and beverage industry to stop enzymatic browning. Kojic acid is also used to cure melasma and hyperpigmentation when combined with anti-inflammatory substances like glycolic acid. The global kojic acid market is expanding as a result of reasons such as rising food production due to population expansion, the increasing need for medicine to treat fungal infections, including athlete's foot, and growing skincare product consumption.

Growth Factors

Rapid population growth and the adoption of a sustainable diet have increased the demand for food products, raising the level of food production worldwide. For instance, according to the US Food and Agriculture Organization, global vegetable output increased by 65% to 1128 million tons in 2019, while global fruit production increased by 54% to 883 million tons in 2019. Additionally, beef production has increased by 44% since 2000, reaching 337 million tons in 2019.

In the food and beverage business, kojic acid is used as a precursor for taste enhancers, as an antistaling agent for fruits and vegetables, as a way to stop cut fruits from oxidative browning, and as a way to keep meat pink and red color. Kojic acid will therefore be used more frequently in the food industry as a result of the rise in global production of these food items due to rising global demand. The development of the worldwide kojic acid industry will benefit from this.

Kojic acid is used in skin care products like creams and lotions to lighten skin and treat conditions like hyperpigmentation, making the cosmetics industry one of the main end-users of the substance. As a tyrosinase inhibitor, kojic acid works to lighten skin by limiting the generation of melanin, which prevents the development of dark patches on the skin. Consumption of skincare products has surged owing to growing worries about skin nourishment brought on by issues including scars, dullness, and black spots.

Segmental Overview

The market for Kojic Acid is segmented into grade and end-user. Based on end-user, in 2021, the cosmetic industry had a sizeable portion of the worldwide kojic acid market—more than 25%. Kojic acid is mostly utilized as a skin-lightening ingredient in cosmetic goods because it prevents the synthesis of melanin, which has a lightening impact on the skin. Additionally, it possesses antibacterial and antimicrobial qualities that aid in treating skin fungus infections and acne brought on by skin germs. The use of kojic acid has been positively impacted by the rising demand for cosmetics for beauty care. For instance, L'Oréal's total sales of cosmetic items increased by 16% in 2021, reaching a value of US$ 35.7 billion. Additionally, Unilever's beauty and personal care revenue in Q1 2020 was US$ 5.8 billion, up 2% from the same quarter in 2019. Therefore, this rise in the consumption of beauty goods will result in increased use of kojic acid in the cosmetics industry, which will positively affect the expansion of the worldwide kojic acid market.

Regional Overview

During the projected period, Asia Pacific is anticipated to account for a significant portion of the worldwide kojic acid market, followed by North America and Europe. Due to the increased awareness of kojic acid's health benefits in China, India, Japan, and the rest of Asia Pacific, the kojic acid market in this region is anticipated to grow at a quicker CAGR than those in Europe and Latin America over the forecast period. China has the largest concentration of kojic acid producers and has held this position for several years.

Report Scope

Competitive Landscape

The market for kojic acid is consolidated in nature. To meet the rising demand for Kojic Acid, industry players are concentrating on increasing their market presence in numerous nations and regions. The Kojic Acid market is experiencing increased expansion across the globe due to the fierce competition driving product innovation.

Our market analysis includes a section specifically devoted to key players operating in the Kojic Acid market. Our analysts give an overview of each player's financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

• 2021: Admire My Skin's recently released, dark spot corrector. According to the brand, this all-natural product helps treat common skin problems like melasma, acne scars, and dark spots. It has hydroquinone, vitamin C, and salicylic acid for the face.

Some of the prominent players

• Sansho Seiyaku
• Hubei Artec Biotechnology Co
• Xian Hao-Xuan Bio-tech Co
• Syder
• Sichuan Huamai Technology Co
• Hubei Hongjing
• Chengdu Jinkai
• Hubei Xinxinjiali Bio-Tech
• Kose Corporation
• Triveni Interchem
• Hubei Xiangxi Chemical

The global Kojic Acid market is segmented as follows:

By Grade

• Pharmaceutical Grade
• Cosmetic Grade
• Food Grade
• Others

By End-user

• Pharmaceuticals
• Food & Beverage
• Cosmetics & Personal Care
• Others

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America