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.