Global Benzoyl Peroxide Market Outlook
Acne is one of the most common issues among the global teenage population. Untreated acne can lead to melanoma, a form of cancer. Melanoma is caused by uncontrolled growth of pigment-producing cells which can occur suddenly or in an existing mole. However, melanoma is subjectively treatable when detected in the early stages. Benzoyl peroxide is a potential preventive industrial chemical employed for such a harsh disease. According to IndustryARC market research report, the global Benzoyl Peroxide market size in terms of volume was recorded at around 12.6-kilotonne as of 2018. And the global benzoyl peroxide market is anticipated to increase at a compound annual growth rate (CAGR) of around 3.54% through the forecast period of 2019 to 2025. The report is titled “Benzoyl Peroxide Market: By Quality Index ; By End users ; By Appearance ; & By Geography Forecast (2018 - 2023)”
Browse through 136 slides and an in-depth TOC “Benzoyl Peroxide Market (2019 - 2025)”
Global Benzoyl Peroxide Market: Leading Segments
The pharmaceuticals industry is the most lucrative segment of the global benzoyl peroxide market, increasing at a global CAGR of around 4.21% through the aforementioned forecast period. It is primarily used as a dermatologic agent to cure acne and pimples. Moreover, benzoyl peroxide is used as an antibiotic, hair bleaching, textile bleaching, fabric cleaning and teeth whitening chemical in the personal care and cosmetics industry. With increasing consumer awareness towards self-care, the demand in the personal care industry have bolstered which gradually is expected to open opportunities in the global benzoyl peroxide market.
As per the IndustryARC business analysis, North America dominated the global benzoyl peroxide demands in 2018 with 32% of the total market share. The region grabs the maximum share owing to its application approved by the Food and Drug Administration as a food additive in the production of cheese and bread. Whilst cheese and bread are the highest consumed commodity in the American packaged and fast food sector, the demands of benzoyl peroxide is anticipate to increase significantly.
Global Benzoyl Peroxide Market Demand Analysis
The highest share of benzoyl peroxide is catered in the production of skin care lotions. According to the American Academy of Dermatology, more than one million Americans are living with melanoma, and also estimates that there will be 192,310 new cases of melanoma to be diagnosed in 2019. The same source suggests that nearly 20 Americans die from melanoma each day and the year 2019 is expecting the death toll to reach 7,230 individuals in 2019. The annual cost of treating skin cancer in the U.S. is approximated at $8.1 billion, such excruciating costs can be reduced by treating the budding skin cancer among individuals. Treatments for these diseases will induce the global benzoyl peroxide market demand.
Global Benzoyl Peroxide Market Trends
- Express urbanization and changing lifestyle have propelled the trend of spending disposable income on cosmetics. People living in the developed region are the biggest target audience for the global benzoyl peroxide market. However, potentially rich population growing in the developing nations is also a great consumer base for the global benzoyl peroxide market.
- The eco-friendly properties of benzoyl peroxide play an essential role in the growth of the global benzoyl-peroxide market. Environmental laws and regulations imposed by various governments owing to its emission-free traits have encouraged the population to indulge in using benzoyl peroxide.
Global Benzoyl Peroxide Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are Akzo Nobel, United Initiators, Arkema and Chinasun Specialty Products, Taizhou Yuanda, Haixiang, and SACI.
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