Retinol Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

The global retinol market size reached around USD 1.45 Billion in 2024. The market is projected to grow at a CAGR of 3.90% between 2025 and 2034 to reach nearly USD 2.13 Billion by 2034.

Global Retinol Market Growth

In 2023, the retail sales of all beauty products recorded a year-on-year surge of 10% to reach nearly USD 446 billion. North America, Europe, the Middle East and Africa, and Latin America witnessed year-on-year growth of 9%, 10%, 18%, and 17% respectively. However, the market analysis suggests that the Asia Pacific (excluding Australia and China) recorded the highest growth in retail sales of beauty products, with India leading the market growth. In 2023, overall sales surged y-o-y by 10%, indicating the rising demand for beauty products even among low-income consumers. This is expected to drive the retinol market expansion as it’s extensively used in anti-ageing creams, acne treatment formulations, and sunscreens.

Moreover, as per the International Agency for Research on Cancer (working under the WHO), nearly 20 million new cases of cancers were reported in 2020, while 9.7 million individuals lost their lives. Every 1 in 5 people are expected to develop cancer over their lifetime, with 1 in 12 women and 1 in 9 men at a risk of not improving from treatment. To improve the survival rates among patients, many healthcare providers are switching towards the usage of retinols for treating Acute Promyelocytic Leukemia (APL) and Neuroblastoma, apart from other types of cancers occurring in lungs, women’s breasts, women’s ovaries, prostate gland, gall bladder, and mouth. This is expected to drive the retinol market value over the forecast period.

Key Trends and Developments

Increasing pet food sales worldwide; rising appeal for fortified foods; development of pharmaceuticals; and increasing scientific research are trends favourably shaping the retinol market outlook.

December 2023

COSRX, a leading skincare brand introduced the Retinol 3.0 cream on e-commerce platforms. Its lightweight formula is designed to reduce the appearance of fine lines and ensure youthful-looking skin.

January 2022

Eluminex Biosciences Limited acquired certain assets and commercialisation rights for a unique oral therapy known as zuretinol acetate from Retinagenix Holdings, LLC, which is an American ophthalmic company. Zuretinol is an upcoming treatment for children with rare forms of blindness and is expected to drive the retinol market revenue.

September 2023

Merck KGaA established a strategic partnership with Exscientia and BenevolentAI to strengthen its AI-driven drug discovery efforts. This is expected to facilitate the growth of the retinol market development over the forecast period.

Increasing pet food sales worldwide

By 2030, global pet food sales are expected to grow by over 50% from the current levels due to changing family sizes and increasing rates of pet adoption among the millennials. This is expected to drive the demand for retinol-based pet food supplies, since they enhance skin texture and immune health of animals.

Rising appeal for fortified foods

Vitamin A is renowned for its health benefits, such as improved eyesight, better immune health, and ensuring overall physical growth and development. This is expected to increase the demand for food products fortified with retinol, thereby contributing to retinol market expansion.

Development of pharmaceuticals

Retinol is a crucial ingredient in many pharmaceutical products, including creams for treating hyperpigmentation due to its therapeutic benefits.

Increasing scientific research

Rapid advancements in biotechnological research has led to the discovery of numerous benefits of using retinols in small quantities. This is expected to drive the market growth.

Global Retinol Market Trends

The United States and Europe are expected to dominate the global pet food sales till 2030. As per the market analysis, the average cost of owning dogs is expected to reach USD 1520 in the United States and USD 695 in Europe, driven by growing consumer expenditure on healthy and nutritious pet food products. A similar trajectory is observed in cat food, as the cost of ownership has risen to USD 950 in the United States and USD 472.50 in Europe. This is expected to favourably impact the market outlook, as fortified pet food products ensure all-round development of pet health, including reproductive and immunity functions.

Global Retinol Industry Segmentation

The EMR’s report titled “Global Retinol Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Natural
• Synthetic

Market Breakup by Application

• Personal Care and Cosmetics
• Dietary Supplements
• Food and Beverage
• Animal Feed
• Others

Market Breakup by Region

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

Global Retinol Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the Asia Pacific is expected to grow at a CAGR of 4.5% because of growing sales of retinol-based beauty products in the region. Moreover, the increasing consumption of dietary supplements for enhancing eye health and promoting immune strength is expected to drive the market expansion in APAC over the forecast period.

Leading Companies in the Retinol Market

Major players are removing ingredients of concern such as BHA and BHT from their retinol formulations to increase their revenue from cosmetics manufacturers and expand their retinol market share.

BASF SE

BASF SE is a multinational company which was founded in 1865 and is based in Ludwigshafen, Germany. It is involved in the production of numerous functional solutions and materials, apart from performance products and agricultural solutions.

dsm-firmenich

dsm-firmenich was founded in 1895 and is headquartered in Aargau, Switzerland. It is engaged in producing early life nutrition solutions, baking ingredients, fragrances, and animal nutrition solutions.

Eluminex Biosciences

Eluminex Biosciences is a privately held company engaged in conducting biotechnological research. It was established in early 2020 and is headquartered in Suzhou, China.

Merck KGaA

Merck KGaA was founded in 1668 and is headquartered in Darmstadt, Germany. It is a leading science and technology company which specialises in the production of chemicals and pharmaceutical products.

There are many other players in the global retinol market landscape.