According to a new report published by Allied Market Research, titled, “Ceramide Market By Type, Process, And Application: Global Opportunity Analysis And Industry Forecast, 2020–2027”,
The global ceramide market was valued at $85.0 million in 2019, and is projected to reach $133.8 million by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
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Ceramide, a type of lipid complex, is found in epidermis skin layer. Ceramide lipid complex is made of sphingosine and fatty acid. Ceramide are of two types – natural ceramide and synthetic ceramide. Natural ceramides are extracted from various plant resources such as rice, wheat, and soybeans. Whereas, synthetic ceramide can be produced through microbial fermentation. Decrease in ceramide level can lead to various skin diseases and skin dryness problems. Skin appearance can be improved by the application of ceramide through cosmetics, oral supplementation, and food supplements.
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Surge in demand for antiaging skincare products and growth in number of aging population in countries such as the U.S., Japan, and the UK are expected to drive the market growth. Ceramide used in skincare and food products can improve skin appearance and is effective against skin dryness.
On the basis of process, the fermentation ceramide segment accounted for the highest revenue share in 2019. This is attributed to growing demand of synthetic ceramide and ceramide by products in cosmetics and personal care application. As the production cost of natural ceramide or plant extracted ceramide is high, fermentation is often used as cost-effective process.
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COVID-19 scenario analysis
- The rapid spread of COVID-19 pandemic largely impacted the demand from end users of ceramide such as cosmetics and skincare products manufacturers. Lockdown measures and travel restrictions hindered the offline sales of cosmetics and personal care products. Moreover, due to limited social gathering, consumers are leaving home only for essential products. In addition, due to social distancing norms large number of direct sales channels and retail stores witnessed sharp decline in sales of cosmetics product. Countries across the globe-imposed ban on cross-border imports of various goods, which largely impacted the supply chain of ceramide market. Delayed supply of raw materials and increase in lead time affected the production of ceramide and various end products.
- However, the restriction on offline sales channels created new market opportunities for e-commerce, direct-consumer, and click-and-collect sales channels. Many cosmetics products manufacturers reported 200% increase in online sales compared to that of pre-Covid period. Moreover, with new promotion and discounts on online products, the market will slowly improve moving the unsold inventories.
Key findings of the study
- The synthetic ceramide segment is projected to grow at the highest CAGR of around 6.5%, in terms of revenue, during the forecast period.
- By process, the plant extract segment held more than 60% market share with a CAGR of 5.4%, in terms of revenue, during the forecast period.
- By application, the cosmetic segment held more than 60% market share with a CAGR of 5.2%, in terms of revenue, during the forecast period
- By region, Asia-Pacific dominated the market with more than 30% market share.
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