The increasing pool of elderly consumers, the growing share of urban consumers, an increased demand for nutrition supplements, higher investments on R&D leading to products with higher efficiency, rapid urbanization (as depicted below) leading to increasing disposable income and changing lifestyles as well as the increasing receipt of education, growing literacy levels, and higher education which further drives the conscientious inclination towards aesthetics and personal care, are few of the factors that are expected to drive the Hyaluronic Acid market growth. Further, the demand for health supplements to, in part, deceleratethe aging process leading to product developments with an all-encompassing attribute is further expected to facilitate new product development that in turn would drive the growth of the market.
Population Aged 65+ of High-Income Countries (Forecast in Thousands)
Source: United Nations
Also, a monumental proportion of investments in advertisement campaigns over traditional and the omnipresent social/digital media that are being progressively endorsed not only by celebrities but also by an ever-growing group of social media influencers, with whom manufacturers are increasingly collaborating as part of their business strategy, leading to greater brand awareness among the global consumers are expected to propel the market growth. Followed by an incessant torrent of digital marketing campaigns which internet browser aroundthe world are subjected to regardless of their internet browsing preferences directs them a myriad of eCommerce portals, that has the potential to influences them and turn them into prospective consumers. Besides, during the lockdown measures initiated by the national governments led to an upshot in virtual meeting over the internet to such an extent that a new wordfor the online congregation while drinkingknown as on-nomi; (????) in the Japanese language has been coined. Therefore, such unprecedented means of socializing has incentivized the global citizens to reconsider the way they wish to present themselves in social gatherings thereby leading to a further surge of global hyaluronic acid market growth.
Urbanizations is a key driving factor that is anticipated to enable sound market growth.
In general, urbanization has been acknowledged as a positive force for economic growth, poverty reduction, and human development, which leads to the creation of and/or expansion of cities which have been reckoned as the facilitator as well as the promulgatorentrepreneurship and technological innovation due to a diverse and well-educated labor force and a high concentration of businesses. Urban areas also act as centers of development wherein commerce, government, and transportation being in close vicinity of each other facilitate a free flow of information exchange and unabated knowledge sharing. Thus, the aforesaid is poised to influence the growth of the hyaluronic acid market. To put matters into context a panoptic view of the global urbanization prospect which has the potential to influence the growth of the market is being provided below. Tokyo, according to the United Nations (the UN), was the largest city, as of 2018. Its urban agglomeration had registered a population of 37 million population. The same year Delhi’s agglomeration had registered a population of 29 million residents, then Shanghai with an agglomeration which had registered a population of 26 million residents, and finally Mexico City and São Paulo with 22 million residents each. Additionally, about 20 million residents were registered by Beijing, Cairo, Dhaka, and Mumbai. Besides, about 33 megacities around the world have been reportedly inhabited by 1 out of 8 individuals. With regards to the USA, almost 82% of its population resided in urban areas during 2018.
On the other hand, with respect to the Caribbean and LatinAmerica, 81% of its population was registered to be living in urban areas. When it comes to Europe 74% of its populace resided in urban areas and in the case of Oceania 68% of its populace lived in urban areas. In 2018, urbanization in Asia was to the tune of 50%, urbanization in Africa was to the tune of 43%, Asia was also the residence of 54% of the global urban population that was followed by Europe and Africa with 13% each, and 55 % of the world’s populace resided in urban areas. Compared to the aforementioned 30% of the global populace lived in urban areas which are projected to reach 68% in 2050. Besides at a global level, the rural population was in the order of 3.4 billion and has been projected to grow marginally, then by 2050 is projected to decline to approximately 3.1 billion. Further, both population growth and an upward-shift in the proportion of residents living in urban areas are projected to contribute 2.5 billion individuals to the global population by 2050 of which h 905 would be contributed by Asia and Africa. Also, it is pertinent to note that Nigeria, India, and China, are anticipated to account for 35% of the growth adding 189 million urban residents, 416 million urban residents, and 255 million urban residents respectively.
Rural Population (% of Total Population)
Source: World Bank
The growing pool of aging populace is poised to augment the market growth during the forecast period
The healthcare industry is in part responsible for increasing the rate of survival and contributing to the reason to commemorate the triumph of public health, medical advancements, and social and economic development over premature death, injuries, and illnesses which have been known to have restricted human life extents throughout the history. Reckoned as one of the global demographic megatrends, besides urbanization, population growth, and international migration, population aging has also been facilitated by declining fertility and increasing longevity. According to the UN, 1 out of 6 people is projected to be over 65 years of age during 2050 that would account for 16% growth from 9 % estimated for 2019. Between 2015-2020 and 2045-2050, life expectancy at age 65 is expected to increase in all countries, plus individual who is 65 years of age estimated to be able to live an additional 17 years during 2015-20, which is going to increase by 19 years between 2045-2050 The regions of Eastern and South-Eastern Asia and Latin A. erica and the Caribbean have experienced the fastest population aging which grew from 6 % in 1990 to 11 % in 2019.