Allantoin Market size forecast to exceed $675 Million by 2023: Global Market Insights, Inc.

Allantoin Market size was estimated at 73.8 kilo tons in 2015 as per the latest research report by Global Market Insights, Inc. Rising disposable income coupled with increasing use of sunscreen and anti-ageing creams are expected factors to positively influence allantoin market share. Global allantoin market size is projected to be worth USD 678.5 million by 2023. Rise in the number of working women accompanied by growth in per-capita spending has led to cosmetic industry expansion acting as favorable factor to stimulate demand.

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Cell proliferating and moisturizing are key properties paving ingredient use in cosmetic applications. Creams, shampoo, shaving lotions, and body lotions being a few prominently featured products.

Rising oral hygiene awareness among consumers owing to change in food consumption patterns & hectic lifestyle is projected to fuel allantoin market growth. It protects the mucous membrane inside the mouth and provides a healthy oral environment.

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Pharmaceutical applications are set to attain highest rate, growing at 6% CAGR up to 2023. Rising demand for topical ointments and creams for skin diseases treatment should encourage market growth in pharmaceutical industry. Eczema and psoriasis are known diseases to be cured when included in cream.

MEA cosmetic applications may observe 6.1% CAGR and surpass 2.8 kilo tons by 2023. Lack of consumer awareness in Latin America and MEA may restrict the industry growth. Comfrey extracts usage restriction in U.S., Australia, and Europe are possible factors to influence allantoin market price trend.

In addition, it is used producing oral wound healing products due to its cell proliferation property. Increasing skin diseases occurrence among global population coupled with pharmaceutical industry growth should propel demand. Food & beverages products revision pertaining to add more nutritional content owing to rising health consciousness among consumers may encourage industry growth.

Support from REACH, FDA, and European Commission to use this product as an ingredient in personal care and pharmaceutical products is another favorable factor to drive industry growth. Increasing application scope in agrochemicals owing to superior cell proliferation may stimulate allantoin market in agricultural sector.

Key insights from the report include:

  • Global allantoin market size is set to grow at 5.7% CAGR and reach 114.6 kilo tons by 2023. Cosmetic industry expansion owing to rise in disposable income has paved industry growth.
  • Cosmetics applications dominated the industry demand and were valued at over USD 137.9 million in 2015. Increase in sunscreen and lotions demand due to rising skin consciousness among people pertaining to UV rays and pollution should stimulate growth.
  • APAC, dominated by China allantoin market size, led the regional industry demand and valued at USD 132.8 million in 2015. High population growth accompanied by increase in consumer purchasing power was the potential reasons to stimulate regional growth.
  • China cosmetic applications may witness 6.6% CAGR and register close to USD 50 million in revenue by 2023.
  • North America, led by U.S., may observe 5.9% CAGR and register over USD 195 million by 2023. Pharmaceuticals and oral hygiene were the key revenue generating applications. U.S. oral hygiene applications may observe 5.2% CAGR and reach over 9.6.2 kilo tons by 2023.
  • Europe allantoin market size may witness below industry average gains at 5.2% CAGR up to 2023. Supportive policies from REACH and European Commission has positively influenced regional demand.
  • Global allantoin market share is competitive and is comprised of Ashland, Rita Corp, Clariant, EMD Performance Materials and Lubon Industry. Other notable companies include Zhanhua Jinyuan Lide Biotechnology, Luotian Guanghui Chemical, Allan Chemical and Huanghua Suntime.