29 November 2019
The global allantoin market was valued at over USD 500 million in 2018 and is anticipated to grow at a CAGR of over 7% during the forecast period from 2020 to 2030. Growing demand for skin care and hair care is expected to drive the market for hair and skin care products in the forecast period as consumers are becoming increasingly aware of healthy skin and hair. It, in effect, is expected to drive global market appetite for allantoin. In the personal care sector, skincare and hair care are the main segments present. Skincare products include facial creams, lotions for the hand and body, sun care products and face treatment products, while shampoos and conditioners are included in the hair treatment market.
Changing lifestyle and rising consumer disposable income, especially in emerging economies such as China, India and Brazil, are expected to drive the personal care industry, thereby increasing demand for allantoin Consumption of allantoin-based skin and hair products has increased due to factors such as hectic lifestyle and harm to human health and skin pollution.
Over the past few decades, men's grooming has become a mainstream industry, and this industry is expected to grow further to boost the allantoin market.
In addition, increased understanding of oral care, coupled with increased demand for mouth fresheners, teeth whiteners, and mouthwashes, is expected to fuel the market for allantoin in the coming years. Allantoin, however, induces liver damage when used orally. This can act as a restriction on the market for allantoin.
Increasing worldwide drug and medication advances for rising diseases like Ebola and H1N1 will have a positive impact on the pharmaceutical industry, which will ultimately boost global market demand for allantoin over the timeframe projected. The drug finds use in disease control creams including psoriasis, keratosis and xerosis as an elementary ingredient in skin treatment.
Due to the presence of multiple pharmaceutical companies in the region, the U.S. allantoin market is expected to grow by 5.9% at CAGR over the forecast period. In addition, it is expected that the arrival of major cosmetic manufacturing companies in the U.S. including Procter & Gamble, L'Oreal and Unilever will have a positive impact on the growth of the industry.
Nevertheless, the ban on comfrey extracts carrying allantoin as a significant constituent could hamper the U.S., Europe, and Australia price trends. For example, in U.S.., because of its pyrrolizidine alkaloid material, the FDA limited the internal use of comfrey extract products. In addition, limited consumer awareness of product benefits in regions including Middle East & Africa and Latin America may further impede market demand.
Allantoin manufacturers focus primarily on optimizing their manufacturing technologies to improve their process output. Major industry players such as Ashland Inc. and Clariant are also investing in increasing their production capacity to meet the growing demand for the product.
Growing use of allantoin in cosmetic and pharmaceutical applications has forced major players around the globe to increase their production capacity for glyoxylic acid, which is a key raw material for chemical production. Hubei Rui SR Technology Co. will be in 2015. Ltd., a key player in the manufacture of glyoxylic acid, has expanded its production capacity to 5000 tons per year.
In terms of revenue, the Asia Pacific dominated the industry in 2016, representing 31.9 percent of the market share. The rapid growth of the cosmetics industry in the area is expected to have a positive impact on the growth of the industry due to rising customer disposable income and evolving lifestyle. In addition, the global pharmaceutical sector will see significant demand due to pharmaceutical manufacturers focusing on developing their manufacturing facilities in India and China, which will increase the region-wide size of the allantoin industry. Due to increased consumer spending on personal care products such as eye drops, nutraceutical substances, and skin care creams. Middle East & Africa and Latin America could see significant gains over the forecast period.
Europe's allantoin market is expected to grow over the forecast period by an average CAGR of 5.6 percent. The area benefits from the involvement of the region's major producers and well-established pharmaceutical and cosmetics industries. Citizens ' high living standards, coupled with increasing demand among women for anti-aging products, are expected to help the growth of the industry.
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