The rising demand for cosmetic products will help Allantoin Market carve out a lucrative growth path over 2016-2023, subject to the fact that this product is one of the main constituents of many cosmetics and pharmaceutical products. As per statistics, the cosmetic industry collected a revenue of USD 200 billion in 2015 and will grow at an annual growth rate of 3% over the next few years, which will subsequently boost the demand for allantoin. In addition to this, the surging demand for shampoos, shaving lotions, creams, and lotions will also influence allantoin industry share noticeably.
Allantoin-based drugs have been used for the treatment of various dangerous diseases like Ebola and the H1N1 virus. The surging prevalence of these ailments will boost allantoin industry size over the coming six years. Moreover, this product is a primary component of medicines that are used for the treatment of skin diseases, which will further augment this market. As per the report by Global Market Insights, Inc., “Allantoin market was worth USD 400 million in 2015 and will generate significant revenue with a CAGR of more than 6% over the period of 2016 to 2023.”
U.S Allantoin Market share, by application, 2012-2023 (USD Million)
The presence of a large number of pharmaceutical manufacturers across North America will positively favor the regional growth. U.S allantoin industry surpassed a revenue collection of USD 120 million in 2015 and will exhibit significant growth rate over the coming timeframe. The surging requirement of the medicinal products such as skin care creams, nutraceuticals, and eye drops will favorably stimulate product demand across this region.
Pharmaceutical application segment will record highest annual growth rate of 6% over the period of 2016 to 2023. To stay abreast of the shifting consumer trends toward personal health & hygiene and self-care, industry giants are investing heavily in the medical sector. In addition to this, to fulfill the escalating requirement of drugs and medicines, market players are also increasing their manufacturing capacity. The noteworthy business participants in allantoin market are Rita Corp, LuBon Industry Co.,Ltd., EMD Performance Materials, Huanghua Suntime Chemical Industry Co., Ltd., Ashland Inc., Clariant.
Asia Pacific allantoin market will witness the maximum gains by 2023, having held the largest share of the global industry in 2015. The region is anticipated to record an annual growth rate of above 6% over the coming years of 2016 to 2023. The presence of a large base of cosmetic and pharmaceutical firms in the region will augment the industry growth. India and China will be the prominent regional revenue contributors.
The cosmetic industry has been expanding rapidly across the globe, owing to the increasing product demand for various end-use sectors and the improved purchasing capacity of consumers. Cosmetics occupied a major share in the application segment of allantoin market in 2015. Cosmetic applications will also drive Germany allantoin market, which is slated to exhibit a CAGR of more than 5.5% over the coming six years. Germany led Europe allantoin market share in 2015. The nation also has a significantly large customer base and is a prime manufacturer of cosmetic products, which will generate a lucrative revenue over the years ahead.
Oral hygiene is another lucrative application segment of allantoin industry. Pertaining to the fact that the dental care business is surging across the globe, allantoin market will earn notable revenue from oral hygiene applications. Oral hygiene application will exceed a revenue collection of USD 170 million with an annual growth rate of more than 6% over the coming years of 2016 to 2023, driven by the usage of allantoin-based medicines to protect the mucous membrane of the mouth.
The rising number of R&D activities to develop improved and new medicines and drugs across the globe will influence the product demand. Over the coming timeframe, the pharmaceutical industry, which has already crossed the trillion-dollar mark, will grow at a CAGR of more than 4% over the coming six years. Many of the industry players are investing considerably in the production of raw materials. Based on the high product demand and the wide array of applications across myriad industries, Allantoin market is poised to witness novel growth avenues over the years ahead.