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The global allatoin market size is negatively influenced by ban executed on comfrey extracts by 2023

Author : Ravi Chawat | Published Date : 2021-01-27 

The industry report “Allantoin Market Size By Application (Cosmetics, Pharmaceuticals, Oral hygiene), Industry Analysis Report, Regional Outlook (U.S., Germany, China, Brazil), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” by Global Market Insights, Inc. says Allantoin Market size is poised to cross USD 670 million by 2023.

Increasing product usage in the cosmetic sector was the prime factor propelling the overall allantoin market size over the estimated period. The product is widely as a vital ingredient in the cosmetic products such as creams & lotions, shampoos and shaving lotions owing to its moisturizing and cell proliferation characteristics. In 2015, the global cosmetic business was valued at over USD 200 billion and is estimated to observe growth more than 3% by 2023. Enhancing consumer spending and lifestyle dynamics shall boost the cosmetic sector substantially owing to boost the global allatoin market share by 2023. In addition, drifting consumer attention towards high quality personal care products such as anti-ageing lotions & creams will drive growth.

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In 2015, the overall pharmaceutical industry was valued more than USD 1 trillion and shall witness growth more than 4% over the estimated period. Increasing drug and medicine developments globally on account of emerging fatal diseases such as Ebola and H1N1, shall boost the overall pharmaceutical business, which is likely to complement the global allantoin market size by 2023. The product is broadly used as an elementary constituent in skin treatment creams & lotions, which are used in skin diseases including eczema, psoriasis, keratosis and xerosis. It is also preferred in the oral hygiene applications owing to its superior cell proliferation properties.

The global allatoin market size is negatively influenced by ban executed on comfrey extracts, as the product is extracted from comfrey plants. The U.S., Europe and Australia has strict regulatory bans on these products, which may hamper the overall industry growth over the estimated timeframe. In 2001, the U.S. FDA for imposed strict ban on these products for internal use. Additionally, limited consumer awareness about the product in the Middle East & Africa and Latin America shall obstruct industry growth. However, booming product demand across cosmetic formulations due to its value-added properties will open up industry growth prospects.

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In 2015, cosmetics accounted for the major chunk of the overall allantoin market size. Positive growth pointers for the cosmetic sector globally, particularly due to increasing consumer awareness towards personal wellbeing along with rising disposable income shall drive the industry size.

The overall allantoin market share for pharmaceutical shall witness maximum growth more than 6% by 2023. Increasing consumer spending towards medical care due to growing awareness shall positively impact on the business growth over the coming years. Oral hygiene will witness gains at over 6% CAGR and generate revenue at over USD 170 million by 2023. Rapidly growing oral care industry globally will consequently boost the industry size by 2023.

In 2015, North America, led by the U.S, allantoin market share was valued at over USD 120 million. Prevalence of prominent pharmaceutical manufacturers in the U.S. is one among the major factor propelling regional growth. Asia Pacific, led by India and China, comprised for the largest chunk of the overall allantoin market share and is projected to observe maximum growth at over 6% over the estimated period. Improving consumer lifestyle in China and India has significantly propelled the overall cosmetics industry, which will consequently boost the business growth.

detail along with the table of contents:

https://www.gminsights.com/industry-analysis/allantoin-market-report

Allantoin market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2012 to 2023,

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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