Allantoin Market is gaining a remarkable value globally with the product’s immense demand from a wide set of end use industries that primarily include cosmetics, pharmaceutical, and oral hygiene. Enhanced consumer lifestyles and spending flexibility has substantially catered the market dynamics, owing to the fact that it has brought an influential change in the personal care market trends. Cosmetic sector which is slated to be one of the dominating application segment of allantoin industry, is also witnessing a drift in trend as the demand for value added cosmetics such as anti-aging lotions and creams are in hike. This positive change has substantially increased the allantoin usage in the manufacturing process of these customised cosmetics. Geographically, APAC market is highly benefitted by the growing cosmetic industry. As per a report by Global Market Insights, Inc., “Allantoin market worth over USD 400 million in 2015, is projected to exceed a revenue of USD 670 million by 2023, with a CAGR projection of 6% over 2016-2023.”
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Pharmaceutical sector is another niche application domain which has represented a major share of the overall industry in past years. In 2015, pharmaceutical applications alone held a trillion-dollar market, and is expected to attain the highest gains at an annual rate of 6% in the coming six years. Positive proactive outlook of the consumers toward health and hygiene and personal care has boosted allantoin industry demand in this domain. Along with this, continuous upscaling of pharmaceutical production across the globe in order to address the growing fatal diseases like H1N1, Ebola is anticipated to provide enough business opportunities to allantoin market in the coming years. Oral hygiene applications will also grow lucratively at a CAGR of more than 6% over 2016-2023, with a revenue record of USD 170 million by 2023.
Geographically, Asia Pacific held the dominant position in the global market in 2015. Improved consumer lifestyle especially in China and India has significantly propelled the regional market. In addition to this, with more number of pharmaceutical manufacturers shifting their production base in these countries, APAC pharmaceutical industry is anticipated to witness highest growth in the coming years, which translates a direct impact on the regional allantoin market as well. Overall APAC allantoin industry is slated to experience the highest gain globally at an annual rate of more than 6% over the period of 2016-2023. North America allantoin market, led by U.S, will also be a prominent player in the years ahead, with a testimony that the market collected a lucrative revenue of USD 120 million in 2015. Prevalence of major product manufacturers is one of the prime factors propelling the regional market.
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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.
Prominent allantoin industry participants include Rita Corp, EMD Performance Materials, Clariant, Lubon Industry, Ashland, and Huanghua Suntime.
Browse key industry insights spread across 66 pages with 48 market data tables & 13 figures & charts from the report, “Allantoin Market Size Forecast, 2016 – 2023” in detail along with the table of contents:
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