The global allantoin market value is expected to exceed USD 641.7 million by 2024 growing at an estimated CAGR of over 6% from 2016 to 2024. The increasing demand from various industries including pharmaceutical, cosmetics, and oral hygiene has been the key factor in driving the industry growth.
The increasing demand for hair care and skin care due to an increase of awareness in healthy hair and skin among buyers coupled with the use of allantoin in eye drops and skin care creams is expected to raise the industry market further in the forecast period.
Allantoin has an anti-inflammatory, keratolytic, and emollient properties used as an anti-irritant and due to its greater moisturizing property there is an increase of its consumption in cosmetic industry which keeps skin texture good by keeping it hydrated.
The pharmaceutical sector demand is increasing in order to treat ulcers, bone fractures, healing wound, and acne due to its usefulness of supporting cell proliferation is showing a supportive growth of allantoin industry over the forecast period.
In Asia Pacific, mainly in China, India, and Indonesia, there is an increase of industrialization coupled with its growing disposable income allows the personal care industry to grow which allows allantoin market to rise in future.
The main factors that make the market grow in future include pollution damage on skin and human health with hectic lifestyle coupled with a change of consumer mindset to prevent their health drives the market.
The increase of awareness in oral care combined with teeth whiteners, mouth fresheners, and mouthwashes coupled with increasing men’s grooming industry in the past few years is expected to raise the allantoin demand over the estimated period.
Due to the comfrey extracts usage ban and less consumer awareness about the allantoin benefits witnessed as a restraint for the industry growth. Furthermore, when it is used orally, it may cause liver damage which is another restraint for the market.
There is a significant increase of product due to its greater usage rate in various products like after shave lotion, shaving foam, lipsticks, deodorants and foot care. Additionally, there is a huge scope in hair care products including conditioners and shampoos.
The allantoin market on the basis of application type has been segmented to pharmaceutical, cosmetics, and oral hygiene. Cosmetics application is estimated to increase the products global demand due to increasing awareness of consumer regarding consuming beneficial products.
Cosmetic industry will dominate the demand side of allantoin with the growing urbanization and increase disposable income over the forecast period.
Allantoin is used widely in oral care application for treating mouth ulcer due to its greater healing properties. Furthermore, with its superior emollient properties, it shows a high growth in the oral hygiene sector.
Its usage rate increases in other application including agrochemicals and nutraceuticals with high demand for nutritional content in raising food & beverage market and also growing demand in agrochemicals drives the allantoin demand.
Asia Pacific is estimated to have the largest share due to its increasing demand from the industries including pharmaceutical, oral care, and cosmetics. Particularly in emerging economies like Indonesia and India with its high growth rate of increasing disposable income helps the allantoin market to grow at a higher rate over the forecast years.
There is an increase of consumer awareness regarding the chemical products they consume and growing demand from the pharmaceutical industry will raise the application scope of allantoin market in the future period.
North America is the emerging market as the wide use of the product in its personal care industry and pharmaceutical industry is increasing and there will be a slow rise of growth rate due to slower industrial growth over the next few years.
Europe and North America are mature markets to use the product and are distinguished by new product growing preference and development towards bio-based products.
In Europe there will be a slow market growth rate due to its decreasing demand for cosmetics in the region and coupled with slow recovery of an economic downturn makes the restraint for allantoin market.
MEA & LATAM are new entrants in allantoin market and anticipated to have a significant growth owing to increase usage of products in the personal care industry and cosmetics which drive the product growth in the various regions.
Key players in the allantoin market include Akema, Lubon Industry Co., Ltd., Ashland Inc., Clariant, Rita Corp., Sunwell Chemical Co., Allan Chemical Corporation and Zhanhua EMD Performance Materials Corporation, Ltd.
Akema produces products in different grades such as Almeth, Allantoin USP Aldioxa and , Alcoxa, Allantoin CTFA, for applications including cosmetic, pharmaceutical, and personal care industry.
Research Support Specialist, USA