Press release
Asia Pacific to lead global Allantoin Market with revenue estimations of USD 220 million by 2023
FDA, REACH, and European commission policies favoring the use of allantoin as a constituent in pharmaceutical as well as personal care products is projected to drive the industry growth over the coming years. According to Global Market Insights, Inc., “Allantoin market share is expected to surpass USD 670 million by 2023.”
Allantoin finds wide applications in cosmetics, oral hygiene, and pharmaceutical sectors. Allantoin application in cosmetics sector worth USD 135 million in 2015, is predicted to witness a substantial growth over 2016-2023.
The high growth can be attributed to its increasing use in creams, shampoo, and lotions owing to its moisturizing features. In addition to this, growing demand for sunscreen lotions driven by the rising awareness among the people to protect their skin from UV rays and pollution is expected to boost global allantoin industry trends.
Allantoin market share in pharmaceutical sector is anticipated to grow at a rate of 5.8 % over 2016-2023 owing to its wide use as an ingredient in modern ointments which help in treating skin ailments such as keratosis, psoriasis, xerosis, and eczema. Furthermore, its applications in oral hygiene sector are expected to surpass USD 175 million by 2023 due to its use in oral wound healing products as a result of its superior cell proliferation characteristics. It also finds application in nutraceuticals and agrochemicals sectors owing to rising demand for food & beverages with high nourishing contents.
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Asia Pacific allantoin market worth USD 133 billion in 2015, is expected to produce a revenue of USD 220 million by 2023. The revenue growth can be credited to rise in population coupled with growing consumer purchasing capacity. China is expected to contribute substantially towards the regional share..
North America allantoin market price is forecast to surpass USD 195 million by 2023 owing to growing applications of the products in pharmaceuticals, nutraceuticals, and oral hygiene sectors. U.S. is predicted to be the major contributor to the overall revenue share of the region. Europe market is predicted record a CAGR of 5.2% over 2016-2023 due to favorable regulations of European Commission supporting the use of allantoin in various industries.
Latin America allantoin market is anticipated to witness a substantial growth over 2016-2023, owing to growth of cosmetics sector along with rise in consumer spending. Brazil is expected to be a major revenue pocket of the region.
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Geographical expansion, strategic alliances, and market penetration will be some of the key growth strategies adopted by the industry participants over the coming years. Key industry players include Ashland Inc., Rita Corporation, Akema Fine Chemicals, EMD Performance Materials, Clariant, LuBon Industry Company Limited, Luotian Guanghui Chemical Company Limited, Huanghua Suntime Chemical Industry Co. Ltd, and Zhanhua Jinyuan Lide Biotechnology.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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