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The global allantoin market is anticipated to grow at a CAGR of over 6 % from 2016 to 2024 on account of the growing demands from various industries such as cosmetics, oral hygiene etc. Moreover, rising scope of applications of allantoin in the pharmaceutical products, such as eye drops and skin care creams, is also expected to drive the market growth during the forecast period. The global market is categorized as applications and regions.
The applications sector of the allantoin market includes cosmetics, pharmaceutical, and oral hygiene. The global market for allantoin was dominated by cosmetics sector in 2015. It is further expected to grow as a result of growing consumer awareness concerning potential benefits of the products. Plus, rapid urbanization along with the growing disposable income levels is also said to spur the sector growth during the estimated years. The pharma sector is also expected to have huge gains at over 6% from 2016 to 2024. The growing customer awareness concerning general well-being is anticipated to boost the growth of the pharmaceutical sector in the near future.
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Oral hygiene sector is likely to grow at a CAGR of over 7 % during the forecast period. The rising global oral care industry is likely to propel the product demands in the sector. Several other applications include its usage in agrochemicals and nutraceuticals. In addition, increasing agrochemicals demands and the rising demands for food & beverages with high nutritional content are also likely to spur the market growth.
Geographically, the APAC allantoin market dominated the global market due to growing demands from industries such as pharmaceutical, oral care, cosmetics, etc. The regional market is expected to generate revenue of over USD 220 million by 2024. North American market for allantoin accounted for a considerable amount of global demand due to high usage levels in the pharma and personal care industries. However, the region is said to experience a slow growth during the estimated years because of the slower industrial growth. The European market is also likely to witness a slow growth rate. The Middle East & Africa and Latin America regions are expected to be high-growth regional markets. The cosmetics industry growth in these regions along with the improved spending capacity is likely to augment the product demand.
The major companies in this market are Ashland Inc.; Rita Corp.; and Lubon Industry Co. Ltd.
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