Global keratin market is expected to witness considerable growth over the forecast period on account of its increasing demand in the personal care & cosmetic industry. The industry was estimated to be over 3500 tons in 2014 and is projected to grow at a CAGR of above 7.0% from 2015 to 2022. Rising technological advancements to augment application scope of the product in shampoos and conditioners are expected to open new avenues over the forecast period.
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Keratin is a biochemical which is primarily employed in manufacturing personal care products particularly for nails, skin, and hair. Growing end-use demand, coupled with changing lifestyle of consumers particularly in Asia Pacific countries including Japan, India, and China is expected to propel growth over the next seven years. Furthermore, growth in the global salon care sector in Latin America and Asia is expected to aid product growth over the forecast period.
Personal care & cosmetics is the largest application segment for the product comprising over 50% of the global share. Growing use of the product in shampoos, nail creams, and soaps will augment demand over forecast period. However, increasing use of Moroccan oil and KeraGreen in hair treatment on account of their organic and non-toxic characteristics is expected to challenge growth over the next seven years. In addition high cost of the product may also restrain demand.
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Keratin biomaterials have several advantages as both a synthetic as well as a natural product. These products find major application scope in controlled release applications as well as tissue culture. They have numerous biomedical applications on account of their biodegradable and biocompatible nature. Increasing use of the product in various applications such as drug delivery, wound healing, and tissue culture is expected to have a positive impact on the industry over the forecast period. Rising R&D focus to introduce eco-friendly products at competitive prices is expected to provide new opportunities over the next seven years.
Prevalence of stringent regulations particularly in North America and Europe has forced various skin and hair care product manufacturers to use non-toxic keratin ingredients in their products. This is expected to have a positive impact on market growth over the next seven years. However, raw material price volatility will be a major challenge for the industry over the projected period.
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