In 2014, the cosmetic industry’s use of allantoin comprised nearly 34 percent of the global market for the ingredient, and that number is expected to rise. According to Grand View Research, the demand for personal care products containing the element will continue to grow through 2022.
The market research company examined several manufacturers for its study, “Global Allantoin Market Analysis by Application (Cosmetic, Pharmaceutical, Oral Hygiene) and Segment Forecasts to 2022.” The team predicts the market for allantoin will increase to $647.70 million by 2022.
Allantoin is frequently used as a moisturizer and keratolyic in skin care and sunscreen products, as it helps the skin hold water and release dead skin cells. It is also found in some color cosmetics, like lipstick, and oral hygiene products, such as mouthwash and toothpaste. The study predicts an increase in demand for shampoo and conditioner made with the element will also contribute to the market growth. Allantoin is used by the pharmaceutical industry as well.
Consumer Awareness Expected to Drive Allantoin Growth
Grand View Research reviewed allantoin growth since 2012, identifying an upward global trend.
“Cosmetic applications dominated global allantoin market demand; this trend is expected to continue on account of rising consumer awareness regarding potential benefits of the product,” states the report summary. “Rapid urbanization coupled with rising disposable income is likely to fuel allantoin market growth within the cosmetics industry over the forecast period.”
Researchers note that urbanization and population is on the rise in Asia, which they predict will advance the market. However, the firm doesn’t believe Western markets will see the same activity.
“North America and Europe are relatively mature markets and are (instead) characterized by new product developments,” says the report summary.
Researchers expect the Europe allantoin market to grow at a “sluggish rate” because of the shrinking demand for cosmetics in the region.
“Furthermore, slow recovery from economic downturn is expected to restrain allantoin market growth over the forecast period,” states the report.
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