Allantoin Market is forecast to reach $795.2 million by 2025, after growing at a CAGR of 6.5% during 2020-2025. Allantoin is also known as 5-ureidohydantoin or glyoxyldiureide. It is the diureide of glyoxylic acid and is formed by the degradation of purine nucleobase by urate oxidase. Increasing product demand for the manufacture of various personal care products, growing demand for anti-aging products, increasing scope of allantoin applications in pharmaceutical products, such as eye drops and skincare creams, are some of the factors driving the allantoin market growth.
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Research and development of allantoin glyoxylic acid by key suppliers and manufacturers is expected to increase allantoin’s capability and availability and push its demand rapidly.
Increasing drug and medicine developments due to rising diseases, such as Ebola and H1N1, will have a positive impact on the pharmaceutical industry, which will then drive the global market demand for allantoin over the forecast period.
Application – Segment Analysis
Pharmaceuticals segment holds the largest share in the allantoin market in 2018. Allantoin is a widely used ingredient for wound healing due to its cell proliferation properties in several topical creams and lotions. It is used in the treatment of a number of skin diseases, such as psoriasis and eczema. As a result, the growing demand for preventive healthcare led the pharmaceutical application segment to account for a significant share in 2018.
Geography – Segment Analysis
The Asia Pacific dominated the industry in terms of revenue in 2018, accounting for 33% of the market share. The rapid growth of the cosmetics industry in the region due to rising consumer disposable income and changing lifestyles is expected to have a positive impact on the growth of the industry. In addition, the regional pharmaceutical sector will see significant demand as pharmaceutical manufacturers shift their focus towards establishing their manufacturing facilities in India and China, which will strengthen the market size of allantoin across the region.
Drivers – Allantoin Market
Growth in hair and skincare products demand.
Growing demand for skin and hair care is expected to drive the market for hair and skincare products in the forecast period as there is a growing awareness among consumers of healthy skin and hair, which is expected to drive demand for allantoin on the global market. Skincae products include face cream, sun care products, hand and body lotion and facial treatment products while the hair care treatment market includes shampoos and conditioner among others. Changing lifestyle and growing consumer disposable income, particularly in emerging economies like China, Brazil, and India, are expected to drive the personal care industry, thereby increasing demand for allantoin. Over the past few decades, male grooming has become a mainstream industry, and this industry is expected to grow further to drive the market for allantoin.
Challenges – Allantoin Market
Stringent regulations on the ban of comfrey extracts, as the product.
The global market of allantoin is negatively affected by the ban on extracts of comfrey, as the product is extracted from comfrey plants. The U.S., Europe and Australia have stringent regulatory restrictions on these products which may impede the overall growth of the industry over the forecast period. In 2001, the U.S FDA has put a strict ban on these products for internal use.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Allantoin Market. In 2019, the market of Allantoin has been consolidated by the top five players accounting for xx% of the share. Major players in the Allantoin Market are Ashland Inc., Clariant AG, Rita Corporation, Akema Fine Chemicals, Huanghua Suntime Chemical Industry Co. Ltd., Zhanhua Jinyuan Lide Biotechnology Co. Ltd., Luotian Guanghui Chemical Co. Ltd., Allan Chemical Corporation, EMD Performance Materials Corporation, Lubon Industry Co. Ltd., among others.
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