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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