Allantoin market is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Ocean View, DE -- (SBWire) -- 06/11/2020 --Global allantoin market size will cross US$670 million by 2023. Rising penetration of allantoin in the cosmetic sector will be a prominent factor driving the market forecast in the near future. The product forms a key ingredient for numerous product formulations including creams, lotions, shampoos, shaving lotions. This can be associated with excellent moisturizing and cell proliferation characteristics of allantoin.

The global cosmetics industry is poised to grow substantially over the coming years, which will provide ample opportunities to allantoin market players. Considering the applications, pharmaceutical application segment will witness a CAGR of 6% through 2023. Majority of this growth can be linked with increased consumer spending on medical care due to mounting health concerns.

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Evolving lifestyle trends of consumers and their increased spending on cosmetic products is fueling allantoin market trends. A substantial rise in disposable per capita income levels has resulted in increased demand for high-quality cosmetic and personal care products such as lotions, creams, and anti-ageing products.

Top key players are
1. Ashland Inc.
2. Clariant
3. Rita Corporation
4. Akema Fine Chemicals
5. Huanghua Suntime Chemical Industry Co. Ltd.
6. Zhanhua Jinyuan Lide Biotechnology Co. Ltd.
7. Luotian Guanghui Chemical Co. Ltd.
8. Allan Chemical Corporation
9. EMD Performance Materials Corporation
10. Lubon Industry Co. Ltd.

In pharmaceutical and cosmetic applications, allantoin is prominently used in skin treatment creams, lotions, and ointments which are used for treating skin disorders such as eczema, keratosis, xerosis, and psoriasis. It is also widely used in oral hygiene applications on account of excellent cell proliferation properties. Oral hygiene application is anticipated to grow at 6% through the forecast period. Rising occurrence of periodontal diseases worldwide is fueling the growth of oral care industry.

Robust developments in drug and biopharmaceutical formulations owing to the emergence of fatal diseases like H1N1 and Ebola is propelling the pharmaceutical industry. The pharmaceutical sector was estimated to be worth more than US$1 trillion in 2015 and is slated to experience exponential growth in the upcoming years.

Growth Drivers are
- Growth of cosmetics market
- Gorwth in pharmaceutical sector

Several factors are anticipated to negatively impact allantoin market share in the forthcoming years. Firstly, the product is obtained from comfrey plants. A ban on the use of comfrey extracts in several regions may hamper the product demand. The U.S. Europe, and Australia have enforced regulatory bans on the use of these products. For instance, in 2001, the U.S. FDA had imposed a ban on allantoin based products for external use.

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Asia Pacific allantoin market size is slated to register a CAGR of 6% through 2023. Upgradation in living standards of consumers in China and India has propelled the regional cosmetics sector. Meanwhile, North America allantoin market, led by the U.S., was valued at more than US$120 million in 2015. The presence of leading pharmaceutical companies in the U.S. will foster the regional growth.

In addition, limited consumer awareness about the benefits of allantoin and its uses in Middle East and Africa (MEA) region will hinder the business growth up to certain extent. However, a strong demand for the product across cosmetic and pharmaceutical applications on account of value-added properties will open up new opportunities for global manufacturers and suppliers. EMD Performance Materials, Clariant, Lubon Industry, Rita Corp, Ashland, and Huanghua Suntime are some of the key manufacturers and suppliers of allantoin worldwide.