The California-based market research company looked at several manufacturers—Ashland and Clariant, among others—for its study: Global Allantoin Market Analysis By Application (Cosmetic, Pharmaceutical, Oral Hygiene) And Segment Forecasts To 2022.
The study projects that by 2022, the market for allantoin will reach $641.7m.
Worldwide
Reviewing the ingredient market from 2012 onward, Grand View Research found that, “cosmetic applications dominated global allantoin market demand,”[and explains that] this trend is expected to continue on account of rising consumer awareness regarding potential benefits of the product,” according to the study summary.
Taking a wider view, more consumers living and working in developed areas will advance the market: “rapid urbanization coupled with rising disposable income is likely to fuel allantoin market growth within the cosmetics industry over the forecast period.” That’s good news for Asia, where the firm notes urbanization and population is on the rise.
But Grand View points out that Western markets won’t benefit from those same dynamics. “North America and Europe are relatively mature markets and are [instead] characterized by new product developments,” notes the report summary.
Product mix
Often allantoin is used in skin care and sun care product formulations as a moisturizer and keratolytic, since it helps the skin hold water and let go of dead cells. Though, according to this study, a demand for hair care products such as shampoo and conditioner made with allantoin will boost the market too.
Besides skin care and color cosmetics like lipstick, oral hygiene products (mouth wash and toothpaste, in particular) formulated with allantoin as well as pharmaceuticals are helping to drive market growth.
Cost function
“Furthermore, capacity expansions by key raw material suppliers owing to increasing demand for glyoxylic acid in allantoin production coupled with forward integration of suppliers in the value chain is likely to propel demand,” predicts Grand View Research in a media statement announcing the study. Following on that insight, Grand View anticipates that supply will rise and prices will decline in the coming years.
“Capacity expansion by major glyoxylic acid manufacturers particularly in China is likely to increase allantoin availability in the future,” observes the firm in its statement.