Sellbyville, DE -- (SBWIRE) -- 11/26/2018 -- Allantoin market may surpass USD 675 million by 2023 according to this new research report. Application potential in personal care products such as creams, lotions, shampoos, and shaving preparation owing to moisturizing and call proliferating characteristics may drive allantoin market. Growing consumer health consciousness towards personal care and hygiene products due to changing consumer living standards along with increase in personal care expenditure may favor industry growth.

Allantoin is widely used in dermatological preparations for skin treatment for diseases such as eczema, psoriasis, keratosis and xerosis. Increasing investments in research for new product formulations may have positive influence on pharmaceutical industry thereby stimulating allantoin demand. It also finds application in oral preparations due to high cell proliferation properties which may boost product demand.

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Comfrey extract is the key raw material for allantoin production. Ban on these extracts in Australia, U.S. and Europe may hamper industry growth and affect product market price trends thereby challenging industry profitability. However, Presence of substantial number of manufacturers engaged in producing allantoin for different end use application may propel industry growth.

Allantoin market from cosmetic application may exceed USD 225 million within forecasted time frame. Increasing awareness among cosmetics manufacturers regarding anti-inflammatory, keratolytic, emollient and skin protectant properties promoting its application in eye makeup, skin care, bath products and hair care products formulations is likely to propel industry growth.

North America allantoin Market is anticipated to reach USD 195 million by 2023. Rise in consumer spending on personal care products along with increasing demand for pharmaceutical and nutraceutical products is likely to favor regional industry growth. Availability of various cosmetic manufacturers engaged in product differentiation may act as another contributing factor towards regional growth.

Asia Pacific driven by India, Japan and China Allantoin market may witness gains at over 6% by 2023. Rising per capita disposable income along with growing geriatric population has led to increasing consumer spending on cosmetics & pharmaceutical products may have positive influence on product demand in this region. Increasing awareness regarding allantoin benefits in various applications may boost product demand.

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Allantoin market from oral hygiene products may grow up to 6% at the end of 2023. Rising demand for allantoin in oral care products such as ulcer treating gels, creams due to superior healing property and cell proliferation may fuel product demand thereby promoting industry growth.

Global Allantoin market share is moderatly competitive. Clariant, Ashland, Lubon Industry, Huanghua Suntime, Rita Corp, Akema and Luotian Guanghui are some of the companies operating in this industry.

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