Persistence Market Research, in its recent report titled, ‘Lanolin Market: Global Industry Analysis 2013–2017 and Forecast 2018–2028′, provides conclusive information on the global lanolin market, and offers detailed information through organized market research. The report assesses the lanolin market, and estimates the upcoming market scenario on the basis of grade, product type, application, and region.
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As per the information delivered in this report, pharmaceutical grade lanolin is expected to account for comparatively high consumption (>50%) throughout the forecast period. The global lanolin market was pegged at US$ 757.8 Mn, in terms of value, at the end of 2017, and is expected to reach US$ 1,374.9 Mn by the end of 2028, at a significant CAGR of 5.6%.
Changing Consumer Preference Towards the Use of Bio-Based Products to Surge the Demand for Lanolin During the Forecast Period
The global lanolin market is expected to be driven by the increasing demand from pharmaceutical, personal care, and cosmetic applications, wherein, it is used as an emulsifier, emollient, moisturizer, and stabilizer. The inclination of consumers towards using cosmetics and personal care products with natural ingredients has been the key driving force behind the increasing demand for lanolin from the cosmetics & personal care industry.
Lanolin has wide-ranging applications in cosmetics & personal care products, and is used in lip care, skin care, hair care, and baby care products. The increased preference towards using ultra-sensitive products for baby care applications is further stimulating the demand for lanolin. Prevalent growth expected in the men’s care product line is leading to a surge in several ingredients used in the formulation of the same.
Lanolin is a widely used natural ingredient in such applications, and is anticipated to remain driven throughout the forecast period. Growing urban population, increased per capita spending, and increasing youth inclination towards the use of cosmetics and personal care products are other factors that are positively influencing the lanolin market.
Pharma-Grade Lanolin to Witness Substantial Growth Owing to Increasing Demand from Pharmaceutical, Cosmetic, & Personal Care Industries
Among the grades, pharmaceutical grade segment is highly demanded, as lanolin and its derivatives find wide application in medicinal and personal care applications. Owing to this, the pharmaceutical grade segment is expected to dominate the lanolin market over the forecast period across the globe.
The increasing prominence of pharmaceutical grade lanolin can be attributed to increasing skin care and hair care formulations. The demand for lanolin to produce baby care products has also been noted to further propel the market for pharmaceutical grade lanolin.
East Asia to Remain Prominent in Lanolin Market, as Industrial Activities Continue to Thrive at a High Pace
Rising lanolin demand from pharmaceutical and personal care & cosmetic manufacturers is expected to drive the growth of the lanolin market in regions such as East Asia and South Asia Pacific. Growing healthcare and pharmaceutical industries in these regions, coupled with the rising need for enhanced skin treatment, is attributed to the significant growth of the lanolin market.
Growing cosmetic & personal care manufacturing activities, largely in France and Germany, due to rising exports, will fuel the demand for lanolin in Europe. Increasing demand for bio-lubricants and anti-corrosive agents due to significant industrial activities in Europe are expected to be potential market boosters for lanolin.
Increased consumer awareness concerning baby care and personal care, supported by easy product availability due to mounting retail channels, is expected to increase the adoption of baby toiletries and personal care products in regions such as North America, owing to which, North America is estimated to be a promising market for lanolin.
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Lanolin Market: Competition Landscape
NK Ingredients Pte Ltd., The Lubrizol Corporation, Elementis Specialties, Inc., Croda International plc., Nippon Fine Chemical, Maypro Industries, and Rolex Lanolin Products Ltd. are among the key players that have been identified in the global lanolin market.