The global DL-panthenol market is estimated to garner a large amount of revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. Rise in demand for dietary supplements and fortified food products across the globe, coupled with growing demand for ‘value-added’ cosmetic ingredients are expected to be major factors driving the growth of the market in the years to come. In February 2020, the sales of fortified/functional food around the world reached a value of more than USD 250 billion, whereas the sales of naturally healthy food were amounted at about USD 240 billion in that same period. In addition, rapid growth of the e-commerce sector is projected to offer ample growth opportunities to the market in the near future.
The growth of the market can also be attributed to the surging spending on premium food and cosmetic items, and increasing utilization of the product in the food & beverages industry as a result of its high nutritional value. Furthermore, panthenol, which bears the molecular formula C9H19NO4, is a component of B complex vitamins. The compound, which is an alcohol derivative of pantothenic acid, is also a crucial component of normally functioning epithelium. As a result of its high local concentrations and excellent penetration, it is widely used in a variety of topical products, including lotions and ointments to relieve itching. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by application into food, pharmaceutical, and cosmetics, out of which, the cosmetics segment is anticipated to hold the largest share in the global DL-panthenol market. This can be accounted to the increasing utilization of DL-panthenol in skincare, hair care and makeup products owing to its nourishing and moisturizing effect. Apart from this, panthenol helps in smoothening out wrinkles and fine lines from the skin, which is also predicted to boost the growth of the market segment in the near future. Additionally, on the basis of product, the medical grade segment is assessed to acquire the largest share during the forecast period ascribing to the high usage of the chemical as a nutritional supplement in pharmaceutical products.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global DL-panthenol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to occupy the largest share over the forecast period on the back of the increasing purchasing power, along with the growing customer base of premium products in the region. In addition, upsurge in the production in the food & beverages industry is also expected to fuel the growth of the market in the region in the coming years. As per the data provided by the World Bank, in Australia, the percentage of value added in manufacturing in food, beverages and tobacco was 24.947% in 2019, up from 24.772% in 2018. Moreover, the market in Europe is also projected to grab a significant share during the forecast period owing to the rapid expansion of the cosmetics and personal care industry, and presence of prominent market players in the region.
The global DL-panthenol market is further classified on the basis of region as follows:
Our in-depth analysis of the global DL-panthenol market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for ‘value-added’ cosmetic ingredients, and increasing utilization of the product in the food & beverages industry.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
Low cost of alternatives available in place of DL-panthenol is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing purchasing power, along with the growing customer base of premium products in the region.
The major players in the market are BASF SE, Xinfa Pharmaceutical Co. Ltd., Koninklijke DSM N.V., RITA Corporation, Jeen International, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The medical grade segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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