- The panthenol market is estimated to be valued at ~US$
220 million in 2019. Increasing demand for ‘value-added’ cosmetic
ingredients that has been visibly growing over the recent past, is likely
to remain the key factor boosting pantheol consumption.
- Prominently driven by the consistent expansion of the
cosmetic and personal care industry, the growth of panthenol market is
projected to register the CAGR of ~5% during the period 2019-2029.
- East Asia accounted for 30% revenue share in 2018, and
continues to maintain lead in the panthenol market.
- High growth opportunities are expected to emerge in
East Asia as well, in the view of improved purchasing power and expanding
customer base of premium products.
- Emerging trends in the cosmetic industry, such as
‘medicinally’ active and ‘cosmetically’ functional products, are likely to
prepare a strong ground for panthenol market growth.
Competitive Landscape
The global panthenol market shows a high level of consolidation, with
leading players, such as BASF SE, Royal DSM, Yifan Pharmaceuticals, and Xinfa
Pharmaceutical, collectively accounting for 50-60% market share.
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Recognizing a notable increase in the demand for panthenol across a number
of end-use industries, key manufacturers are constantly focusing on expanding
their manufacturing facilities and production capacities. These key strategies
are further intensified when Xinfa Pharmaceutical Co. Ltd. completed the
construction of new panthenol production plant in 2018, with a capacity of 3000
tons/year. Such a strategic move is likely to influence other market players to
follow suit and increase their panthenol production capacities, as the demand
for cosmetic products rises.
Innovations have also been forthcoming with the tectonic shifts in consumer
behavior, coupled with the thriving trend of premiumization. Leading panthenol
market players, such as BASF SE, are targeted towards new product developments
for advanced applications that would be sold at high value across industries,
including cosmetics, pharmaceuticals, and food & beverages. It is highly
likely that the market challengers will strategically follow the leaders in
panthenol landscape, over the years to come.
Strong collaboration of industry stakeholders and leading market players is
compelling key panthenol manufacturers to adopt a dual approach while designing
their developmental strategies. In addition to product portfolio expansion
through multiple innovations, these manufacturers are focusing on partnerships
and acquisitions, involving other stakeholders, for enhanced geographical
footprint and expanded customer base.
Key Factors Shaping the Panthenol Market
- Use of
panthenol has been significantly confined to personal care industry as an
active ingredient for sophisticated cosmetic products, particularly for
skincare and hair care. With growing proclivity of modern consumers for
personal grooming, the demand for cosmetics and personal care products has
been continuously on an upward swing, thereby fueling demand for
panthenol.
- Resonating
with the flourishing clean-label trend, the FDA–approved panthenol will
continue to witness strong demand from end-use industries, including
cosmetic & personal care, and food & beverages.
- Panthenol
continues to garner traction as a viable ingredient in a number of food
& beverage products for its high nutritional value. Growing demand for
dietary supplements and fortified food products is weighing on the same
scale as the rising adoption of panthenol in F&B industry.
- Looking at
the increasing awareness about the health benefits of panthenol-based
products and improved spending on premium food and personal care products,
it is highly likely that the panthenol
market will continue to see a progressive outlook in developing
countries.
- The growth
of E-commerce has been instrumental in creating new growth opportunities
in the panthenol market, and the accelerated penetration of online sales
channels is significantly contributing to the growth of panthenol market.
- Sensing
the possible applicability of panthenol in cosmeceuticals, manufacturers
are attempting the untapped potential of panthenol, by focusing on R&D
activities, which is expected to be a significant booster to the panthenol
demand in the global market.
- Although the application scope of panthenol continues
to ascend at a significant rate, threats of substitutes prevail in the
market. Cosmetic manufacturers continue to adopt alternatives of panthenol
such as propylene glycol and sorbitol for their relatively low cost which
help reduce the overall cost of end products.
- Several stringent regulations have been imposed in
countries like China regarding the production of panthenol, against the
backdrop of difficulty in waste water handling, driving the price of
panthenol to record high in recent times. This has added to the reluctance
of end-use industries to incorporate panthenol in their products.
Findings from these research processes were used to determine an accurate
and detailed forecast of global panthenol market for the period 2019-2029.
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