Hyderabad, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Lanolin Market Report (2023-2028)," the market is estimated at USD 298.53 billion in 2023. It is expected to register a CAGR of 8.74% during the forecast period.
Lanolin is a fatty substance found in sheep's wool. It is extracted as a yellowish viscous mixture of esters and is commonly used in ointments and cosmetics. The market for lanolin is expected to grow in the coming years due to increasing demand for skincare cosmetics and its use in pharmaceutical products. A search for a suitable substitute for lanolin is going on, which may pose challenges in the future. Despite that, new growth opportunities are arising from the rise of industrial uses of lanolin and the demand for eco-friendly alternatives to traditional petroleum-based lubricants. The market is dominated by the Asia-Pacific region, with countries like India and China leading in front.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 298.53 million |
| Market Size (2028) | USD 453.97 million |
| CAGR (2023-2028) | 8.74% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing demand from cosmetic and pharma sectors. |
| Emerging applications in the industrial sector. |
Who are the Top Companies in the Global Lanolin Market?
The market is partially consolidated, with a few players dominating a significant portion. The significant players in the global lanolin market are,
- Croda International PLC
- Lanotec
- Lansinoh Laboratories Inc.
- The Lubrizol Corporation
- Merck KGaA
- Nippon Fine Chemical
- NK Chemicals
- Rolex Lanolin Products Limited
- Suru Chemicals
- Wellman Advanced Materials
- Yixin Chemical Co. Ltd
- Zhejiang Garden Biochemical High-Tech Co. Ltd
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Key Highlights from the Global Lanolin Market Report:
Growing Demand from the Cosmetics and Personal Care Industry
- Lanolin is highly hydrating, softens skin, and improves the appearance of rough or flaky areas. It is used in formulations for body creams and lotions to lock in moisture and prevent water loss, giving a smooth appearance. It is also used in various hair products like hair removal creams, conditioners, sprays, and pet shampoos.
- It has to be noted that the cosmetics industry saw a 6% year-on-year growth in 2022, generating over USD 560 billion in annual revenue.
- These factors, along with the favorable properties of lanolin, are expected to drive its demand in the cosmetic and personal care segment in the years ahead.
Asia-Pacific Leading the Market
- Asia-Pacific boasts a well-developed cosmetics sector, especially in China, India, Japan, and South Korea, along with ongoing investments in the pharmaceutical sector.
- Last year, Asia-Pacific accounted for over 35% of the global cosmetics market. The region's temperature issues and prevalence of skin diseases are driving the demand for lanolin in various applications.
- Asia-Pacific is witnessing increased demand for premium skin and hair care products like cleansers, moisturizers, shampoos, etc., with companies like Loreal and Kering Group expanding their regional product lines.
What are the Latest Developments in the Global Lanolin Market?
- In April 2023, Lanotec launched a new product line of environmentally friendly lanolin-based lubricants for various commercial and residential applications.
Mordor Intelligence has Segmented the Global Lanolin Market Based on Application and Geography.
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Cosmetics and Personal Care
- Pharmaceuticals
- Anti-corrosive Applications
- Lubricants
- Other Applications (Paints, Paper)
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Lanolin Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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