Varying ingredients are widely adopted in different industrial sector in order to meet consumers’ demand as well as preferences. Panthenol is a chemical product of pantothenic acid or vitamin B5 which has been gaining increasing applications in cosmetic, pharmaceutical, and other industries. This has led to the development of global panthenol market. Significant attributes such as improving skin hydration, elasticity, and smooth appearance are directly influencing adoption of panthenol in personal care products. Due to its humectant properties, panthenol are also used in nasal sprays, eye drops, and cleaning solution for contact lenses, translating into growth of panthenol market.
The panthenol market is expected to grow significantly in emerging economies of Asia Pacific, owing to mass urbanization, industrial growth, and high disposable income which has improved spending capabilities of the population. In addition, Asia Pacific has become one of the most diverse and dynamics market in the cosmetic industry across the globe which is likely to fuel growth of the panthenol market. Increasing number of women entering the workplace in the region are seeking various cosmetic items, thereby the panthenol market is foreseen to expand steadily in the coming years. However, in rare cases, panthenol has been reported for contact allergies and skin irritation which may hamper the market growth.
Panthenol Market to Grow Exponentially In Nutritional Supplement and Therapeutics Sectors
Panthenol is one of the indispensable ingredients in the personal care products due to its anti-inflammatory, moisturizing, as well as wound healing properties. Pharmaceutical companies and agricultural feed industries utilize panthenol as a nutritional supplement, whereas food industry utilizes panthenol for food fortification. Increased awareness of health consciousness, rising demand for nutritional supplements and inclination for personal care, are important consumer trends influencing the growth of the panthenol market. With the application in multiple industries, the market for panthenol is projected to grow steadily in the review period.
Personal Care Products Industry to Present Lucrative Opportunities
Personal care product industry is considered one of the important influencer that is contributing to the growth of consumer goods market. The industry is chiefly driven by altering consumer preferences and strengthening of R&D in the cosmetics and pharma sectors. Panthenol is an alcohol derivative of pantothenic acid (Vitamin B5). Its dextro-derivative called dexpanthenol or D-panthenol is a biologically active form which is largely used in almost every personal care product including skin care, hair care, nail care, and oral care among others products. As personal care ingredients market is projected to reach US$ 11.776 million by the end of 2023, demand for panthenol, an important ingredient, in personal care product industry is set to rise during the forecast period.
Rising Demand for Fortified Foods Fueling Panthenol Market
Fortification of food includes the addition of micronutrients and minerals to food products with the aim to alleviate micronutrient deficiency in the specific population. The increased awareness of general health and wellness and government support has led to significant rise in production and consumption of fortified foods. As dexpanthenol or D-panthenol rapidly oxidizes to pantothenic acid after entering the organism, it is one of the important ingredient included in the fortified food formula to deliver pantothenic acid or vitamin B5. Manufacturers usually provide a liquid form of D-panthenol as a source of pro-vitamin B5 for the processed food to be fortified.
Panthenol- An Important Ingredient Manufactured by Pharma Sector
Panthenol has been extensively studied for its cosmetic use. As modern cosmetology is driven by formulas with proven therapeutic efficacy, panthenol is highly consumed in the cosmetics sector. D-panthenol has been observed to increase healing of a wound, stimulate epithelization, and deliver anti-inflammatory properties. Because of these properties, D-panthenol is highly used as therapeutic supportive medicines for the treatment of inflammation of the throat or the oral cavity.
Further, dexpanthenol, in combination with other vitamins is used in parenteral applications for the treatment of prophylaxis, vitamin deficiency, vitamin-consuming disease, and vitamin absorption disorders in the gastrointestinal tract. Dexpanthenol is also added in combination in hair tonic to improve scalp health as well as in anti-ageing cream. As an important ingredient of a wide range of cosmetics and therapeutic products, panthenol is highly manufactured and distributed through pharma sector, representing a huge market for panthenol.
Animal Feed Industry to Boost Adoption as Nutritional Supplement
D-panthenol is recognized as safe for the utilization as dietary supplement or nutrient in animal drugs, feeds and other related products. Provided by pharmacies, D-panthenol is added in animal feed to accelerate the growth of poultry and cattle. Further, rising awareness among pet owners regarding the health benefits of vitamins and minerals has led to the trend where consumers are seeking a diverse list of micronutrients and functional ingredients in pet food. On account of which, most of the pet food manufacturers utilize premixes of micronutrients to produce balanced and complete pet foods.
According to the International Feed Industry Federation (IFIF), animal feed plays an essential role in the global food industry, generating the annual turnover of approximately US$ 400 billion by global commercial feed manufacturing sector. Future growth of the animal feed industry is likely to translate in the generation of lucrative opportunities for panthenol market.
Key Companies in the Panthenol Market
All the leading personal care and cosmetic titans such as Jack Black, Aesop, and Bioline are launching new products with panthenol as an important ingredient in these products. Some of the key companies in the panthenol market include BASF, Pfizer Inc., Bayer Healthcare Pharmaceutical, GlaxoSmithKline Plc, Merck & Company Inc., Tri-K Industries, RITA Corporation, Jeen International, and Xinfu Pharmaceutical among others.
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