Global Lanolin Market is expected to reach USD 227.7 million by 2024. Lanolin is also termed as wool grease or wool wax. It is a yellow-colored, viscous semi-solid fat secreted by the sebaceous glands of wool-bearing animals. It is used as a raw material for the processing of enhanced anti-oil, senior soap, rheumatism ointment, cream, zinc oxide adhesive plaster, and lip balm. It is a long-chain waxy ester that comprises cholesterol, but with a dissimilar composition than human sebum. The Lanolin Market is estimated to grow at a significant CAGR of 5.0% over the forecast period as the scope and its applications are rising enormously across the globe.
Rapid urbanization and presence of international cosmetic brands, growing demand for personal care products, rise in pharmaceutical sector, and high disposable income are documented as major factors of Lanolin Market that are estimated to enhance the growth in the years to come. However, growth in bio-based alternatives and strict government policy for protection of animals may restrain overall market growth in the coming years. Lanolin Market is segmented based on application and region.
The market may be categorized based on applications like industrial, personal care cosmetics, pharmaceuticals, baby care products, and others. The personal care & cosmetics sector accounted for the substantial market share of Lanolin and is estimated to lead the overall market in the upcoming period. Also, pharmaceutical sector is estimated to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the substantial market share of Lanolin and is estimated to lead the overall market in the upcoming period. The reason behind the overall market growth could be high demand from cosmetics & personal acre manufacturers and expansion of pharmaceutical and healthcare industries. The developing countries like India and China are the major consumers of Lanolin in the coming years.
Instead, North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. This may be because of rise in pharmaceutical and cosmetic sector. However, Europe is estimated to grow at the fastest pace in the foremost period.
The key players of lanolin industry are Wellman Advanced Materials, Lanotec, NK Ingredients, The Lubrizol Corporation, Nippon Fine Chemical, Yixin Chemical Co., Croda International, Orthochem, Zhejiang Garden Biochemical High-Tech, and Nanjing Duoyuan Biochemistry. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition.
Global Lanolin Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2024)
• Personal Care & Cosmetics
• Baby Care Products
Global Lanolin Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2024)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA