The global lanolin market size is projected to reach USD 334 million by 2025 expanding at a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Rising demand from the personal care and cosmetics market coupled with increasing application in the manufacturing sector is expected to boost the market growth. Lanolin is derived as a natural, waxy secretion from the sebaceous glands of sheep and other mammals that produce wool. It is widely utilized across numerous personal care products, such as cosmetics, baby care, hair & skin care, women’s hygiene, and sanitation products. The product contains cholesterol, lanolin ester, alcohols, and acids that are ideal for application in cosmetics owing to highly moisturizing, lubricating, and emollient properties.
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Moreover, increasing demand from the pharmaceuticals and healthcare sectors owing to a rising preference for non-toxic and chemical-free products will drive the market growth further. The support of local governments through funds and tax exemption for the development of lanolin associated ancillary industries is expected to complement the growth in this sector. Asia Pacific led the global market owing to a growing animal husbandry industry. In addition, presence of a large number of personal care manufacturers in this region is expected to play a major role in driving the market.
Further Key findings from the study suggest:
- Personal care products and pharmaceuticals are the dominant application segments in the global lanolin market
- PEG-75, which is derived from lanolin is the fastest-growing derivative segment with a CAGR of 6.6% from 2019 to 2025
- China is the fastest-growing economy in the Asia Pacific regional market and is expected to register a CAGR of 5.7%, in terms of volume, over the forecasted period
- Major industry participants are Nippon Fine Chemical, Lubrizol Corporation, Jiangsu Winpool Industrial Co. Ltd., Wellman Advanced Materials, NK Ingredients Pte. Ltd., Barentz Group, Lanotec, Lansinoh, and Rolex Lanolin Products Ltd.
- These companies are focusing on expanding their production capacities to increase or maintain their market share