Panthenol Market Overview:
As per MRFR analysis, the Panthenol Market Size was estimated at 1.36 (USD Billion) in 2022. The Panthenol Market is expected to grow from 1.44 (USD Billion) in 2023 to 2.38 (USD Billion) by 2032. The Panthenol Market CAGR (growth rate) is expected to be around 5.75% during the forecast period (2024 - 2032).
Key Panthenol Market Trends Highlighted
Rising consumer demand for skincare and haircare products containing natural and gentle ingredients is a primary driver of the panthenol market. Increased awareness of the benefits of panthenol for skin health, hair growth, and wound healing is fueling its popularity.
Moreover, the growing trend towards personalized skincare and haircare products creates opportunities for tailored formulations that include panthenol.
The increasing use of panthenol in oral care products presents significant growth potential. Its ability to soothe oral mucosal irritation and promote gum health holds promise for addressing oral health concerns. Additionally, the development of innovative delivery systems for panthenol, such as nanotechnology, could enhance its efficacy and extend its applications.
The market has witnessed a surge in demand for sustainable and eco-friendly panthenol production methods. Consumers are increasingly seeking products that are derived from renewable resources and have a low environmental impact.
Furthermore, the growing popularity of animal-free testing methods is driving the development of alternative testing strategies for panthenol and its formulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Panthenol Market Drivers
Rising Demand for Personal Care Products
The Panthenol Market is majorly driven by the growing demand for personal care products such as skincare, haircare, and cosmetics.
Panthenol, also known as provitamin B5, is a humectant that works by attracting and holding onto moisture to the skin and hair.
It is also known for its anti-inflammatory and repairing abilities on the hair and skin. With the growing awareness among the consumer for the benefits of panthenol, the personal care market is also likely to surge, thereby fueling the Panthenol Market.
The changing lifestyles and rising disposable income of individuals in emerging economies such as China and India are some of the other factors contributing to the personal care market.
People in these economies have become more affluent, which makes them spend on premium products to enhance their appearance and status.
This in return would also have a positive impact on the panthenol market as most of the personal care market consists of panthenol.
The growing demand for natural and organic personal care beverages is also increasing the demand for panthenol.
Panthenol is a naturally occurring substance that is derived from plant sources, which makes it an ideal chemical for the natural or organic personal care market, which has been growing at a high pace for the past couple of years as the consumer is more concerned regarding the use of synthetic ingredients both from a safety and an environmental standpoint.
Apart from the demand from the personal care market, the growing awareness regarding the benefits of panthenol in applications such as pharmaceuticals, food, and beverages is also driving the growth of the Panthenol Market.
Increasing Adoption of Pharmaceuticals
Panthenol is increasingly being used in the pharmaceutical industry for its wound-healing and anti-inflammatory properties. It is commonly used in over-the-counter medications such as diaper rash creams, ointments for burns and cuts, and eye drops. Panthenol is also used in prescription drugs for treating skin conditions such as eczema and psoriasis.
The growing prevalence of chronic diseases such as diabetes and obesity is leading to an increase in the number of people with wounds.
This is driving the demand for effective wound care products, including those containing panthenol. Furthermore, the rising demand for minimally invasive surgical procedures is also contributing to the growth of the panthenol market in pharmaceuticals. Panthenol is often used in post-operative care to promote wound healing and reduce inflammation.
Growing Demand in Food Beverages
The food and beverages segment is expected to be the fastest-growing segment of the panthenol market during the forecast period. Apart from its application in cosmetic products, panthenol is also used as a food additive and nutritional supplement.
It is added to various food products such as bread, cereals, and dairy products to improve their nutritive value. The demand for panthenol in food and beverages is growing due to the increasing demand for functional food and beverages by consumers.
There is a rising demand for food and beverages that offer other health benefits apart from being a source of nutrition. There are several functional beverages available in the market that contain panthenol, such as sports drinks and energy bars, which aid in hydration and recovery.
The increasing preference for a plant-based diet is also expected to drive the demand for panthenol in food and beverages. It is a vegan-friendly product that can be used to enhance the nutritive value of these food products.
Panthenol Market Segment Insights:
Panthenol Market Application Insights
The Panthenol Market segmentation by application includes personal care, pharmaceuticals, food and beverage, and industrial. In terms of market share, the personal care segment was the largest in 2023, and it is likely to remain the largest segment during the forecast period. The demand for panthenol in skin care creams, lotions, and hair care products is increasing.
The pharmaceuticals segment should grow faster than other categories due to the rising prevalence of skin diseases and the increased use of chemicals in wound healing and burn care.
The use of panthenol in vitamins, both as a food additive and dietary supplement, is growing. Since it is increasingly used during the production of plastics, textiles, and other industrial goods, the industrial segment should grow at a moderate rate.
The Panthenol Market is likely to continue expanding at a steady pace due to the increasing demand for the chemical in various applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Panthenol Market Grade Insights
The Panthenol Market is segmented by Grade into Cosmetic Grade, Pharmaceutical Grade, and Technical Grade. Among these segments, the Pharmaceutical Grade segment is expected to hold the largest market share in 2023, accounting for over 45% of the Panthenol Market revenue.
The Cosmetic Grade segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for panthenol in skincare and haircare products. The Technical Grade segment is expected to hold a significant market share, primarily due to its use in industrial applications such as coatings and lubricants.
Panthenol Market Form Insights
The Panthenol Market segmentation by form, the market is segmented into liquid, powder, and paste. Among these, the liquid segment held the largest market share in 2023. It is primarily used in various personal care applications such as hair care, skin care, and cosmetics due to its ease of application and absorption.
The liquid form is also preferred in pharmaceutical applications for its solubility and bioavailability. The powder segment is expected to witness significant growth during the forecast period, owing to its stability, longer shelf life, and ease of transportation.
The paste form is commonly used in topical applications where a thick and occlusive layer is desired, such as in diaper rash creams and wound care products.
Panthenol Market Source Insights
The Panthenol Market is segmented by source into Chemical Synthesis and Plant Extraction. Chemical Synthesis is the dominant source, accounting for a larger share of the Panthenol Market revenue. This is attributed to the cost-effectiveness and higher efficiency of chemical synthesis methods.
Plant Extraction is a niche segment, but it is expected to grow at a faster CAGR during the forecast period. The growing demand for natural and organic ingredients in personal care products is driving the growth of the Plant Extraction segment.
Panthenol Market End Use Industry Insights
The End-Use Industry segment plays a pivotal role in shaping the dynamics of the Panthenol Market. Skincare and haircare industries are the primary drivers, collectively accounting for over 60% of the market revenue in 2023.
The increasing consumer demand for natural and organic personal care products, along with the rising awareness about the benefits of panthenol for skin and hair health, is fueling the growth in these segments. The cosmetics industry is another major end-use sector, with panthenol widely used as a humectant, moisturizer, and anti-inflammatory agent in various cosmetic formulations.
The pharmaceutical industry also holds a significant share, utilizing panthenol in wound healing and skincare products. Furthermore, the food industry leverages panthenol as a nutritional supplement and food additive due to its vitamin B5 content.
Panthenol Market Regional Insights
Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America holds a dominant position in the Panthenol Market due to the presence of major manufacturers, advanced healthcare infrastructure, and high consumer awareness.
Europe follows closely, driven by strict regulations and a high demand for personal care products. APAC is expected to witness significant growth in the coming years owing to rising disposable income and increasing urbanization. South America and MEA represent emerging markets with untapped potential for market expansion.
The Panthenol Market segmentation provides valuable insights into regional dynamics, allowing manufacturers and stakeholders to target specific markets and develop tailored strategies to drive market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Panthenol Market Key Players and Competitive Insights:
Major players in the Panthenol Market are constantly striving to develop innovative products and solutions to meet the evolving needs of consumers. Leading Panthenol Market players are focusing on expanding their global presence through strategic partnerships and acquisitions.
The Panthenol Market Competitive Landscape is characterized by intense competition among major players, each with its own strengths and weaknesses. Panthenol Market development is driven by technological advancements and the growing demand for personal care products.
BASF is a leading global chemical company that is actively involved in the Panthenol Market. The company offers a wide range of Panthenol products, including Panthenol 5000 and Panthenol 7500. BASF is committed to providing high-quality Panthenol products that meet the needs of its customers.
The company has a strong global presence and is well-positioned to continue to be a major player in the Panthenol Market.
Evonik is another leading player in the Panthenol Market. The company offers a range of Panthenol products, including Panthenol 95 and Panthenol B5.
Evonik is committed to providing innovative Panthenol solutions that meet the needs of its customers. The company has a strong global presence and is well-positioned to continue to be a major player in the Panthenol Market.
Key Companies in the Panthenol Market Include:
- AkzoNobel
- Clariant
- LANXESS
- Croda International
- Ashland
- Solvay
- Lonza Group
- Evonik Industries
- Huntsman Corporation
- Merck
- The Lubrizol Corporation
- Eastman Chemical Company
- Kao Corporation
- DSM
- BASF SE
Panthenol Market Developments
Key factors driving growth include increasing demand for skincare and hair care products, rising awareness of the benefits of panthenol, and growing disposable income in emerging markets.
Recent news developments in the Panthenol market include:
BASF invests in a new panthenol production site in China to meet growing demand in the Asia-Pacific region.
Evonik launches a new panthenol derivative, Provitamin B5 Cationic, for use in hair care applications.
Lonza expands its panthenol production capacity to meet increasing demand from the pharmaceutical industry.
Key market players include BASF, Evonik, Lonza, DSM, and Merck. These companies are investing in research and development to expand their product portfolios and meet the evolving needs of consumers.
Panthenol Market Segmentation Insights
- Panthenol Market Application Outlook
- Personal Care
- Pharmaceuticals
- Food and Beverage
- Industrial
- Panthenol Market Grade Outlook
- Cosmetic Grade
- Pharmaceutical Grade
- Technical Grade
- Panthenol Market Form Outlook
- Liquid
- Powder
- Paste
- Panthenol Market Source Outlook
- Chemical Synthesis
- Plant Extraction
- Panthenol Market End Use Industry Outlook
- Skincare
- Haircare
- Cosmetics
- Pharmaceuticals
- Food
- Panthenol Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.36(USD Billion) |
| Market Size 2023 |
1.44(USD Billion) |
| Market Size 2032 |
2.38(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.75% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
AkzoNobel, Clariant, LANXESS, Croda International, Ashland, Solvay, Lonza Group, Evonik Industries, Huntsman Corporation, Merck, The Lubrizol Corporation, Eastman Chemical Company, Kao Corporation, DSM, BASF SE |
| Segments Covered |
Application, Grade, Form, Source, End Use Industry, Regional |
| Key Market Opportunities |
Rising demand for anti aging skin care products Growing utilization in the food and beverage industry Increasing usage of dietary supplements and haircare Expanding applications in pharmaceuticals Emerging markets with untapped potential |
| Key Market Dynamics |
Technological advancement Rising demand for personal care Increasing applications in pharmaceuticals Growing awareness of skin health benefits Expansion into emerging markets |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Panthenol Market reached USD 1.44 billion in 2023.
The Panthenol Market is expected to grow at a CAGR of 5.75% from 2024 to 2032.
North America held the largest market share in 2023.
Panthenol is primarily used in skincare, hair care, and pharmaceutical applications.
Key players in the Panthenol Market include BASF, Merck, Lonza, and DSM.
The Panthenol Market is expected to reach USD 2.38 billion by 2032.
Rising demand for skincare and hair care products and increasing awareness of the benefits of Panthenol are driving market growth.
Fluctuations in raw material prices and competition from alternative ingredients pose challenges to market growth.
Expanding applications in pharmaceuticals and nutraceuticals offer opportunities for market growth.
Sustainability, innovation, and regulatory compliance are key trends influencing market dynamics.
