Demand for Sericin to Rise Steadily on Back of Elevating Use in Cosmetic Products, Projects Fact.MR
Published : 30 Aug 2021 Industry: Chemical & Materials
Europe currently accounts for a majority of the consumption of sericin, followed by Asia Pacific. This is due to the fact that, a large number of personal care & cosmetic product and pharmaceutical manufacturers are located in these regions, and sericin plays a vital role in these end-use industries.
Moreover, relatively higher number of researches are on to identify newer uses of sericin in the field of pharmaceuticals and cosmetics. This is due to the fact that, sericin has superior biocompatibility, and as such, is used in numerous pharmaceutical formulations. In addition to this, sericin usage in cosmetic products leads to an increase in hydration, thereby provide anti-aging and anti-wrinkle effects, which is widely sought-after by millennials, and is causing a rise in demand of cosmetic products worldwide.
As per the report published by Fact.MR, the sericin market is anticipated to surpass a valuation of US$ 289.3 Mn in 2021, and is poised to expand at a healthy CAGR of close to 6% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- The sericin market is anticipated to add 1.8X value by 2031 as compared to 2021.
- Personal care & cosmetic applications capture a major share, equivalent to two-third of the global sericin market, and are set to create an absolute $ opportunity of around US$ 149.3 Mn over 2021-2031.
- The skincare segment is anticipated to gain around 179 BPS over the next ten years.
- Solid sericin is anticipated to gain around 3.2 BPS over the forecast period, and create an absolute $ opportunity of around US$ 155 Mn by 2031.
- Europe is set to dominate market revenue, and is expected to gain 72 BPS in its market share by 2031.
- However, Asia Pacific is poised to be the growth hotspot over the forecast period, and is expected to create an absolute $ opportunity of around US$ 61 Mn by 2031.
- The market in China and India is set to expand at high CAGRs of 7% and 7.5%, respectively.
- Due to the onset of COVID-19, market growth (-0.1%) was hit in 2020; however, sales are increasing and the growth rate for 2021 is pegged at around 5%.
“Plethora of researches to improve extracted sericin quality and identify newer use cases are expected to aid market growth,” says a Fact.MR analyst.
Vital players have been spending on research & development, and a plethora of researches are going on to identify newer use cases of sericin in the field of pharmaceuticals, dietary supplements, and textiles. This is expected to be a factor driving demand for sericin over the coming years.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global sericin market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of form (solid and liquid) and application (personal care & cosmetics [hair care, skincare, and others], pharmaceuticals, and others), across five major regions of the world (North America, Latin America, Europe, Asia Pacific and the Middle East & Africa).
About the Chemical Division at Fact.MR
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Consultant – Chemicals & Materials