About the Report
Sericin is a type of protein produced by Bombyx mori (silkworms) during the production of silk. Sericin and fibroin are the two main proteins of silk emitted by silkworms. Fibroin is the structural centre of silk and sericin is the sticky material surrounding it. Silk producers typically strip this protein from the raw fibre and discard it, a method known as degumming. Sericin, however, has important biological properties that allow its application in various fields.
Sericin is widely used in cosmetics, health foods, textiles, and for medical purposes, as it provides normal 18 amino acid-like amino acids. Owing to this fact, sericin finds usage in a multitude of industries such as beauty, pharmaceuticals, and textiles, among others.
The foremost objective of the report by Fact.MR on the sericin market is to pitch insights on the market scenario, demand generators, and technological advancements in this space. The report provides a taxonomy, elaborating on key segments of the market. The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors. Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and East Asia holding bulk of the market share.
Historical Trends Vs Future Projections
From 2016 to 2020, the global sericin market exhibited a low CAGR of around 3.1%, with personal care & cosmetic products playing a major role in driving demand. Rising consumption of consumer cosmetics with anti-ageing and UV protection benefits is a key factor. This is attributed to the fact that millennials are increasingly becoming conscious about how they look, elevating overall demand for cosmetic products.
However, in FY2020, due to the COVID-19 pandemic, market growth dipped, owing to demand contraction from the changed work culture adopted by many organizations. As lesser people moved out of their houses, demand for cosmetic products, be it hair care or skincare, dipped, and hurt overall demand for sericin.
Apart from this, shrinkage in demand was observed from the silk industry as well, as indicated by the lesser quantity of silk being produced by major silk producers across the world. Demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
Growth is set to be observed in the short run, price normalization is set to be observed over the medium term, and economic cycles and inflation rates are set to affect demand and pricing of the product in the long run. All in all, the market is projected to expand at a steady rate of around 6% through 2031, providing a promising stance for investors in the market.
What are the factors affecting the pricing of sericin?
Sericin prices have been steadily increasing over the past half-decade. Key players present in regions such as Asia Pacific and Europe are seen as major contributors to market growth. Prices have been comparatively lower in Asia Pacific due to the presence of numerous manufacturers in the region.
Apart from the above-mentioned factors, foreign trade wars amongst powerful economies such as the U.S. and China have played a major role in deciding global average price. As such, prices are expected to increase at a nominal inflation rate over the forecast period.
Which region offers great potential for sericin?
As of 2021, major chunk of cosmetic manufacturers are positioned in the European and Asia Pacific regions, which happen to be the largest consumers of sericin. Moreover, presence of a higher number of millennials in developing countries in Asia Pacific has resulted in elevated consumption of cosmetic products.
Owing to these above-mentioned factors, these two regions are expected to be growth epicentres during the medium- to long-run forecast period.
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Why is the U.S. an attractive market for sericin?
The U.S. remains one of the major contributors to the growth of cosmetic and pharmaceutical industries, owing to the presence of a large number of cosmetic manufacturing and pharmaceutical companies located in the region.
Furthermore, the U.S. has been the prime contributor when it comes to research spending, and several pharmaceutical companies are on the hunt to innovate and bring something new to the table. Besides, U.S. women spend around US$ 1,000 to US$ 3,000 on an average on cosmetic products, annually, which is also one of the prime reasons contributing to the growth of the beauty industry in the country.
Owing to these factors, beauty and pharmaceutical industries are projected to experience tremendous growth during the long-run forecast period, which is having a domino effect on the demand for sericin in the country.
Why does France remain a growth epicentre for sericin?
France has always been home to some of the world’s largest cosmetic manufacturers, which is why the term “Made in France” is quite popular in the cosmetic industry, owing to the quality of cosmetics manufactured in the country. Moreover, majority of its products fetch a higher price in the international market, and numerous products end up being shipped globally.
Further, cosmetic product demand from millennials is ever-increasing, and they have become even more beauty-conscious. Thereby, sericin cosmetic products that offer anti-ageing and anti-wrinkle benefits have been a popular choice among the younger generation. These factors have led to the development of the sericin market in the country, which finds large application in skincare and hair care products.
Why is China a huge market for sericin manufacturers?
China remains the world largest producer of silk, which is the primary source of extracting sericin in the first place. Owing to this fact, numerous sericin manufacturers have set up their bases in and around China for ease of access to silk for extracting sericin.
Further, low labour cost and ease of availability of silk waste make it a prime contender for setting up a factory in the country. Moreover, close proximity to a majority of developing countries in the Asia Pacific region provides the stage for China to remain a huge market, contributing graciously to the development of the global sericin market.
Which sericin form accounts for the highest demand?
Sericin is available in two forms - solid (powder) and liquid form. This depends on the type of requirement and extraction method used. As of 2020, the powder form of sericin is available in larger quantity, and price points could largely be differentiated based on the product line that decides its pricing.
However, usage of the liquid form of sericin is on the rise in some regions, and is expected to contribute around one-third of the market share by revenue by the end of 2031.
Why is the use of sericin popular in the beauty industry?
As of 2021, the beauty industry has been a key contributor to the growing demand for sericin, and accounts for around two-third of the market share by revenue. This is because sericin is utilised in cosmetic products, owing to various benefits offered and elevating demand from millennials.
Sericin is used in hair care and skincare cosmetic products such as creams and shampoos, as it provides hydration benefits, along with providing ease of cleansing without any sort of irritation. Further, it provides UV protection, and anti-ageing and anti-wrinkle benefits, which are the prime requirements of millennials.
Moreover, moisture retention benefits provided by sericin cosmetic products are being gracefully welcomed, thereby creating high demand for such cosmetics across regions.
How big is the opportunity in the pharmaceutical industry?
Depending on the type of extraction method, sericin has exhibited various characteristics, ranging from molecular heterogeneity to biocompatibility and possessing antioxidant potential. Moreover, several kinds of research to find out its biocompatibility has proven that, it is immunologically inert and safe to be used in biomedicine.
It exhibits properties such as biocompatibility, biodegradability, hydrophilicity, and non-toxicity. Further, it can form gels, micro-particles, and bioengineered material. Because of this, sericin finds usage in numerous pharmaceutical applications, namely, formulation stabilization, solubility enhancement and as a drug carrier, etc.
Besides, a multitude of researches are going on to identify some of the possible use cases for sericin as a supplement in cryopreservation, culture media, wound healing, antitumor effects, and tissue engineering, which is expected to give a boost to the demand for sericin over the coming years.
How has COVID-19 impacted the sales of sericin?
Worldwide pandemics such as COVID-19 are unforeseen and have affected all economies across the globe. COVID-19 has also resulted in impacting the demand for sericin, backed by the imposition of lockdowns and demand drop from the beauty industry, especially personal care & cosmetic products, which happen to be the prime consumers of sericin.
This was because a majority of organizations moved towards the work from home culture, and as such, the beauty industry took a hit, as people reduced their expenditure on cosmetic products during lockdowns.
Further, overall decrease in consumer spending and fluctuating industrial output have negatively impacted the market. It is anticipated that, industrial output will rekindle to its previous size by the third quarter of 2021, and so will sericin demand.
An Adaptive Approach to Modern-day Research Needs
These aforementioned players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
- For instance, DSM divested its resin and functional material business to generate equity of around US$ 1.7 Bn, and remain focussed on the field of nutrition, health, and sustainable living.
Similarly, recent developments related to companies manufacturing sericin have been tracked by the team at Fact.MR, which is available in the full report.
Historical Data Available for
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Key Regions Covered
Key Countries Covered
Key Market Segments Covered
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Key Segments Covered
- Personal Care & Cosmetics
- Hair Care
- Skin Care
- Personal Care & Cosmetics
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- FAQs -
Sericin market to register a CAGR close to 6% by value across the 2021-2031 assessment period. Higher penetration in the personal care & cosmetics market will bolster demand over the coming years.
France and India are expected to hold a pivotal role driving demand for sericin. Surge in demand from personal care & cosmetics and pharmaceutical industries is set to be observed across these countries.
Prominent players manufacturing sericin include DSM, Specialty Natural Products Co. Ltd, Huzhou Aotesi Biochemical Co. Ltd, Hyundai Bioland, Huzhou Aotesi Biochemical Co. Ltd., Huzhou Xintiansi Bio-tech Co. Ltd, Rita Corporation, and others.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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