Widening Application Spectrum of Sericin is Providing Untapped Opportunity. Pharmaceutical Industry To Drive the Demand

Rockville, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global sericin market is estimated at US$ 303.6 million in 2022 and is expected to expand at a CAGR of 5.8% during the forecast years of 2022-2032.

Sericin used in anti-aging products has significant importance as the silk protein increases skin elasticity and holds antioxidant properties by preventing lipid peroxidation.

Many research papers have published studies indicating the benefits associated with ingesting sericin orally, namely hair, skin, and nail health-related benefits which provides a definite push to the market. The dietary supplement market shows immense growth opportunities, owing to the fact that people are becoming health conscious and moving towards healthier lifestyles and are in taking supplements to meet daily nutrient requirements.

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Key Takeaways from Market Study

• The global sericin market is estimated to grow at a CAGR of 5.8% in the forecast period 2022-2032

• The market witnessed a 3.1% CAGR for the period of 2017-2021

• Solid sericin dominates the market and is estimated to be valued at US$ 214.8 million in 2022

• Europe is expected to be the top region in the market with a 35.2% market share in 2022

• Sericin is extensively used in the personal care and cosmetics industry and is likely to represent 64.9% market share in 2022

• Asia Pacific and North America’s demand for sericin is expected to increase at CAGRs of 6.5% and 5.4%, respectively

“Extensive Research Showing Various Dynamic Properties of Sericin that can be exploited to Manufacture a Wide Variety of Products will Increase the Demand for sericin,” says a Fact.MR analyst.

Market Development

Players are spending on research and development to diversify their product offerings on the basis of the quality of sericin needed and make it available to customers across diverse regions, in order to improve the company’s global footprint and its overall profitability. Companies manufacturing sericin are channelizing their potential to enhance their footprint across regions manufacturing end-products like cosmetics, and pharmaceuticals.

Major players in skincare and cosmetics are advancing their product portfolio and introducing anti-aging segments and promoting with higher priority. This strategy is strengthening the long run of sericin in the global market.

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Competitive Landscape

Players operating in the sericin market are trying and improve their availability and distribution network, to reach newer customers. Furthermore, companies are channeling an adequate amount of funds into research and development, so that sericin could be made available at comparatively competitive prices, improve their overall profit margin in the long run, and cater to a larger set audience base.

• In May 2022, Karnataka State Sericulture Research and Development Institute (KSSRDI) announced that they are planning to launch 12 sericin-based cosmetic products.

• In Sep 2020, DSM decided to sell its Resin & Functional Material Business to generate equity of about US$ 1.8 billion to remain focused in the fields of nutrition, health, and sustainable living. The Resin & Functional Material Business was acquired by Covestro.

Fact.MR has provided detailed information about the price points of key manufacturers of sericin positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Prominent Manufacturers

• DSM

• Huzhou Aotesi Biochemical Co., Ltd

• Hyundai Bioland

• Huzhou Aotesi Biochemical Co., Ltd.,

• Lanxess

• Rita Corporation

• Seiren Co.

• Specialty Natural Products Co. Ltd

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Segmentation of the Sericin Industry Research

• By Form:

  • Solid

  • Liquid

• By Application:

  • Personal Care & Cosmetics

    • Hair Care

    • Skin Care

    • Others

  • Pharmaceuticals

  • Others

• By Region:

  • North America

  • Latin America

  • Europe

  • East Asia

  • South Asia & Oceania

  • MEA
    

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global sericin market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of form (solid and liquid) and application (personal care & cosmetics (hair care, skincare, and others), pharmaceuticals, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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