Application of sericin will remain high in personal care industry. This trend will continue due to the increasing demand for bio-based products in the industry.
Application of sericin will remain high in personal care industry. This trend will continue due to the increasing demand for bio-based products in the industry.
Fact.MR, Rockville MD: Award winning market research company Fact.MR is conducting a study on the global sericin market for the upcoming decade. As per its findings, the market is poised to witness credible gains through 2021, owing to the increasing demand from the cosmetics and beauty industry.
Fact.MR’s latest study tracks sericin market trends in 20+ high-growth regions, covering the growth opportunities across key segments.
Following the outbreak of COVID-19, overall decrease in the demand for sericin from manufacturers hit the market. However, the sales for sericin are poised to expand at a healthy CAGR at nearly 6% over the forecast period.
“Manufacturers are accelerating their demand for sericin, especially in personal care industry generate new proceedings in the forecast period. Penetration of e-commerce is heightening the demand from the millennials, thereby widening the revenue prospects for key players operating within the market,” says a Fact.MR analyst.
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Key Takeaways
- Liquid form is expected to contribute around 1/3rd of market share through 2021 and beyond
- Application within pharmaceutical segment projected to rise
- China is anticipated to remain the lucrative market in Asia Pacific
- France to emerge as an epicenter for sericin market, fueled by increasing demand from millennials for cosmetic products
- U.S. will continue exhibiting high demand for sericin in North America
Prominent Drivers
- Increasing application in beauty industry as a result of the demand for sericin in cosmetic and hair-care products will spur growth
- Increased sales from liquid form of sericin to bolster the demand by the end of 2031
- Commencement of economic recovery post pandemic likely to create new growth prospects
Key Restraints
- Decreased demand of product for personal care & beauty applications amid lockdown hampered sales
- Geopolitical feud among key regions to hamper the sales
Discover more about the Sericin market with 132 figures and 25 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/3248/sericin-market
Competitive Landscape
Leading companies operating for sericin market, profiled by Fact.MR include DSM, Specialty Natural Products Co. Ltd., Huzhou Aotesi Biochemical Co. Ltd., Hyundai Bioland, Huzhou Xintiansi Bio-tech Co. Ltd, Lanxess, Rita Corporation, and Seiren Co., among others. Organic and Inorganic strategies such as mergers & acquisitions, product launches are some of few that manufacturers are relying on to deepen penetration across lucrative markets.
For instance, in February 2021, DSM partners with Sympatex Technologies to launch mass-balanced bio-based Arnitel® specialty materials to take a step forward on it sustainability journey and enabling its customers to bio-based economy.
Additionally, in 2020, Hyundai Department Group acquired SK Bioland for KRW120.5 billion. Hyundai HCN acquired SKC’s 27.9% stake in SK Bioland extending its scope from department stores and other duty-free outlets for the first time.
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More Valuable Insights on Sericin Market
In its latest report, Fact.MR offers unbiased analysis of the global sericin market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of form (solid and liquid), application (personal care & cosmetics, pharmaceuticals and others), and across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Questions Covered in the Report
- Which is the lucrative segment for the sericin market?
- What will be the market outlook for sericin in the upcoming years?
- What will be the key drivers for the sericin market?
- What will be the challenges that key players would face due to Covid-19?
- Which material will account for lucrative sales of sericin?
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