The impact of the COVID-19 outbreak has compelled several manufacturers and industries to rethink their operations to gradually recover from the losses incurred for years to come. The organic chemicals industry suffered a huge setback due to halted production and a limited supply of raw materials.
The report offers actionable and valuable market insights of Solid Sericin. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Liquid Sericin Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Solid Sericin market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Solid Sericin
This newly published and insightful report sheds light on Market Insights of Pharmaceuticals Sericin, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Sericin In Personal Care & Cosmetics.
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.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Solid Sericin, Sales and Demand of Solid Sericin, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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