Hydrolyzed Silk: Market outlook
Cosmetic and personal care industry was valued at nearly 444 Bn in the year 2016. The factors driving the growth for cosmetic and personal care industry include rapid urbanization, increasing per capita disposable income, growing women workforce, trending self-care and hygiene awareness, growing premiumization, and increasing online penetration among the consumers. The growing cosmetic and personal care industry is paving the path for ingredients and formulations used in the making of these products. Hydrolyzed silk is a protein obtained from silk fibers from the cocoon of silkworms. It is an amino acid solution that is attained by hydrolyzing silk with alkali, enzyme, or acid. Hydrolyzed silk is widely used in personal care products owing to its versatility and functionality, including film-forming, humectant, biological additivity, emollient, and conditioning. Hydrolyzed silk is used in hair care products like shampoo, hair conditioners, hair treatment products, and others as it provides luster, volume, and manageability to hair. Furthermore, in skincare products, hydrolyzed silk provides moisture binding capabilities and protective barrier film on the skin that helps to protect the skin from radiation. The efficiency and efficacy of hydrolyzed silk in cosmetic and personal care products are thus anticipated to boost the demand for hydrolyzed silk over the forecast period.
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Growing Cosmetic and Personal Care Industry and Rising Self-Care Trends is Providing Growth Opportunities for Hydrolyzed Silk Market
The growing urbanization and increasing purchasing power of the consumers are giving a thrust to the well-groomed and self-care trends among the consumers. The consumers are shifting towards good quality and premium self-care and beauty products, not only to enhance their attributes but also help them gain confidence. The consumers prefer personal care and cosmetic products that have no or minimal adverse effect on their skin and hence opt for milder personal care products. Hydrolyzed silk is commonly used in hair care and skin care products to intensify and enhance the products by providing them luster, moisture, protective barrier, and other beneficial properties. The growing sales for cosmetic and personal care products are anticipated to boost the market demand for hydrolyzed silk over the forecast period. Moreover, the increasing demand for premium personal care and cosmetic products like lotions, hair care products, nail enamels, and others is expected to fuel the market for hydrolyzed silk. Furthermore, penetration of online retailing and multiple cosmetic websites have provided consumers the ease and accessibility to a broader range of cosmetic products on a single platform; this is expected to drive the sales of cosmetic and personal care products, creating a strong market demand for hydrolyzed silk and other cosmetic ingredients and formulations.
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Hydrolyzed Silk: Key Players
Some the key players operating their business in the global hydrolyzed silk market are Provital Group, Croda International PLC, TRI-K Industries Inc., Symrise AG, Ashland LLC, Seiwa Kasei Co. Ltd., Kelisema Srl, Proteina, Chongqing Haifan Biological & Chemical Co. Ltd., and Suboneyo Chemicals Pharmaceuticals among others
Opportunities for Hydrolyzed Silk Market Participants:
Hydrolyzed silk is expected to have strong market potential in terms of demand and supply in both developing and developed economies. Regions like North America and Europe are anticipated to have a maximum market share for hydrolyzed silk; this is attributed to the self-care trend among consumers, consolidation of big personal care brands, and availability of premium products in these regions. However, maximum growth opportunity lies in the developing markets of Asia Pacific, and the Middle East and Africa. The increasing acceptance of premium products, growing self-care trends, penetration of online retailing, and introduction of big personal care brands in the Asia Pacific and the Middle East and Africa is providing growth opportunity to hydrolyzed silk market over the forecast period.