According to a recent report by Future Market Insights, a market research and competitive intelligence provider, In 2022, the silk protein market is expected to be worth USD 0.6 billion. It is expected to increase at a 5.9% compound annual growth rate (CAGR) through 2032.
Silk protein is used in eye cosmetics and eye drops to make them free of toxic chemicals that cause eye discomfort and hair loss in the lashes and eyebrows. Silk protein, which can be found in mascara, brow makeup, and eye drops, could be a solution to these issues.
These products will help consumers maintain a suitable volume of hair while also adding to their appearance because they promote hair development.
Similarly, these are used to manufacture moisturisers, facial toners, face masks, soap, body wash, and a variety of other products that help the skin fight early ageing and hydrate it to make it look shinier, younger, and more beautiful.
The need for silk protein in industries such as cosmetics & personal care, textiles, pharmaceuticals, and nutraceuticals is propelling the worldwide silk protein market forward. Silk protein’s oligopeptides and other helpful components, such as amino acids, are rapidly being adopted in the production of beauty goods such as body lotion, shampoo, lotions, and serum.
The market for silk protein is growing due to increased research into two silk types, Sericin and Fibroin, for their potential use in the pharmaceutical industry. However, the high price of silk protein, which is a result of the high cost of silk manufacturing, could be a major stumbling block to the worldwide expansion of the silk protein market.
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Key Takeaways from Market Study
- Europe is the most important region in the silk protein market, accounting for 25.7 percent of the global market. In comparison to other European countries, Poland is likely to provide a relatively large part of the silk protein market.
- The global silk protein market is a market with a moderate level of competition. Tier-1 players control approximately 35 percent to 40 percent of the market.
- Manufacturers are concentrating on certain techniques, such as acquiring small businesses that have long been active in the silk protein sector. These acquisitions can help them expand their regional and local markets, as well as gain consumer trust.
- Manufacturers are also expanding their market presence by introducing new silk protein-based goods. In a nutshell, they aim to attract customers by offering unique and rich items made from natural elements or ingredients.
- “Collaborations, mergers and acquisitions, product and technology innovation, and investment in R&D are just a few of the key growth strategies being used by major market players in the global silk protein market.”says a lead analyst at Future Market Insights.
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Who is Winning?
Haircare, toiletry, skincare, lip care, colour cosmetics, and pharmaceuticals are just a few of the potential uses for silk protein. The expanding use in haircare products is projected to result in higher market share, while skincare adoption continues to account for comparatively large sales.
For example, Swisse Wellness, a well-known Australian personal care, vitamin, and supplement firm, released a line of jelly supplements in the United States in 2019. Cera-Q, a silk protein hydrolysate proven to promote cognitive capabilities, is used in the company’s “attention boost jelly,” which is claimed to support brain function and memory.
Some of the leading companies offering silk protein are SilkTech Biopharmaceuticals Huzhou Aotesi Biochemical Huzhou Xintiansi Bio-tech Co., Ltd. Kraig Biocraft Laboratories, Inc. (Trading Symbol: KBLB) Evolved by Nature (previously Silk Inc.) Bolt Threads AMSilk GmbH Universal Preserv-A-Chem Inc., Proteina, and SUBONEYO CHEMICALS PHARMACEUTICALS PRIVATE LIMITED.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the silk protein market presenting historical demand data (2017–2021) and forecast statistics for the period from 2022–2032.
The study divulges compelling insights on silk protein based on product (sericin, fibroin), form (powder, oil), application (haircare, skincare, eye care, color cosmetics) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Read More:https://www.futuremarketinsights.com/reports/silk-protein-market