The global silk protein market size is projected to grow significantly owing to the rapidly increasing demand in various industries, observes Fortune Business Insights™ in an upcoming report, titled, “Silk Protein Market Size, Share and Industry Analysis, By Type (Sericin, Fibroin), By Application (Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Textile) Others and Regional Forecast, 2019-2026.” The presence of components such as natural amino acid in silk protein makes it desirable for various cosmetics and supplement manufacturing applications.
The production of silk has been adversely impacted amid the COVID-19 pandemic and the following lockdowns. China is the leading exporter of silk worldwide. The country being the origin of the pandemic has resulted in a huge loss for major enterprises operating in the respective industry. Key enterprises are still figuring new strategies to overcome the outbreak-led challenges. At Fortune Business Insights, we are consistently studying the market at both micro and macro levels in order to find the solutions to such challenges.
Highlights of the Report:
The report comprises segmentation of the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers and Restraints-
Increasing Applications in Various Industries to Drive Growth
The rising demand for silk protein in numerous industries including cosmetics and personal care, textile, pharmaceutical, and nutraceuticals is estimated to drive the growth of the global silk protein market. In addition, the increasing demand for premium skin and personal care products among consumers is anticipated to further enhance the demand. However, the high cost associated with the product is predicted to hinder the growth in the forecast period.
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High Production of Silk to Help Asia Pacific Gain Prominence
Asia Pacific is anticipated to dominate the global silk protein market owing to the high production of silk in the region. Countries including China and India are the two largest manufacturers of silk, which leads to high utilization of the same within the region. For instance, according to China Highlights, the country produces nearly 150,000 metric tonnes of silk every year, accounting for 78 % of the global output. This is estimated to drive the growth of silk protein in Asia Pacific.
The market in North America is set to showcase eminent growth in the projected timeline. Increasing demand for silk protein for the formulation of cosmetics and personal care products is projected to drive the demand for the same in the region.
Launching Innovative Products to Aid Key Players Expand Product Line
Prominent Enterprises operating in the global silk protein market are focusing on launching innovative products from the protein. This will help them expand their product portfolio. For instance, in September 2019, Swisse Wellness, a prominent Australian personal care, vitamins, and supplements product company, launched a wide range of jelly supplements in the U.S. market.