What is driving the recent price trend for tranexamic acid in the Chinese market?

What is driving the recent price trend for tranexamic acid in the Chinese market?
Tranexamic acid, originally a classic antifibrinolytic hemostatic drug used for half a century, has seen its demand profile broaden significantly since 1979 when its efficacy in treating melasma was first discovered in Japan. In China, the molecule now serves dual markets: pharmaceutical-grade use for hemorrhage control and cosmetic-grade use in skin lightening and anti-pigmentation products. The cosmetic segment is growing faster, driven by consumer preference for whitening ingredients that work through a different mechanism than traditional tyrosinase inhibitors like vitamin C or arbutin. Tranexamic acid acts on keratinocytes by interfering with plasminogen binding, preventing UV-induced pigmentation without directly inhibiting tyrosinase. This positions it as a safer alternative for sensitive skin, supporting steady demand growth in skincare formulations, particularly in serums and creams targeting melasma and dull complexion.