Purslane & Astragalus: China Skincare Stars H1 2024

Purslane had the strongest social media performance of the three ingredients, with post volume reaching 219,000 in MAT2024 after growth of +166.1% YoY, well ahead of its revenue growth of +97.2%.^[1] We believe this shows social awareness running ahead of commercial conversion, which points to continued sales growth in the periods ahead.

The sales figures already show substantial momentum. Revenue approached CN¥ 190M in MAT2024, almost double the previous year, while unit volume rose 142.7% to 3.677 million units and engagement reached 3.066 million interactions (+87.9% YoY). Xiaohongshu (小红书) is the main seeding platform, where consumers discover purslane products before they go on to buy them on Tmall (天猫) or Douyin (抖音).

Purslane sales near-double while social media volume triples YoY

Purslane sales near-double while social media volume triples YoY

*Source: Moojing Market Intelligence*

Glabridin (光果甘草): CN¥ 890 Million in MAT2024#

Glabridin is the most commercially mature of the three ingredients. The market reached CN¥ 890M in MAT2024 revenue, an increase of 80.1% YoY, on 3.428 million units (+73.8% YoY), and social media volume grew 129.7% to 105,000 posts. Engagement moved the other way, as interactions fell 57.0% YoY from 2.62 million to 1.127 million even as revenue continued to climb strongly. We believe this shows that once consumers know an ingredient, sales go to the products that match it most closely to what they want to buy.

Guyu's Glabridin Toner and Lotion Set shows how tightly defined efficacy positioning can work for this ingredient, as it promises to reduce sallowness, inhibit glycation-induced yellowing and improve dry and dull skin. Its lifestyle narrative, "brightening skincare for people who stay up late", connects the ingredient's functional benefits to an experience that is widely shared by consumers of both genders. Its packaging details, a spoon to prevent bacterial contamination and a leaf-shaped lid, are also mentioned favourably in reviews.

Consumer sentiment for glabridin products is 97.2% positive, the highest of the three ingredients in this analysis, and consumers specifically attribute visible improvement in skin tone to the combination of glabridin and arbutin. The small share of negative feedback (2.8%) centres on tightness after application and cream that absorbs more slowly than expected.

The male share of the glabridin audience has reached 39%, well above the average for the beauty category. We believe this is driven by the late-night dullness narrative, which appeals to male consumers who respond to specific functional efficacy claims more than to traditional beauty positioning.

There is room for differentiation. BOAM's glabridin face mask combines glabridin with botanicals associated with Traditional Chinese Medicine (TCM), namely Lycium chinense root bark, licorice and salvia, in a multi-ingredient brightening proposition. We believe this TCM-adjacent approach to formulation is an underexplored way to differentiate as glabridin enters mainstream awareness.

Astragalus (黄芪): The Fastest Grower, the Highest Risk#

Astragalus has the fastest commercial growth in this analysis. Revenue reached CN¥ 510M (+153.3% YoY) in MAT2024, while unit volume rose 244.5% to 21.675 million units, social media volume grew 116.4% to 473,000 posts and engagement reached 27.489 million interactions (+141.4% YoY). No other plant ingredient in this report comes close to matching astragalus on all four growth measures at once.

Growth is coming almost entirely from domestic Chinese brands, and brands such as Chunjuan, Sainuofang (珊诺坊), Zhile and Runhuang draw on the "guochao" (国潮) revival of domestic brands. For these brands, astragalus carries a cultural meaning that newer synthetic or international botanical actives cannot offer, since its heritage in Traditional Chinese Medicine gives consumers an immediate reason to trust it.

The brands position their astragalus products in different ways. Runhuang's Astragalus Cream promises hydration, fewer fine lines and less dullness, while Chunjuan's premium face cream is marketed on anti-ageing claims built around a high concentration of astragaloside IV. Sainuofang's Astragalus Cream, which stresses its Gansu Longnan provenance and a de-yellowing effect, launched on Douyin as recently as November 2023. We believe it shows how live-streaming commerce can shorten the time it takes an ingredient-focused brand to go from launch to scale.

The astragalus audience has changed markedly. The male share rose from 24% to 38% over the past two years, while the share of consumers aged 36–50+ increased from 38% to 45%. The association with traditional medicine appears to lower the cultural barrier to skincare for male consumers and to appeal strongly to older consumers who grew up with astragalus as a health supplement. This expansion into two demographic groups differs in structure from both purslane, whose audience is younger and mostly female, and glabridin, whose audience is mostly female with a high male share driven by the late-night narrative.

Consumer sentiment is 94.7% positive, which is strong, but the 5.3% negative share matters for the kind of complaint it contains. While the negative feedback on purslane and glabridin centres on texture, the negative feedback on astragalus centres on counterfeiting, with consumers reporting colour differences on arrival, missing anti-counterfeit markings and allergic reactions that they attribute to fake products. The rapid growth of the category has attracted counterfeiters, and we believe brands in the category need to invest in product authentication, as the reputational risk will grow with sales volume.

Key Takeaways#

Purslane: CN¥ 190M (+97.2% YoY), 3.677M units (+142.7%), 219K social posts (+166.1%) and 90.6% positive sentiment, a category led by social media that was converting interest into sales in MAT2024
Glabridin: CN¥ 890M (+80.1%) and 97.2% positive sentiment, the most commercially mature of the three ingredients, with room for differentiation through TCM-adjacent formulations
Astragalus: CN¥ 510M (+153.3%), 21.675M units (+244.5%) and a male share that rose from 24% to 38%, the fastest-growing ingredient, led by domestic brands, with counterfeiting as the main commercial risk
Brands such as Runhuang, Chunjuan and Guyu build their products on tightly defined efficacy claims, and Sainuofang's November 2023 launch shows how live-streaming commerce can bring an ingredient-focused brand to scale quickly