Paeonia lactiflora root extract is an extract derived from the roots of the common garden peony, a plant native to Central Asia. Nowadays, it is a very common decorative plant in all parts of the world, grown for its beautiful, full pink flowers.
The peony root extracts are common in Chinese traditional medicine, but there is also some modern research regarding their uses in skincare.
One study suggests that they have anti-pigment properties and can help with skin discoloration issues. The main active ingredient of the extracts is a special phytochemical called paeoniflorin.
Science
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Qiu J, et al. The skin-depigmenting potential of Paeonia lactiflora root extract and paeoniflorin: in vitro evaluation using reconstructed pigmented human epidermis. Int J Cosmet Sci. 2016 Oct;38(5):444-51.