Sodium hydroxymethylglycinate (SHMG) is a preservative used in many skincare products.
It belongs to a class of chemicals known as formaldehyde-releasing preservatives. These preservatives have been associated with allergic contact dermatitis, possibly due to the agents themselves, the formaldehyde they release, or both.
If you have sensitive skin, it is recommended that you patch-test a product containing SHMG first.
Science
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Russell, K., & Jacob, S. E. (2010). Sodium hydroxymethylglycinate. Dermatitis : contact, atopic, occupational, drug, 21(2), 109–110.