(MENAFNEditorial) Papain Market Information: By Form (Powder, Liquid, Capsule and others), Application (Food & Beverage, Textile, Pharmaceutical, Cosmetic and others), Distribution Channel (Store, Non-Store Based) and Region - Forecast till 2023
Market Overview:
Papain Market is projected to grow at a CAGR of 5.2% over the forecast period. Papain is a naturally derived cysteine proteolytic enzyme which is used in meat industry to soften the meat fibers or to tenderize it. Papain is also used in toothpastes for teeth whitening. Increasing population, urbanization and demand for high meat products are majorly driving the growth of the market. Use of naturally derived papain for tenderization process has increased because of popular consumer inclination toward natural products. This has projected to propel the market growth of papain even on a global level.
North America is dominating the papain market because of rapid urbanization and increasing population using meat products has increased the demand for the use of papain to tenderize meat products and is expected to continue its dominance over the forecast period 2017-2023. Rising awareness about healthy diet within the population and high consumer shift for naturally derived products has increased the demand for papain in this region. Development of new found technologies to produce pure and fine enzyme with a wide range product applicability has increased the overall yield which is also identified to be one of the key factors propelling the growth of this market.
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Increasing technological innovations and sophisticated machinery to produce highly purified form and overall consistency has added up the production efficiency in the existing product line. Natural or plant derived proteolytic enzymes are expected to have potential market. Increasing adoption of a ready to eat food in developing countries, especially, in China and India have boosted the market growth in this region. Extensive use of chemically synthesized enzymes in meat industry might hamper the growth of the market over the review period. However, the overall growth of the Asia Pacific papain market is estimated to achieve an uplift.
Major Key Players:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major Papain market players. It further includes product portfolios, developments of leading players, which includes
The major key players in the Papain Market are,
- Fruzyme Bio Tech India Pvt Ltd (India)
- Shri Ganesh Industrial Enzymes (India)
- Aumgene Biosciences (India)
- Senthil Papain and Food Products Pvt Ltd (India)
- Enzybel International (Belgium)
- Mitsubishi Kagaku Media (Japan) and
- Ultra Bio-Logics Inc (Canada)
Key Findings:
Rising demand for clean label products, natural papain for meat tenderization will witness high demand for during the forecast period. Top exporters of used cooking oil include countries such as the U.S., Denmark, Germany, the Netherlands & U.K.
Segments:
Papain market is segmented on the basis of form, comprising of liquid, powder, capsule and others. Among them, powdered form occupies a major share in the market because of low processing cost and wide product range applicability.
Papain market is segmented on the basis of application, comprising of textile, food & beverage, cosmetic, pharmaceutical & others. Among them, food & beverage (meat industry) occupies a major share in the market because of ease of availability which has increased the market for use of naturally derived proteolytic enzyme such as papain for meat tenderization process in meat products.
Papain has been segmented on the basis of distribution channel, which comprises store based (supermarkets/hypermarkets, specialty retailers, convenience stores, others), and non-store based (e-commerce). Sale through store based channels dominates the market due to convenient one-stop shopping experience of the consumers.
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Regional Analysis:
Papain Market is segmented into Asia Pacific, North America, Europe and Rest of the World (RoW). Among these, North America is estimated to retain its dominance throughout the forecast period of 2017-2023. The increasing consumer awareness and population shift for the use of natural products are considered to be one of the significant reasons for the rising growth in use of natural proteolytic enzyme such as papain in the North American market. However, Asia Pacific region is estimated to witness a maximum growth in the global papain market during the forecast period 2017-2023. The major importers of papain include the Denmark, Japan, U.S., France & Germany.
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