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Growing number of affordable substitutes is poised to create the hurdles for the Papain Market.
HYDERABAD, TELANGANA, INDIA, October 26, 2022 / / -- IndustryARC, in its latest report, predicts that the size is forecast to reach $ 371.8 million by 2026, growing at a CAGR of 4.9% during the forecast period 2021-2026. Papain, also known as papaya proteinase is a cysteine protease acquired from the latex of the vasconcellea cundinamarcensis that is the papaya plant. Cysteine proteolytic enzymes help break proteins down into smaller protein fragments called peptides and amino acids. This is why papain is a popular ingredient in meat tenderizer, which is a key factor driving the growth of the market.
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Key Takeaways:
This IndustryARC report on the Papain market highlights the following areas -
1. North America dominated the Papain Market in 2020 owing to growing concern regarding health and wellness among consumers and the rising inclination towards usage of natural products. The Papain Market scope for different regions will be provided in the final report.
2. Growing number of health conscious consumers coupled with rising awareness regarding high antioxidant content of Papain are likely to aid the market growth of the Papain Market report.
3. Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Papain Market report.
4. Growing number of affordable substitutes is poised to create the hurdles for the Papain Market.
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Segmental Analysis:
Papain Market Segment Analysis – By End Use : The Food & Beverages segment held the largest share in the Papain Market in 2020 and is estimated to grow at a CAGR 4.6% during the forecast period 2021-2026. This is owing to the growing consumer awareness regarding health and wellness because of which they are particular about the food they consume.
Papain Market Segment Analysis – By Distribution Channel : The Hypermarkets/Supermarkets segment held the largest share in the Papain Market in 2020 and is estimated to grow at a CAGR 4.3% during the forecast period 2021-2026. This is owing to the exhaustive lineup of products that hypermarkets are able to put on display at the same time and place, thereby making buying experience convenient for consumers.
Papain Market Segment Analysis – By Geography : North America dominated the Papain Market with a major share of 37.8% in 2020. This is attributed to the factors like growing concern regarding health and wellness among consumers and the rising inclination towards usage of natural products in food and beverages. In addition, growing awareness of consumers surrounding health benefits of inclusion of cysteine proteolytic enzyme such as papain in their diet is projected to further fuel the growth.
Competitive Landscape:
The top 5 players in the Papain industry are -
1. Senthil Papain and Food Products Ltd
2. Fruzyme Biotech India Pvt Ltd
3. Shri Ganesh Industrial Enzymes
4. Aumgene Biosciences
5. Shree Sai Agros
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