Papain Market Analysis 2017-2023: Key Findings, Regional Analysis, Key Players Profiles and Future Prospects
Papain Market: By Form (Powder, Liquid, Capsule), by Application (Food & Beverage, Textile, Pharmaceutical, Cosmetic and others), by Distribution Channel (Store, Non-Store Based) and Region – Forecast till 2023
Pune, India – October 23, 2017 /MarketersMedia/ —
Market Overview
Urbanization, increase in population, uplift in the capital and high use of meat products has a positive impact on the papain market. The market for meat and meat products has gained acceptance in the growing working class population. Papain has a wide range of application including meat, textile, pharmaceutical & leather industry. Major use is in the meat industry for tenderization of meat products which softens the meat fiber. Additionally, the increased consumption of personal healthcare and pharmaceutical products has uplifted the market of papain. Use of naturally synthesized papain is projected to dominate in meat and poultry products followed by pharmaceutical products. However, increased population of health-conscious consumers has opened the doors for the use of natural and plant derived proteolytic enzymes such as papain to grow during the forecast period 2017-2023.
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Competitive Analysis
• Senthil Papain and Food Products Pvt Ltd (India)
• Fruzyme Bio Tech India Pvt Ltd (India)
• Shri Ganesh Industrial Enzymes (India)
• Aumgene Biosciences (India)
• Enzybel International (Belgium)
• Mitsubishi Kagaku Media (Japan)
• Ultra Bio-Logics Inc (Canada)
Advancement in the production process, extraction techniques to obtain more purified form which makes papain to be used in different forms and industry for increasing the shelf life of food products has ballooned the market demand for natural proteolytic enzyme papain. Population shift towards plant based naturally extracted enzymes will bring a dramatic change in the consumption pattern among the consumers. In North America, the U.S. and Canada dominates papain market and exports the product to various other countries, which include Denmark, Germany & others.
Market Forecast
Papain is expected to grow its popularity in terms of use, owing to the property of tenderization and softening of meat products. Urbanization, increase in population and high demand for meat products are the major driving factors of the global papain market. Increased acceptance of papain as a source for natural meat tenderizer has increased its application scope in the food industry. However, use of chemically synthesized proteolytic enzymes as alternatives for papain, is likely to hamper the market growth over the review period.
All these factors will contribute to the estimated CAGR of 5.2% of Papain market during the forecast period 2017-2023.
Downstream Analysis
On the basis of form, powdered papain dominates the market because of its low processing cost and wide product range applicability in food and pharmaceutical industry. However, focus on pure and consistent natural enzymes is projected to rise during the given forecast period. Furthermore, based on the application, meat industry dominates the market due to high demand of meat products, reasonable cost and wide range applicability. However, focus on pharmaceutical industry is projected to rise during the given forecast period.
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Regional Analysis
Global Papain Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds the major share of the global market followed by Europe. Increase in health conscious population and urbanization are driving the growth of this region. The U.S., Denmark, Japan, France & Germany are the major importers of papain.
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Source: MarketersMedia
Release ID: 253964
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