Papain Market 2020 is all set to procure a decent growth rate of 5.2% between 2020 and 2023 (evaluation period), says MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Impacting Factors and Deterrents
Papain is used to break down tough or hardened meat fibers and help in tenderizing the meat. As a result of the rising demand for meat tenderizers across the world, the papain market is anticipated to witness substantial growth in the following years. The enzyme is also known for its ability to digest dissolved proteins, with amino acids being the primary by-products, which helps boost the clarity of the beer. Given the burgeoning beer industry across various countries, it can be assumed that the papain market could surge ahead at a noteworthy pace in the near future. Papain also helps remove hair from the hides prior to tanning and treat wool before dying, which means that its escalating demand in the tanning industry due to high preference for animal skin can be favorable for the overall market.
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Papain’s medicinal properties are well-known, since it is largely used for treating diarrhea, psoriasis, parasitic worms, shingles symptoms, inflammation of pharynx and throat, hay fever, runny nose, to name a few. Other medicinal applications include use in the preparation of various remedies for indigestion, ulcers, swelling and fever. It is also used as a cleansing agent in soft contact lenses, helping in expanding the lens wearing period in keratoconus patients that suffer from papillary conjunctivitis. Another key use case of papain is in mint sweets and toothpastes as a tooth whitener and with the consistently growing personal care industry worldwide, the global industry is projected to observe excellent opportunities in subsequent years.
Mounting health concerns among consumers and the escalating preference for natural enzymes are some of the top market trends that can foster growth in the coming years. To leverage these trends, prominent companies are spending generously on research and development activities to adhere to the strict regulatory instructions and also meet with the heightened demand. Product launch is another key strategic move generally adopted by the firms to get ahead of the competition. For instance, in July 2020, First Aid Beauty launched FAB pharma BHA acne spot treatment gel that contains papaya fruit extract. This extract acts as a skin resurface, thanks to the high content of papain that helps bring down acne and remove dead skin cells clogging the pores.
Few of the highly eminent firms in the Worldwide Papain Industry include Mitsubishi Kagaku Media (Japan), AUMGENE Biosciences (India), ENZYBEL International (Belgium), Ultra Bio-Logics Inc. (Canada), Shri Ganesh Industrial Enzymes (India), FRUZYME Bio Tech India Pvt Ltd (India), Senthil Papain and Food Products Pvt. Ltd (India) and more.
Form, application and distribution channel are the top segments as per which the market study has been carried out in the MRFR report.
The forms in which papain is generally available in the global market include capsule, liquid, powder, and more. Between these, the powdered form has taken the lead in the industry since its processing requires low expenditure and has a broad application range.
Papain has extensive applications in textile, food & beverage, pharmaceutical, cosmetic, and others. The food & beverage, especially the meat industry, accounts for the biggest share in the market due to the high availability of natural proteolytic enzymes like papain that effectively tenderizes the meat. Hence, the accelerated demand for meat products across the globe seems to be boosting the application range of papain in the food industry.
Papain is sold via various distribution channels, some of which are store based (hypermarkets/ supermarkets, convenience stores, specialty retailers, and others), as well as non-store based (e-commerce). Sales via the store-based channels form are higher than via non-store channels as they provide a comfortable one-stop experience to the shoppers.
The regions across which the papain market has gained varying levels of traction include Asia Pacific, North America and Europe along with Rest of the World or RoW.
North America will continue being the best performer in the global market throughout the given period. Close to 95% of the meat tenderizing enzymes that the US consumes are derived from the plant proteases belonging to papain. Some of the top macroeconomic growth boosters can be the expanding population, high domestic income, and the prevalence of urbanization as well as industrialization in the region.
APAC could observe the highest growth rate in the ensuing years, thanks to the consistently burgeoning pharmaceutical sector and the exploding population in China and India. The escalating industrial growth rate and the soaring preference for meat products also add considerably to the market value in the region.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.