Papain Market Analysis 2018-2023 | Global Industry Key Players Profiles, Regional Analysis, Key Findings and Future Prospects

Market Overview:

Owing to growing awareness on diverse application of Papain, its use has grown in the recent years. The growth has been driven by the increased acceptance of Papain amongst the consumers. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Papain Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR while achieving good growth rapidly in the forecast period.

Papain is a naturally extracted cysteine proteolytic enzyme, mostly found in papaya. It is also known as papaya proteinase and is widely used in meat industry to tenderize the meat fibers. It is mostly found in powdered form which is biologically active in nature and is majorly used in food & beverage, textile & leather industry. With growing consumer needs for soft textured meat products, papain demand is anticipated to escalate at the global level. Papain, both in powdered or liquids forms, are extensively used in the meat industry as meat tenderizers as it breaks down the tough meat fibers. Growing demand of natural enzymes and increasing health awareness among the consumers have a positive impact on natural proteolytic enzyme such as papain. Owing to multi spectrum application sector of papain, it is widely used in alcoholic beverage industry to increases the clarity of beer, tanning industry to remove hair from hides before tanning and for treating wool before dyeing, pharmaceutical & nutraceutical industry as it helps in protein digestion and personal care industry where papain can be used as tooth whitener in mint sweets and toothpastes.

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Naturally derived proteolytic enzymes such as papain have shown an increase in the market as compared to the chemically synthesized enzymes because of the health benefits associated with them. With growing health and wellness trends and use of papain in treating parasitic worms, diarrhea, inflammation of the throat & pharynx, shingles symptoms, runny nose, hay fever, psoriasis, and in preparing several remedies for ulcers, indigestion, fever, and swelling, there has been surge in sales of papain. Growing health concerns among the increasing global population together with increasing awareness about the benefits of Papain are expected to uplift the growth of this market. Furthermore, higher private investments by companies involved in the Papain market to gain consumer attention are driving the growth of the global Papain market. Additionally, the enhancement of the product coupled with technological advancements is one of the significant reasons for the increasing growth of the Papain market during the forecast period, 2017-2023. Since papain is derived from a natural source the production can be limited, for this reason, synthetic alternatives can crowd the market which can act as a market restraint.

Latest Industry Updates:

Nov 2017 Biocatalysts has launched an exciting new enzyme panel for the food industry, which is aimed at companies that are developing products to address the current trends of sugar reduction and soluble fibre inclusion. The company is highly inclined towards new product launches.

Jun 2017 DuPont has launched three newly approved food enzymes in Japan. With this recent new approval, bakers and flour millers can now include POWER Fresh and POWER Soft range of enzymes to maintain superior fresh-eating quality, improve softness and moistness in their bakery applications.

Jun 2017 DSM has launched a new range of baking enzymes that enable bakeries and bread-makers to deliver a better eating experience for gluten-free bread and other wheat-free applications. DSM’s new range, specifically formulated for gluten-free applications, will help producers win customers and fans in this fast-growing market segment by improving the softness and moistness of their offerings.

Competitive Analysis:

Key players are more focusing on acquisition to expand their business across the globe. Acquisition has become the major strategy for key players from last few years which are contributing the maximum share of strategy. Expansion and new product launch are two main factors which are contributing significantly in order to help the company to increase their production capacity in order to fulfill increasing demand for various food & beverage products.

The key players profiled in Papain report are 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), and Ultra Bio-Logics Inc. (Canada) among many others.

Market Segment:

The global Papain market has been divided into form, distribution channel, application, and region.

On the Basis of Form: Powder, Liquid, Capsule, Others

On the Basis of Distribution Channel: Store based, and non-store based

On the Basis of Application: Foods & Beverages, Textiles, Pharmaceuticals, Cosmetics, and Others

On the Basis of Region: North America, Europe, Asia Pacific, and ROW

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Regional Analysis:

The global Papain market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The North American region dominated the market followed by Asia Pacific. North America is estimated to retain its dominance throughout the forecast period of 2017-2023. The increasing consumer awareness, industrialization and shift towards the use of natural products are one of the significant reasons for the rising growth in use of natural proteolytic enzyme such as papain in the Asia-Pacific market. 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 U.S., Denmark, Japan, France, and Germany