Market Research Future Insights
According to MRFR analysis, the global Papain market is expected to register a CAGR of 5.9% from 2022 to 2030 and hold a value of over USD 378.7 million by 2030.
The Papain Market is growing due to its health benefits. Papain is a naturally occurring proteolytic enzyme, and it is being used more and more in place of chemically derived proteolytic enzymes. In addition, papain is also used in pharmaceuticals, in a gel called Papacarie. This gel is used for various purposes, including tooth whitening, cleaning chronic wounds, and dissolving cells in cell culture preparations. The food beverage and pharmaceuticals sectors are two of the main industries that consume papain. However, due to the recent production stoppages and disruptions in the supply chain, the demand for papain has declined. Additionally, the manufacturing industries of textile detergent, personal care cosmetics are completely closed due to the lockdown, further reducing the demand for papain. Animal feed industries are also reducing their production, which also contributes to the decline in the papain market.
Regional Analysis
North America Papain Market is projected to have the largest share in the review period due to the rising consumer awareness about natural products and the changing usage of natural products. The usage of natural products leads to the increasing growth of natural proteolytic enzymes like papain. Moreover, the Asia-Pacific region is expected to witness significant growth in the global papain market during the assessment period due to the robust growth of the pharmaceutical industry as the population is increasing in emerging countries like India and China.
Market Segmentation
The global Papain Market has been segmented into form, application, and distribution channels.
Based on form, the market has been segmented into liquid, capsule, powder, and others. The powder segment holds the largest market share due to the less processing cost and wide range of product availability.
Based on application, the market has been segmented into textile, food beverage, pharmaceuticals, cosmetics others. Among these applications, the food beverage segment, specifically the meat industry, is responsible for the largest share of the papain industry due to papain's easy availability. This increases the demand for naturally derived proteolytic enzymes like papain for meat tenderization in meat products.
Based on distribution channels, the market has been segmented into store-based and non-store-based. Store-based channels are the primary method of selling papain products. This is advantageous for shoppers because it provides a one-stop experience that displays all products, offers discounts and festival offers, etc.
Key Players
Some of the Key Papain Market Players 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), Ultra Bio-Logics Inc. (Canada).
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