Papain Market - Forecast(2023 - 2028)

Papain Market Overview

Papain Market 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. Some people take papain orally to combat inflammation and to remove extra fluid following trauma and surgery. It is also taken by mouth to help with digestion, to treat parasitic worms, inflammation of the throat and pharynx, shingles (herpes zoster) symptoms, sore muscles, diarrhea, hay fever, runny nose, and a skin condition called psoriasis. Papain also helps combat radiation therapy, and when used in combination with other therapies can treat tumors, is set to further enhance the overall market developments of the Papain Market for the period 2021-2026.

Report Coverage

The report: “Papain Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Papain Market.

By Form: Powder, Liquid, and Capsules.
By End Use: Food & Beverages, Textiles, Cosmetics & Skin Care Products, Pharmaceuticals, and Others.
By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, and Online Sales Channels.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (Middle East, and Africa).

Key Takeaways

• 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.
• 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.
• Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Papain Market report.
• Growing number of affordable substitutes is poised to create the hurdles for the Papain Market.
  
  

Papain Market Revenue Share, By Geography, 2020(%)

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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. Food and beverages infused with papain enzymes helps in maintaining good digestion, and can also be used post-trauma and surgery as a natural anti-inflammatory and also for fluid retention. It aids in healing of burns, bedsores and skin ulcers. In fact, with any skin problem, like shingles and psoriasis, it does quite a number on foxtrot. Moreover, papain can better the quality of beers, ales and other fermented malt beverages. A method of chill proofing bottled beverages, by adding papain, can make drinks rich in taste. However, over the recent years, papain found its usage increase significantly in the cosmetics industry. Papain is considered a ‘skin-debriding agent’ which leads to the breakdown of protein in the skin, helping to eliminate damaged skin cells and flaky patches, fighting acne, pigmentation and scarring revealing a healthy skin from within. Additionally, papain enzyme is highly effective in maintaining its proteolytic function across a wide spectrum of skin pH, including those with acne or blemish-prone skin where the pH of the facial skin appears to be lower than average. Cosmetics & Skin Care Products segment is estimated to register the higher CAGR over the period 2021-2026.

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. Moreover, supermarkets also hold the potential to provide discount coupons when bought in more than usual quantity, which is a win-win situation for consumers. However, online sales channels are gaining a lot of traction with internet penetration a lot of sub-urban and rural areas of different economies. Consumers can procure their products from the comfort of their home and millennials are majorly attracted to online shopping than the more conventional ways. Online sales channels are estimated to register the higher CAGR over the period 2021-2026.

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.

However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising consumer preference for the use of papain to treat burns, ulcers, irritations, bedsores and other wounds, and to assist recovery from sports injuries, thereby augmenting the growth of the market in this region.

Papain Market Drivers

Increasing number of health conscious consumers is driving the market growth

Over the recent past, the number of health conscious consumers has increased manifold along with the scope of availability of products infused with papaya proteinase worldwide. Consumers have become aware about papain enzyme offering powerful resistance to redness and irritation. Papain helps aid the absorption of a beneficial substance called quercetin. According to American Academy of Dermatology, 84.5 million Americans that is one in four were impacted by skin diseases in 2020. Skin disease costs the US health care system USD 75 billion in medical, preventative, and prescription and non-prescription drug costs. Therefore, key players are trying to innovate in order to add more products to their papain line-ups. Thus, increasing the growth of the Papain Market during the forecast period 2021-2026. 

Growing awareness regarding high antioxidant content of Papain is poised to increase the growth of the market

Papain contains essential nutrients like vitamins A and C, along with high amounts of antioxidants. Papain holds compounds that may aid in protecting the body from cellular damage caused by free radicals, which makes it an antioxidant. The compounds in papaya juice effectively scavenge, or counteract, highly reactive hydroxyl (OH-) free radicals, as well as super-oxides. According to a study conducted by National Center for Complementary and Integrative Health involving more than 100,000 people combined, to find out antioxidant supplements can help prevent chronic diseases, such as cardiovascular diseases, cancer, and cataracts. Papain has an antioxidant level on par with Vitamins E and C. Thus, increasing the growth of the Papain Market during the forecast period 2021-2026.

Papain Market Challenges

Growing number of affordable substitutes is likely to challenge the market growth

Some restraints are limiting the growth of the global papain powder market. The availability of cheap and easily available substitutes such as artificial enzymes is anticipated to hamper the growth of the global papain powder market. Furthermore, the cost associated with the processing of papain is huge and requires initial investment commitments which may restrain the growth of the market. Raw ingredients for food & beverage companies face dramatically reduced usage and supply chain instability problems as the impacts of COVID-19 are felt around the world. Due to the scarcity of raw material and lack of labor force, the papain manufacturers have reduced production. Due to disrupted manufacturing and supply chain, food & beverage, and pharmaceutical products, the demand for papain is decreased globally. Besides the manufacturing of personal care and cosmetics, detergent and textile products are completely closed due to COVID-19, and animal feed industries also producing limited and essential products which are limited the growth of the global papain market. These factors are expected to leave a footprint on the global papain market for at least the next two years.

Papain Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Papain Market. In 2020, the Papain Market share is fragmented by the top ten players present in the market. The Papain Market, top 10 companies 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
6. Parchem Fine & Specialty Chemicals
7. Ultra Bio-Logics Inc.
8. Beckmann-Kenko GmbH
9. AXO Industry SA 

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