Competitive Landscape: —
Several companies are showing a keen interest in the Global Papain Market and are also getting involved strategically to profit more. Companies to impact the most are Senthil Papain and Food Products Pvt. Ltd (India), Mitsubishi Kagaku Media (Japan), Shri Ganesh Industrial Enzymes (India), Fruzyme Bio-Tech India Pvt Ltd (India), Aumgene Biosciences (India), Ultra Bio-Logics Inc. (Canada), Enzybel International (Belgium), and others.
In 2019, a new personal care series has been launched by Sylveco. The company is known for its extraordinary natural beauty products and has made itself a brand. With this new series, it aims at expanding their business in the U.S. The series includes a face peel that contains Bromelain (enzyme from pineapple juice) and Papain (enzyme from papayas) to help in removal of dead skin cells. In addition, the product would soften the skin tone and leave a glow on it.
On the flip side, Biocatalysts has launched an alternative to papain, known as Promod 950L. The enzyme is not seasonal, and its availability would be much greater than papain which would help in the reduction of the cost of the end product.
MRFR, in their report on the Global Papain Market, discussed at length, the prospect of Papain Market and also predicted the achievement of substantial CAGR during the forecast period (2017-2023). Primarily derived from papaya, papain is a naturally extracted cysteine proteolytic enzyme. This type of enzymes breaks down proteins into peptides and amino acids. Its widespread application in the food industry to tender meats for further processing has given it much recognition.
The product has several health benefits that get acknowledged by cosmetics & personal care products and food industry. Its effect on the skin is quite astounding. Papain can naturally cure skin ulcers, wounds, and other dermatological conditions owing to which cosmetics & personal care sector finds the product alluring. With disposable income rising and urbanization taking place all around, the consumption habit is bound to change, and their papain has a great opportunity as a meat tenderizer. It also helps in digestion which is why its application in the healthcare sector can grow.
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All these factors will contribute to the estimated CAGR of 5.2% of Papain market during the forecast period 2017-2023.
MRFR, included North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) in their report on the papain market to analyze it regionally. The intent is to unfold the growth pockets to increase the chances of profitability from investments.
North American market is getting blessed by a high rise in the consumption of natural products. But it is also getting much traction from the health-related benefits as people have started using more papain products than before. Various manufacturers are also putting in great effort to extract the component and create best-in-class products. This would sufficiently put North America on the front for the coming years as well. It is further getting traction from the high spending capacity of the region.
Europe’s case is quite similar to that of North America. Similar to that of North America, the region is investing a lot in research and development which would ensure better products and high-profit margin. The APAC market has the potential to speed past the other regions in terms of gaining CAGR during the forecast period. The region has a lot of production capacity owing to which the market can benefit and change the future demography. Countries to significantly influence the global papain market are the U.S., Denmark, Japan, France, and Germany top the chart.
MRFR, in their analysis of the Papain Market, puts an emphasis on the segmentation that based on Form, Application, and Distribution Channel.
The powder segment is leading the segment as they incur low cost during processing and has wider applicational facility.
• Food & beverage
In the food & beverage sector, it has the maximum contribution as tenderizer of the meat.
By Distribution Channel
• Store-based (supermarkets/hypermarkets, convenience stores, specialty retailers, others)
• Non-store based (e-commerce)
The store-based segment has the upper-hand as they provide one-stop experience.
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