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Biofunctional peptides modulate physiological function through binding interactions to specific receptors on target cells. This health benefit associated with the biofunctional peptide is significantly increasing its demand in the market. In present scenario, products of biofunctional peptides encompass peptides with satiety like stress-relieving properties anti-cancer, antimicrobial, and others. This is key attraction among customers around the globe.
On the other commercial benefit associated with the biofunctional peptides is increasing the B2B sales of the ingredients. This has increased the number of partnership among players to improve the supply chain, which in turn is expected the boost sales of the biofunctional peptide market.
Drivers for Biofunctional Peptide Market
Cosmetics containing natural ingredients repair skin and also prevent skin aging. This awareness regarding benefits of natural or organic skincare products is, in turn, driving the demand for biofunctional peptide as a key ingredient in various cosmetics products.
Shifting of retailers from niche distribution channels to mainstream mass retailers is a key driver for the market. Merchandisers such as Target Brands, Inc. Walmart Stores, Inc. and others are introducing products with biofunctional peptide. Moreover, supermarkets such as Safeway Inc. and Loblaw Companies Limited and are also expanding product ranges. This has resulted in a sharp increase in sales of biofucntional peptide market.
Biofunctional peptide use in products such as creams, moisturizers, and anti-hair fall products is rising popularity among aging female population, which in turn is driving growth of the market. This is attributed to willingness of consumers in this age group to spend on premium quality personal care products.
On the other hand, increasing penetration of e-Commerce for selling fast moving consumer goods products in South Asia, East Asia and Latin America regions surge the growth of B2C business in the consumer goods sector. Over the years, consumers’ behavior has drastically changed and are more inclined towards researching about products online and purchasing various products such as skin care through e-Commerce.
‘100% organic’ trend in coming years is expected to register growth opportunities for the biofunctional peptide market across the globe. Moreover, increasing consumers’ demand for green personal care products has prompted companies to enter the herbal and natural personal care products market and develop new and advanced products.
Manufacturers are continuously launching natural personal care products with biofunctional peptide a key ingredients, which is resulting in addressing existing consumer requirements and aiding in expanding customer base.
Less awareness among conventional players and high price associated with the products (containing biofunctional peptide as a key ingredient) is a challenge for growth of biofunctional peptide market. On the other hand disturbance in the companies supply chain due to spread of corona virus is hampering growth of the biofunctional peptide market.
Some of the key players operating in the global biofunctional peptide market are American Peptide Company Inc., Phermpep Co. Ltd., ALEXIS Corporation, Ashland Inc., Promega Corporation, Advanced Bioconcept Company, Arlak Biotech Pvt. Ltd., WN Pharmaceuticals Ltd., Anaspec Inc. Thermo Fisher Scientific, Seagarden AS, Novo Nordisk A/S, Merck KGaA and others.
North America is the leading market in biofunctional peptide. The high number of companies in the region and technological advancement is supporting growth of the market in the region. High purchasing power among customers in Europe is increasing demand of premium products in the region. Moreover, presence of significant cosmetics industry is supporting growth of biofunctional peptide market.
East Asia and South Asia regions are expected to grow at significant rate during the forecast period due to increasing B2B demand of biofunctional peptide. On the other hand shift in retail channel is supporting growth of the market in these regions. Increasing companies penetration in Latin America and Middle East & Africa is significantly fueling growth of the market in these regions.
