Global Papain Market: Market Outlook
Papain is obtained from the papaya by cutting the skin of the unripened papaya, and then the latex is collected and dried. Proteolytic enzymes help break proteins down into smaller protein fragments called peptides and amino acids. The content of papain found more in the green papaya compared to ripened or yellow papaya. This is why papain is a popular ingredient in brewing, meat tenderizer, coagulation of milk, and as a digestive aid. Besides, the papain is used in the treatment of parasitic worms, diarrhea, fever, pharynx, and skin. These health beneficial characteristics of papain are the key growth driver of the global papain market. Papain has various applications in the food and beverage, pharmaceuticals, nutraceuticals, personal care, and cosmetic industries.
Global Papain Market: Market Dynamics
In recent years, consumers across the globe are becoming more health-conscious like never before. Climatic change, hectic work schedules, and busy lifestyles are leading to many health-related diseases among people. The consumers are seeking healthy food products that can fulfill hunger along with healthy nutritional content. The papain is gaining popularity among consumers owing to its health beneficial nutrients. Nowadays, the consumer is highly aware of the ingredients used in the food and beverage products and come to know about the benefits of ingredients on one click. Thus, the manufacturers of food and beverage products are seeking for healthy and natural ingredients having maximum health benefits. These factors are expected to fuel the growth of the global papain market. Besides, the pharmaceutical industry is one of the potential users of papain in the manufacturing of medicines. Also, the papain has multiple uses in the textile and personal care and cosmetics industry which expected to create huge demand for the papain in the forecast period of the global papain market.
Global Papain Market: Market Segmentation
On the basis of application, the global papain market has been segmented as,
On the basis of region, the global papain market has been segmented as,
Global Papain Market: Key Players
Some of the key players identified across the value chain of the global Papain market are Shri Ganesh Industrial Enzymes, FRUZYME BIOTECH INDIA PVT LTD, Aumgene Biosciences, Senthil Papain, and Food Products (P) Ltd., Shree Sai Agros, Parchem fine & specialty chemicals, LGM Pharma, Ultra Bio-Logics Inc., Chemos GmbH, AXO Industry SA, Beckmann-Kenko GmbH, and others. These key players are focused on increasing their papain offering with different nutritional content and benefits. Also engaged in developing application-specific papain products for different industries such as food and beverage, pharmaceuticals, cosmetics, textiles, and others.
Opportunities for the Key Players in the Global Papain Market
The Asia Pacific is expected to hold the largest share in the global papain market owing to the high popularity of herbal products. The Asia people are highly aware of the health benefits of papain which is expected to fuel the growth of the global papain market. North America and European consumers are highly health-conscious and seeking for a healthy ingredient in the food and beverage products. These consumers have higher spending power on the food and beverage products which is expected to fuel the growth of the global papain market. Besides, the pharmaceutical industry in North America and Europe is inclining towards the usage of herbal ingredients basically (homeopathy). Thus, these factors are expected to create huge demand for the papain in the forecast period. Latin America and the Middle East and Africa are expected to register a steady growth rate over the forecast period of the global papain market.
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. The papain manufacturers have reduced production due to the shortage of raw material and lack of work force. Papain is mostly consumed by the food and beverage and pharmaceutical industries. As of now, due to disrupted manufacturing and supply chain of food and 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.