Papain Market 2023 Industry Outlook, Comprehensive Insights, Growth and Forecast 2030
The papain market size is expected to grow positively due to the enzyme’s rising applications. Furthermore, the rising consumer inclination toward health booster products may elevate the industry’s expansion. Fortune Business Insights™ provides this information in its report titled “Papain Market, 2023-2030.”
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List of Key Players Profiled in the Papain Market Report
- Senthil Papain and Food Products Pvt. Ltd (India)
- Shri Ganesh Industrial Enzymes (India)
- Aumgene Biosciences (India)
- Enzybel International (Belgium)
- Ultra Bio-Logics Inc. (Canada)
- Fruzyme Bio tech India Pvt. Ltd (India)
- Mitsubishi Kagaku Media (Japan)
By type, the market is segmented into powder, liquid, capsules, and others. As per the distributional channel, it is categorized into supermarkets, specialty stores, and online sales. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Nutrient-Rich Nature and High Digestibility to Propel Market Progress
Papain is derived from an enzyme in papaya and belongs to the proteolytic enzyme. It is used in several industries, including textiles, food and beverages, cosmetics, and pharmaceuticals. Its nutrient-rich nature and high digestibility enhance its sales. Rising knowledge of animal nutrition is expected to foster the product’s adoption. Furthermore, the therapeutic properties of papaya are expected to enhance the adoption of papain. Its antioxidant properties are expected to enhance its adoption. These factors may influence the papain market growth.
However, the high costs associated with the product may restrict industry growth.
Strong Demand for Plant-Based Products to Foster Industry Progress in Asia Pacific
Asia Pacific is expected to dominate the papain market share because of the rising adoption of plant-based products. Further, the rapid adoption of plant-based derivatives is expected to enhance the demand for papain. Moreover, the rising awareness regarding the awareness of lifestyle-related conditions is expected to enhance the product’s adoption.
In North America, the rising awareness of lifestyle-related conditions is expected to enhance papain adoption. Further, spending on healthy foods and supplements is estimated to propel the product’s adoption. These factors may influence industry progress.
In Europe, the presence of a developed digital infrastructure and a huge health conscious consumer base is expected to enhance the product’s sales. These factors may propel the industry progress in this region.
Prominent Players Announce Novel Products to Enhance Brand Image
Prominent players operating in the industry announce novel products to enhance their brand image. For example, EnzymCo announced papain-rich foods such as pet food and supplements in June 2022. The products are highly non-toxic, GMO-free, highly biodegradable, and non-toxic. This strategy may allow the company to enhance its brand image worldwide. Further, manufacturers adopt online retail to enhance their reach and bolster sales worldwide. Moreover, manufacturers adopt automated production techniques to enhance productivity, improve product quality, reduce labor and production costs, increase sales, and achieve organizational goals. In addition, companies devise partnerships, acquisitions, mergers, and acquisitions to enhance their brand image.
Key Industry Development
- April 2022: Solabia Group announced its novel cosmetics by incorporating organic enzyme papain obtained from the papaya fruit. The enzyme is utilized in face scrubs, which helps regenerate novel cells, thereby maintaining healthy skin.
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