Papain Market may register strong gains By 2024

Papain Market Analysis Report, Regional Outlook U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024.

Global Papain Market Size is likely to grow with a high CAGR by 2024. The market growth is attributed to the increasing health concern among the consumers and globally rising demand for natural enzymes.

Papain breaks down tough meat fibers, and is used to tenderize meat. The globally increasing demand for meat tenderizers will propel the market growth. Papain is capable of digesting dissolved proteins, with amino acids as a by-product and thus increases the clarity of beer. The market will witness a high demand from thriving beer industry in the near future. Papain is also used in removing hair from hides before tanning and for treating wool before dyeing. It is likely to have demands from the tanning industry owing to the popularity on animal skin usage. Papain is a protein degrading (proteolytic) enzyme and hydrolyzes large proteins into amino acids & smaller peptides, which makes it a useful enzymatic supplement. Papain also aids in protein digestion as it has a mild, calming effect on the stomach.

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The medicinal properties of papain make it significant in treating parasitic worms, diarrhea, inflammation of the throat and pharynx, shingles symptoms, runny nose, hay fever, psoriasis, etc. It is also used in preparing several remedies for ulcers, indigestion, fever, and swelling. For instance, according to ‘2010 animal study’ by the U.S. NCBI (National Center for Biotechnology Information), papain was approved to be applied as a natural therapy for wounds, skin ulcers and other skin infections. NCBI also concluded that the product is safe and effective for treating various types of injuries in different healing stages, as per its ‘2012 systematic review’.

Papain acts as cleansing agent for soft contact lenses and increases lens wearing time in keratoconus patients with papillary conjunctivitis. It is used in toothpastes and mint sweets as a tooth whitener. Papain enzyme being found in the latex produced by the fruit of the Carica papaya plant, it possesses allergic sensitivity. It may cause symptoms ranging from itchiness to abdominal cramps, excessive sweating and diarrhea. Restraining of papain due to the allergy prone people will be the only factor limiting the papain market size in the forecast timespan. For instance, the U.S. Food and Drug Administration (FDA) had put a ban on marketing of unapproved topical papain products in 2015, since some people experienced allergic reaction upon their use.

The global papain market, is segmented based on end-use industry as food & beverages, pharmaceutical, cosmetics, textile, other industries such as meat tenderizing, detergents, tanning, optical, photographic, etc. Among these, the highest market share is gained by the pharmaceutical segment in the recent years and the trend is probable to be continued in the forecast period. Food & beverages segment also portray higher demands for papain in the coming years. Based on the distribution channel, the market is classified as departmental stores, specialty stores, supermarkets and online stores.

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The regional segmentation of the market is done as: North America, Europe, Latin America, Asia Pacific and Middle East and Africa. The North America is likely to contribute highest share in the papain market. Approximately 95% of the meat tenderizing enzymes consumed in the U.S. are from the plant proteases of papain. The macro economic factors contributing to market are the ever-growing global population, growing domestic income, the rapid rate of urbanization and industrialization. These presents brighter growth aspects for the product demand in the developing countries in the Asia Pacific region in the forecast period.

Key players in the market are Aumgene Biosciences, Excellent Biotechnologies, Beckmann-Kenko GmbH, AXO Industry SA, Fruzyme Biotech India Pvt Ltd, Biofact India Enterprises, Hexon Laboratories Pvt. Ltd., Chemos GmbH, Shree Sai Agros, Senthil Papain and Food Products Pvt. Ltd., Nikunj Chemicals, LGM Pharma, Parchem fine & specialty chemicals, S.I. Biozyme, Shri Ganesh Industrial Enzymes, S.I. Biozyme, etc. The manufacturers possess a significant backward integration in the papain production value chain through collaboration with papaya vendors, the raw material suppliers. Through consistent innovation by investing in research and development, the market players can achieve significant competitive advantage.

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