Papain Market: Growth Rate Projection for America, Europe, Asia Pacific, and rest of the world for the Period 2018-2023

Market Definition:
Urbanization, increase in population, uplift in the capital and high use of meat products has a positive impact on the papain market. The market for meat and meat products has gained acceptance in the growing working class population. Papain has a wide range of application including meat, textile, pharmaceutical & leather industry. Major use is in the meat industry for tenderization of meat products which softens the meat fiber. Additionally, the increased consumption of personal healthcare and pharmaceutical products has uplifted the market of papain. Use of naturally synthesized papain is projected to dominate in meat and poultry products followed by pharmaceutical products. However, increased population of health-conscious consumers has opened the doors for the use of natural and plant derived proteolytic enzymes such as papain to grow during the forecast period 2017-2023.

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Market Scenario:
Papain is expected to grow its popularity in terms of use, owing to the property of tenderization and softening of meat products. Urbanization, increase in population and high demand for meat products are the major driving factors of the global papain market. Increased acceptance of papain as a source for natural meat tenderizer has increased its application scope in the food industry. However, use of chemically synthesized proteolytic enzymes as alternatives for papain, is likely to hamper the market growth over the review period.

All these factors will contribute to the estimated CAGR of 5.2% of Papain Market during the forecast period 2017-2023.

Key Players:
The key players profiled in the Papain market are Senthil Papain and Food Products Pvt. Ltd (India), Fruzyme Bio Tech India Pvt Ltd (India), Shri Ganesh Industrial Enzymes (India), Aumgene Biosciences (India), Enzybel International (Belgium), Mitsubishi Kagaku Media (Japan), Ultra Bio-Logics Inc. (Canada)

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Regional Analysis:
The global papain market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds the major share of the global market followed by Europe. Increase in health conscious population and urbanization are driving the growth of this region. The U.S., Denmark, Japan, France & Germany are the major importers of papain.

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This release was published on openPR.