PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235901
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235901
According to Stratistics MRC, the Global Antifreeze Proteins Market is accounted for $6.9 billion in 2022 and is expected to reach $50.6 billion by 2028 growing at a CAGR of 39.3% during the forecast period. Antifreeze proteins are produced from specific fish, plants, insects and bacteria that generally survive in extremely cold environments. They are widely utilised in the frozen food and beverage sector to guard against food deterioration. They have a variety of medicinal uses, such as in cryosurgery, cell cryo preservation, organ transplantation, and hypothermia therapy. These substances are able to attach to ice through the process of absorption, which can halt the formation of ice crystals.
According to the National Cancer Institute, approximately 1,735,350 new diagnosis of cancer will occur in the U.S and an estimated 609,640 people will die from the disease.
Antifreeze proteins can be applied in cosmetics, healthcare, food industries, dairy products, confectionary industries, fruit and vegetables, medical field and so on. It has the ability to create uniform texture in goods like frozen fish, meat, dough and ice cream. They are utilized in medical procedures such as organ transplantation and cryosurgery. It helps to preserve organs for longer duration. The numerous applications of antifreeze proteins are propelling the growth of the market.
One of the biggest direct costs companies face while producing any product is R&D expenditures. It covers the price of labour, consumables, research and power & utilities. The technique of extracting antifreeze proteins from fish is difficult and expensive in terms of R&D. All these factors are hindering the growth of the market.
Growing demand for convenience meals, cosmetics, and immunisations has an indirect influence on the industry due to rising living standards and changes in lifestyle in emerging nations. The industry is seeing tremendous prospects in developing nations including China, India, Brazil, and Russia. They are offering huge opportunities which are fuelling the market growth.
The food sector only has a few number of commercial uses for antifreeze proteins, which restricts the market's potential growth. Most businesses are currently in the research and development stage as they look at potential uses for antifreeze proteins in the food industry. As food sector is the largest industry but due to its limited usage it is hampering the growth of the market.
The covid pandemic negatively impacted the financial status of business across all sectors around the globe. It affected the entire supply chain due to strict lockdown in several regions. Antifreeze proteins are used to maintain the structural stability of vaccines stored under subzero temperature conditions. Its market in medical sector only got profited whereas other industries such as food, cosmetics, dairy and others were severely affected.
The solid segment is estimated to have a lucrative growth, due to its easy handling. Frozen food items, cosmetics, and medications are among the applications that are simple to store and manage. Antifreeze proteins are used in items like ice cream, frozen meat, and skin creams while they are in their solid state. These elements are fueling the segment's expansion.
The insects segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its efficiency. The antifreeze proteins are 10 times more effective on insects compared to other products such as fish or plants. None of the insect antifreeze proteins are homologous which is driving the segments growth.
North America is projected to hold the largest market share during the forecast period owing to its various national research institutes. They assist biotechnology and life sciences research. This region has numerous medical and cosmetics industries. The rising demand for anti-aging goods and cryosurgeries in this region is boosting the demand of antifreeze proteins market.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing awareness. The government of this region is financing for proteomics and life sciences research which therefore increased investments in research and development. This region has large consumer base, the rising consumption of frozen food is expected to fuel the market growth.
Some of the key players profiled in the Antifreeze Proteins Market include: Kaneka Corporation, Kodera Herb Garden Co, Rishon Biochem Co Ltd, ProtoKinetix Inc, Aqua Bounty Technologies Inc, Shanghai Yu Tao Industrial Co Ltd, Sirona Biochem Corporation, Unilever PLC, MyBiosource Inc, Nichirei Corporation, Beijing Huacheng Jinke Technology Co Ltd and A/F Protein Inc
In November 2021, ProtoKinetix, announced that it has selected two formulations of its Anti-Aging Glycopeptide (AAGP®) product to be advanced into preclinical efficacy testing for the topical treatment of dry eye disease and ocular inflammation.
In January 2021, Unilever launched around 25 new products ranging from packaged ice cream to frozen novelty brands, including Breyers®, Good Humor®, Klondike®, Magnum ice cream®, Popsicle® and Talenti® Gelato & Sorbetto.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.