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“The antifreeze proteins market is projected to grow at a CAGR of 30.0%.”
The market for antifreeze proteins is estimated at USD 2.7 million in 2018 and is projected to reach USD 10.0 million by 2023, at a CAGR of 30.0%. The rapid economic growth, as well as significantly growing medical and cosmetics industries in countries such as Japan and the US, has led to a significant increase in the demand for antifreeze proteins. Technological advancements in the field of biotechnology in countries are leading to antifreeze protein product development activities for use in medical procedures such as cryosurgery, organ transplant, and vaccines. The high cost of production and R&D expenditure and market consolidation limiting the free entry of new players are some of the restraints surrounding the antifreeze proteins market.
“The demand for the solid form of antifreeze proteins is exhibiting steady growth.”
On the basis of form, the solid segment is projected to exhibit a higher CAGR from 2018 to 2023. The use of solid antifreeze protein for medical and cosmetic applications along with food applications such as ice creams is constantly growing. Many specific solid and dry antifreeze protein powders have been introduced, which enable ease of application and transportation.
Type III segment to grow at the highest CAGR in the antifreeze proteins market
The Type III segment is projected to grow at the highest CAGR in the antifreeze proteins market during the forecast period. The market is expected to grow with the growing technologies due to which the extraction process is getting easier. The growth of Type III antifreeze protein can also be attributed to its increasing demand for antiaging creams in the cosmetics industry.
Cosmetics to be the fastest-growing segment in antifreeze proteins market, by end-use
The cosmetics segment is projected to be the fastest-growing segment by 2023. North America has several national institutes that support biotechnology and life sciences research. This has increased the opportunity for antifreeze proteins with several research facilities for the application of AFPs in cosmetic, medical, and food applications. In developing economies, due to rapid urbanization, and increased spending power, the demand for antifreeze proteins is increasing, which in turn, is fueling the demand for antifreeze proteins in cosmetics.
“High growth is expected in the North American antifreeze proteins market.”
North America is projected to be the fastest-growing market for antifreeze proteins during the forecast period. The region is the largest and projected to be the fastest-growing market for antifreeze protein. Some factors that influence the share of North America in the market are that antifreeze proteins have strong growth potential in anti-aging skin care products and in cryosurgery.
Break-up of Primaries:
- By Company Type: Tier 1 - 45 %, Tier 2 - 33%, and Tier 3 - 22%
- By Designation: C-level - 33%, D-level - 45%, and Others* - 22%
- By Region: North America - 11%, Europe - 11%, Asia Pacific - 45%, and RoW - 33%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report:
• Aqua Bounty Technologies (US)
• Sirona Biochem (Canada)
• Unilever (Netherlands)
• ProtoKinetix Inc. (US)
• Kaneka Corp. (Japan)
The report categorizes the antifreeze proteins market on the basis of type, end-use, source, form, and region. In terms of insights, this report has focused on various levels of analyses?end-user analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the global antifreeze proteins market, high-growth regions, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the antifreeze proteins market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights into the major regions in which the antifreeze proteins market is flourishing