(Entertainment-NewsWire.com, March 13, 2024 ) According to a research report "Antifreeze Proteins Market by Type (Type I, Type III, Antifreeze Glycoproteins), End-use (Medical, Cosmetics, Food), Source (Fish, Plants, Insects), Form, and Region(North America, Europe, Asia Pacific, South America, RoW) - Global Forecast to 2028" published by MarketsandMarkets, the antifreeze proteins market is estimated at USD 10 million in 2023 and is projected to reach USD 50 million in 2028, at a CAGR of 37.2%. Factors driving the antifreeze proteins market include increasing freeze tolerance of plants by the introduction of AFPs, altering the harvest season in cold regions, enhancing fish farming in cooler climates, and the need of extending the shelf life of frozen foods. The introduction of antifreeze proteins in different food applications like ice creams and yogurts increases its demand in the food and cosmetics industry. With more and more people embracing a healthy lifestyle, the demand for fresh and frozen foods have increased, which fuels the need for antifreeze proteins in food application.
The high demand for type I antifreeze proteins drives the market
The majority of the proteins extracted are Type I, as they are the simple form of antifreeze proteins to identify in the DNA sequence and present in larger quantities. The growing demand for different cosmetics and medicinal products has increased the demand for these proteins in the market. Frozen foods are packed in special ways to avoid ice crystals in it. Additionally, the convenience of foods packed increases its demand in the market.
The growing popularity of solid form is projected to boost the form segment.
The solid form provides a longer shelf life than the liquid form, which makes this form most preferred for Ice creams, frozen meat, and skin-whitening creams. Solid form is easily available from different sources of origin and it is easy to store and use as well, which makes it ideal for the food sector, such as frozen foods, ice cream products, frozen fish, and meats. This helps in reducing the overall production cost.
The increasing trend of frozen food application is set to grow the market during the study period
The rising demand for different packaged foods has increased the demand for antifreeze proteins in this sector. High global population growth is witnessed, as the UN estimates that the global population will reach 9 billion by 2050. The rising necessity of different antifreeze proteins to prevent ice crystals formation in frozen foods has increased the adoption of antifreeze proteins. This has provided opportunities for food producers to enter this market and launch various products into the market.
The increasing trend of fish farming fuels the demand of antifreeze proteins from fish source during the study period
Antifreeze proteins and antifreeze glycoproteins were first identified in antarctic fishes and it lowered the freezing point to less than 33.8° F. Fish held the highest market share during the study period, due to the ease of extraction and application. However, the high cost of extraction of antifreeze proteins from fish is encouraging manufacturers to switch to other sources.
Asia Pacific provides the highest growth prospects for the antifreeze proteins market in 2023
Asia Pacific is a highly diverse market in terms of antifreeze protein manufacturing and consumption. The Asia Pacific antifreeze proteins market is expected to grow at a significant rate. The region comprises two densely populated regions India and China, which are dominated by an increase in the consumption of different food, cosmetics, and medicinal products. The Asia Pacific region is driven by economic growth, urbanization, and the rise in purchasing power of consumers. These countries are also offering key players to expand their reach in the antifreeze proteins market by providing a vast customer base, the focus of the companies operating in the market is shifting towards establishing business and manufacturing facilities, which drives the market in the region. The prime factor contributing to the growth of antifreeze proteins in the region is the growing adoption of these proteins in different end use applications. Additionally, key players like Nichirei Corporation. (Japan), Kaneka Corporation (Japan), Shanghai Yu Tao Industrial Co., Ltd. (China), Kodera Herb Garden Co., Ltd (Japan), Beijing Huacheng Jinke Technology Co., Ltd. (China) and others have a strong presence and market share in the region, which further boosts the antifreeze proteins market in the Asia Pacific.
Key players in this market include Nichirei Corporation. (Japan), Kaneka Corporation (Japan), A/F Protein Inc. (US), Sirona Biochem (Canada), Unilever (Netherlands), ProtoKinetix, Inc. (US), Shanghai Yu Tao Industrial Co., Ltd. (China), Kodera Herb Garden Co., Ltd (Japan), Beijing Huacheng Jinke Technology Co., Ltd. (China), Rishon Biochem Co., Ltd (China), and MyBiosource, Inc. (US).
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
