(I-BusinessNews.Com, February 04, 2020 ) The antifreeze proteins market is estimated at USD 2.7 million in 2018, and it is projected to grow at a CAGR of 30.0% from 2018 to 2023. The market is segmented on the basis of form, source, end-use, type, and region. The forms of antifreeze protein include solid and liquid. This market has also been segmented on the basis of end-use into medical, cosmetics, and food. The types studied are Type I, Type III, and antifreeze glycoprotein. It has also been segmented on the basis of source into fish, plants, and insects. On the basis of key regions, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW) which includes South America and the Middle East & Africa.
A strong growth potential in anti-aging skin care products, advancements in technology to enhance fish farming in cooler climates, and the use of antifreeze proteins as effective chemical adjuvants in cryosurgery are driving the market.
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Based on source, the insects segment is estimated to be the fastest-growing market from 2018 to 2023. Insects are important sources for the extraction of antifreeze proteins used in medical applications such as cryosurgery, organ transplant, and vaccinations. The significance of using antifreeze proteins in various food products is characterized by the type of antifreeze protein they produce, their functional properties, and the numerous benefits associated with their use in commercial applications.
On the basis of form, the solid segment is projected to be the fastest-growing from 2018 to 2023, because ease of use and storage are characteristics offered by solid antifreeze proteins, which fuels the demand for this form.
Based on end-use, the cosmetics segment is expected to be the fastest-growing during the forecast period. This growth is mainly associated with the growing demand for the use of natural ingredients in products such as anti-aging creams in the cosmetics industry.
The North American region is expected to be the fastest-growing market for antifreeze protein between 2018 and 2023. Factors such as the demand for antifreeze proteins in medical, cosmetics, and food applications, coupled with advancements in the technology used for antifreeze protein extraction are changing rapidly in the North American region.
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Demand for custom-made solutions to suit new applications drives manufacturers to invest more in R&D innovation, which serves as an opportunity for the antifreeze proteins market. Companies have increased their investment in research & development to modify the formulation of existing products and meet the changing customer requirements, particularly in the cosmetics and vaccination industries.
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