Antifreeze proteins are capable of binding to ice by the phenomenon of adsorption and stopping the growth of ice crystals. This special property of antifreeze proteins finds its use in a variety of applications such as in food & beverage industry, medical industry, cosmetics industry, agricultural industry, and others. In food & beverage industry, antifreeze proteins are used to prevent freezing-thawing damage to food products such as cake, enhance the texture of ice cream, and helps in maintaining the shelf life of frozen fish, meat, and flour dough. In medical industry, antifreeze proteins are used in cell cryopreservation, cryosurgery procedure and as anti-infective agent used to coat medical devices such as catheter.
Global Antifreeze Protein Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020.
For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 172 million cases and 3.7 million deaths due to coronavirus (COVID-19) were reported till June 06, 2021, across the globe.
Impact of COVID-19 on Demand and Supply of Antifreeze Proteins
The COVID-19 pandemic and lockdown in various countries across the globe have negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has negatively impacted the entire supply chain of the pharmaceutical industry, food & beverage industry, cosmetics industry, and others mainly due to strict lockdown in several regions. However, the demand for antifreeze proteins is increasing in this COVID-19 pandemic due to a growing need of development of new vaccine candidates for treatment of coronavirus cases. For instance, according to the Business Standard Report 2020, there is an increased pressure on the governments all around the world to ensure proper storage and transport facilities for distribution of newly approved COVID-19 vaccines. For instance, according to the Centers for Disease Control and Prevention (CDC), Pfizer vaccine need to be stored at a very low temperature of about -70 degree Celsius. Antifreeze proteins are used to maintain the structural stability of vaccines stored under subzero temperature conditions.
Thus, impact of the coronavirus (COVID-19) pandemic is expected to boost growth of the global antifreeze proteins market during the forecast period, owing to the increased demand of antifreeze proteins for storage of COVID-19 vaccines.
The global antifreeze proteins market is estimated to be valued at US$ 5.4 Mn in 2021, and is expected to exhibit a CAGR of 34.8% over the forecast period (2021-2028).
Figure 1: Global Antifreeze Proteins Market Share (%) Analysis, By Product Type, 2021
The increasing product launches and approvals are the major factors that are expected to drive the market growth over the forecast period
The increasing launches of products and approvals are expected to drive growth of the global antifreeze proteins market over the forecast period. For instance, in May 2021, AquaBounty Technologies, a U.S. biotechnology company launched genetically engineered salmon, which is the first of its kind in the world and also the only one to be currently available for commercial harvest. This newly developed genetic modification technology will enable the company to produce 70% more salmon than the traditional methods of spawning and breeding. A boost in product launches in the field of frozen fish is expected to boost the antifreeze protein market as these proteins are widely used as a preservative for storage of frozen fish.
Moreover, increasing market strategies by key players such as partnerships, collaborations, and acquisitions are expected to drive the global antifreeze proteins market. For instance, in September, 2020, Sirona Biochem Corp., a U.S. biotechnology company signed a partnership agreement with WuXi Apptec, a biopharmaceutical company based in Shanghai, for scaling up the production of TFC-1067, a novel skincare product for dark spot removal. Skincare products require usage of antifreeze proteins to maintain the stability and texture of the cosmetic product, thus growth in cosmetics industry is expected to fuel the market growth of antifreeze proteins.
|Base Year:||2020||Market Size in 2021:||US$ 5.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||34.8%||2027 Value Projection:||US$ 43.6 Mn|
Kaneka Corporation, Rishon Biochem Co., Ltd, Aqua Bounty Technologies, Inc., Sirona Biochem Corp., Unilever Plc., Nichirei Corporation, A/F Protein Inc., Kodera Herb Garden Co., ProtoKinetix, Inc., Shanghai Yu Tao Industrial Co., Ltd., and MyBiosource, Inc.
|Restraints & Challenges:||
Global Antifreeze Proteins Market – Restraints
However, growth of the global antifreeze proteins market is expected to be hampered due to high extraction cost of antifreeze proteins and risk of allergy associated with use of antifreeze proteins. For instance, according to an article published by the Journal of the American Chemical Society in July 2017, a study conducted by the University of Warwick, U.K revealed that antifreeze proteins may cause inflammatory response in some people.
Global Antifreeze Proteins Market – Regional Analysis
On the basis of regions, the global antifreeze proteins market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to hold dominant position in the global antifreeze proteins market over the forecast period, owing to large consumption and growing demand of frozen food. For instance, according to data provided by the American Frozen Food Institute, in 2018, the U.S. frozen food industry increased by 2.6% from 2017 to reach US$ 57 billion. Antifreeze proteins are used in preservation of food in frozen state, thus rising consumption of frozen food is expected to fuel the market growth of antifreeze proteins in North America region over the forecast period.
Figure 2: Global Antifreeze Proteins Market Value (US$ Mn), by Region, 2021
Global Antifreeze Proteins Market – Competitive Landscape
Major players operating in the global antifreeze proteins market include Kaneka Corporation, Rishon Biochem Co., Ltd, Aqua Bounty Technologies, Inc., Sirona Biochem Corp., Unilever Plc., Nichirei Corporation, A/F Protein Inc., Kodera Herb Garden Co., ProtoKinetix, Inc., Shanghai Yu Tao Industrial Co., Ltd., and MyBiosource, Inc.
Antifreeze proteins are peptides or polypeptides produced by certain organisms that lower the freezing point of water to prevent crystallization in the frozen state. This allows organisms to survive at a temperature below zero degree Celsius without any freezing damage caused by formation of crystals inside its cell. Antifreeze proteins are produced by organisms such as fishes, insects, bacteria, plants, diatoms, nematodes, and others. Antifreeze proteins also protect the cell from mechanical damage, which could result from recrystallization of ice. Inhibition of ice recrystallization is a property, which can be exploited for use of antifreeze proteins in cryopreservation of mammalian cells. Antifreeze proteins work on the principle of adsorption wherein they bind to the ice forming surface and halt the growth of ice crystal formation. On the basis of structure, antifreeze proteins are of five types, namely Type I, Type II, Type III, Type IV, and Antifreeze Glycoproteins. Antifreeze proteins have a wide range of industrial applications such as preserving frozen food, cell cryopreservation, cryoprotectant agents in organ transplantation surgery, frost protection in agricultural plants, and others.
Market players are focusing on launches of products, which is expected to strengthen their position in the global antifreeze protein market. For instance, in January 2021, Unilever launched around 25 new products ranging from frozen treats to packaged ice cream. Since, antifreeze proteins are used as an additive in frozen food products to maintain structural stability, new product launches in the food and beverage industry is expected to fuel the growth of global antifreeze proteins market over the forecast period.
Market players are involved in several market strategies such as entering into partnership to boost their growth, this is expected to drive the growth of the global antifreeze protein market. For instance, in October 2020, Sirona Biochem, an American biotechnology company, signed an agreement with Global Pharmaceutical Company, Canada to conduct clinical trials for a novel skincare product, TFC-1067, manufactured by Sirona Biochem. The aim of this clinical testing was to check the potential of TFC-1067 to reduce dark spots on the skin. Antifreeze proteins are used in skin creams and oils to maintain the stability of skincare products, thus new developments in cosmetic industry is expected to boost growth of the antifreeze protein market across the globe.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.