Global Antifreeze Proteins Market, by Product Type (Type I, Type III, Antifreeze Glycoproteins, and Others), by Form (Solid and Liquid), by Source (Fish, Recombinant (Bacteria, Fungi, Plant, and Animals)), by End User (Medical Industry, Food & Beverages Industry, Cosmetics Industry, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 5.4 million in 2021, and is expected to exhibit a CAGR of 34.8% during the forecast period (2021-2028).
Market players are engaged in inorganic activities such as acquisitions and partnerships, which is expected to drive growth of the antifreeze proteins market. For instance, in June, 2017, AquaBounty Technologies, Inc., a U.S. biotechnology company announced acquisition of the farming facility of Bell Fish Company in Indiana, which would enable it to produce its eco-friendly AquAdvantage Salmon at a commercial scale for the first time.
The increasing demand of procedures such as assisted reproduction technology (ART) is expected to fuel the growth of global antifreeze protein market, as these antifreeze proteins are used as a cryoprotectant agent. Antifreeze proteins ensure that the structure of frozen egg, sperm or embryo is not damaged during storage at subzero temperature conditions. For instance, according to the Centers for Disease Control and Prevention (CDC) Report 2018, over 300,000 assisted reproductive cycles were performed in the U.S. in 2018, where around 100,000 resulting eggs or embryos were frozen for future use. Thus, need for cryoprotectant agents for storage of frozen cells in blooming assisted reproductive technology industry is expected to bolster growth of the global antifreeze proteins market.
Global Antifreeze Proteins Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. 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 up till June 06, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to affect the antifreeze proteins market. The demand of antifreeze proteins is expected to increase during the pandemic, as newly developed COVID-19 vaccines are required to be stored at subzero temperature conditions, which can be achieved using antifreeze proteins. For instance, according to an article published by Specialist Pharmacy Service, NHS (National Health Service) on March 5, 2021, Moderna Vaccine is required to be stored at a temperature of -25 to -15 degree Celsius for maximum shelf life. Antifreeze proteins help in maintaining the stability of these vaccines by preventing ice formation at subzero temperature conditions, this is expected to fuel the growth of global antifreeze protein market over the forecast period.
Browse 30 Market Data Tables and 25 Figures spread through 151 Pages and in-depth TOC on Global Antifreeze Proteins Market, by Product Type (Type I, Type III, Antifreeze Glycoproteins, and Others), by Form (Solid and Liquid), by Source (Fish, Recombinant (Bacteria, Fungi, Plant, and Animals)), by End User (Medical Industry, Food & Beverages Industry, Cosmetics Industry, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, acceptance of clinical studies for development of new products in industries such as food & beverages and cosmetics is expected to drive demand of antifreeze proteins over the forecast period. For instance, in October, 2020, the clinical studies presented by Sirona Biochem Corp., were accepted by the Journal of Cosmetic Dermatology, which is the official source of scientific innovations and research for the Canadian Association of Aesthetic Medicine (CAAM) and the International Academy of Cosmetic Dermatology (IACD).
Key Takeaways of the Global Antifreeze Proteins Market:
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