The antifreeze proteins market is projected to grow at a CAGR of 30.0% from USD 2.7 million in 2018 to reach a value of USD 10.0 million by 2023. Antifreeze proteins, also known as ice structuring proteins or ice-binding proteins, bind to ice and subsequently inhibit the growth of ice crystals. They are biological antifreeze materials originally found in polar fish and also in certain plants and insects.
Drivers: Benefits associated with antifreeze proteins
Antifreeze proteins are found in a wide range of organisms, including bacteria, fungi, plants, invertebrates, and fish. Multiple forms of antifreeze proteins are synthesized within each organism. Therefore, it is possible to select a single protein with appropriate characteristics and a suitable level of activity for a specific food product. Antifreeze proteins improve the quality of frozen food products such as ice creams that are consumed in the frozen state by inhibiting recrystallization and maintaining a smooth texture.
Advancements in technology to enhance fish farming in cooler climates
Exposure to low temperatures stimulates synthesis of antifreeze proteins in large amounts. Hence, though present even in cool waters of moderate climatic zones, the amount of antifreeze proteins generated in fish here is lower than fish in cooler climates.
R&D in TU/e University (Netherlands) for extraction of antifreeze proteins from polar fish such as Antarctic fish, snow scorpionflies, and other cold climate fishes has revealed significant differences in the types of protein extracted. The study by TU/e indicates the difficulties in determining how “active” a protein is – an important consideration in its suitability for commercial applications.
Restraints: High cost of production and R&D expenditure
R&D expenses are one of the largest direct costs incurred by companies while manufacturing any product. This includes the cost for research, labor, power & utilities, consumables, and others. Extraction of an antifreeze protein from fish is a complex process and involves huge R&D investments.
Market consolidation limits free entry for new players
The antifreeze proteins market is highly consolidated with few players acquiring a share of over 90%. This includes companies such as Aqua Bounty Technologies, Inc. (US) and Unilever (Netherlands) which have successfully commercialized these products with several other companies having a strong R&D setup. Due to the strong market presence of these players, start-ups face difficulties in expanding their operations in this market space. Hence, it limits market competitiveness; thus, restricting innovation in the market.
Europe and North America are estimated to be the dominant regions in the antifreeze proteins market in 2018. North America has several national research institutes which support biotechnology and life sciences research which in turn supports the growth of the market, identifying new areas of applications. However, North America is projected to be the fastest-growing market during the forecast period, due to increased awareness and government funding for proteomics and life sciences research and increasing R&D investments in the region.
Companies such as AF Protein (Aqua Bounty Technologies), Sirona Biochem, Unilever, Kaneka Corp. and ProtoKinetix provide a broad product portfolio for antifreeze proteins catering to the varied requirements of the market, along with a focus on the diverse end-use segments. They are also focused on innovation and are geographically diversified.
