ANTIFREEZE PROTEINS MARKET ANALYSIS

Antifreeze Proteins MarketSize and Trends

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).

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.

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 2021, 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.