Global Digestive Enzymes Market: Snapshot
Presence of a large number of small and large companies makes the global market for digestive enzymes competitive in nature. In order to grow in such a competitive environment, the established players are investing heavily in research and development to come up with better products. They are also embarking upon partnerships with retail chain companies to improve sales.
Majorly boosting demand in the global market for digestive enzymes is the changing lifestyle of people world over and the subsequent shift away from healthy eating habits. Further, mushrooming fitness centers and gymnasiums, particularly in developing nations in Asia Pacific and Latin America, is also proving beneficial to the market.
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Acting as a deterrent to the global market for digestive enzymes, on the flipside, are substitutes for digestive enzyme supplements. Further, lack of knowledge about the exact dosage amounts also poses a challenge to the swift uptake of the products.
As per Transparency Market Research, the global market for digestive enzymes will likely expand at an impressive CAGR of 13.1% from 2017 to 2025 to become worth US$1,039.4 mn by 2025 from US$358.2 mn in 2016.
Ready Availability of Microbial Sources Will Likely Propel their Demand
The global market for digestive enzymes can be segmented based on different parameters. Based on origin, for example, the main segments of the market are plant, animal, and microbial. The segment of plant, among them, dominates the market with maximum share. This is because plant based enzymes possess broader pH range of the activity than the animal based ones. Plant based enzymes such as papain from papaya and bromelain from pineapple have proteolytic activity. In the years ahead, however, the segment of microbial is slated to register maximum growth because of the rising use of these species for production of enzymes, which in turn is on account of the fact that they are readily available.
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Depending upon the type of distribution channels again, the retail stores dominated the digestive enzymes market. The dominance of the segment has been brought about by the increasing number of retail stores worldwide and also because of the valuable information and guidance provided by pharmacists in such stores. In terms of growth rate, however, the online stores segment will emerge as the winner, predicts the TMR report. The convenience accorded by them will result in their rising popularity.
North America Runs the Show due to Unhealthy Eating Habits of its People
Geographically, North America runs the show in the global digestive enzymes market at present. Pressing schedules and unhealthy eating habits of people, primarily in the U.S. is said to be driving the market in the region. In the near future too, the market in the region is predicted to retain its dominant share by rising at a CAGR of 12.8% from 2017 to 2025. Europe is another key market that has progressed on the back of a superior healthcare infrastructure and the high disposable income of its people.
In terms of growth rate, however, Asia Pacific is slated to outpace all others with a CAGR of 13.9% in the forecast period, powered by nations of India and China. These densely populated fast-expanding large economies have a sizeable chunk of their population suffering from digestive disorders on account of fast-paced lifestyle which has resulted in untenable eating habits. This, in turn, has boosted demand for digestive enzyme supplements.
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Some of the prominent companies in the global market for digestive enzymes are National Enzyme Company, Country Life LLC., Garden Of Life Inc., Rainbow Light Nutritional Systems Inc., Food State Inc., Biotics Research Corporation, Metagenics, Inc., Matsun Nutrition, Twinlab Corporation, and Abbott Nutrition.