The digestive enzymes market is expected to register a CAGR of 8.35%, over the forecast period with a revenue of approximately USD 769.87 million in 2020, and it is expected to reach USD 1245.92 million by 2026.
The novel coronavirus has significantly impacted all industries which include food and beverages, automotive, chemicals, and many others. This pandemic has resulted in mass production shutdowns and supply chain disruptions which have affected the economy of the region.
Factors, such as the rising geriatric population, the rising prevalence of gastrointestinal disorders, increasing awareness about GI health, and focus on preventive health management, are contributing to the market growth. The global population is aging rapidly, owing to reduced birth rates and rising life expectancy. The demographic trend toward an elderly population represents a rising need for the management of disorders, such as GI tract obstructions. According to the report "World Ageing Population, 2019", the older population of age 65 and above accounted for approximately 702.9 million all around the world, and it is expected to reach around 1,548.9 million. The secretion of digestive enzymes usually reduced with age that contributes to high levels of gastric discomfort, lower digestion rates, reduced food consumption, and/or a variety of other GI disorders. Therefore, with the rising elderly population, the market for digestive enzymes is expected to increase, over the forecast period.
Digestive supplements containing micronutrients and vitamins C and D are safe, have low-cost and are an effective way of helping the immune system fight off COVID-19 from other acute respiratory tract diseases. Due to this, the demand for digestive supplements has increased in the market. At this period of time, everyone is susceptible to becoming a carrier of COVID-19, but it is especially affecting those aged above 60 who are having low immune systems. Health organizations across the country are reporting the best practices to limit transmission and advising citizens on ways to enhance their immune system. These suggestions include getting a good night sleep, maintaining a healthy diet, exercising moderately, and taking digestive/nutritional supplements. Thus, due to COVID-19 pandemic the market will have positive impact due to rising usage of digestive supplements and increasing awareness among the people for preventive disease management.
Key Market Trends
Animal Origin Sub-segment Captured the Largest Market Share And Expected To Follow The Same Over Forecast Period
The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat, and seafood products across the globe is expected to increase the demand for plant and animal-based digestive supplements in the near future.
The animal origin sub-segment holds a significant market share in the origin segment and is expected to continue the same trend, over the forecast period.
The major factors responsible for the growth of this segment include the efficiency of these animal-derived enzymes in various diseases or conditions, such as pancreatitis, exocrine pancreatic insufficiency, and pancreatic cancer. Hence, the increasing burden of these diseases may positively influence market growth.
According to the Cancer Research UK, new cases for pancreatic cancer accounted for almost 10, 257 in the United Kingdom, for 2015-2017. The animal-based enzyme is currently preferred as standard care of treatment for these disorders due to its similar pathophysiology of animals and humans. For instance, the pancreatic pathophysiology of hogs is much similar to that of humans. However, ethical issues associated with animal origin products in some consumers are expected to hamper the segment's growth.
Many key players are involved in various growth strategies, such as collaborations, partnerships, agreements, and mergers and acquisitions that are expected to drive the market. In May 2020, Nestle Health Science (NHSc) announced the successful completion of the asset purchase of Zenpep and Viokace, expanding NHSc's portfolio. ZENPEP and VIOKACE, available in the United States, are a combination of porcine-derived lipases, proteases, and amylases, indicated for the treatment of exocrine pancreatic insufficiency. Owing to the aforementioned factors, the animal origin segment is expected to witness significant growth during the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
In research, it has been found that digestive supplements are helpful in boosting digestion thereby boosting the immune system. Due to this new trend, the demand for digestive supplements has been increased highly. The demand for dietary supplements is increasing to immunize the body, on the other hand, due to lockdown, gym facilities, jogging park, and walking places are shut. As people are less physically active due to pandemic which leads to indigestion problems. Thus, the increasing demand for digestive supplements which to helps the body break down food compounds and increase nutrient absorption, relieving symptoms of indigestion in the process.
North America emerged as the largest regional market, in terms of revenue. The increasing prevalence of chronic gastrointestinal diseases, rapidly aging population, growing demand for preventive medicine, and the presence of major market players are primary factors contributing to the large market size.
According to the US Census Bureau, in 2019, the geriatric population in the United States was recorded with approximately 52 million. Furthermore, in 2019, around 14.8 million people were diagnosed with ulcers in the United States, according to the Centres for Disease Control and Prevention.
Apart from the high prevalence of GI disorders, the changing lifestyle, unhealthy eating habits, and high disposable income are contributing to the high growth rates. On the other hand, Asia-Pacific is expected to exhibit the fastest growth rate over the forecast period.
There is the presence of major market players, such as Zeus Biotech Limited, Klaire Labs, Amway Corporation, AbbVie Inc., and Biotics Research Corporation. The global market for digestive enzymes is characterized by robust competition at present owing to the presence of numerous small and large manufacturers. It orders to retain their market shares from getting dented and bolster their positions, well-established players are banking upon product innovation by investing in research and development. Such companies are also forming partnerships with retail chain companies to up their sales and revenues. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Geriatric Population
- 4.2.2 Rising Prevalence of Gastrointestinal Disorders
- 4.2.3 Increasing Awareness about GI Health and Focus on Preventive Health Management
- 4.3 Market Restraints
- 4.3.1 Perception of Probiotic and Prebiotic Products as Alternatives to Digestive Enzymes
- 4.3.2 Stringent Regulatory Policies
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Enzyme Type
- 5.1.1 Carbohydrase
- 5.1.2 Protease
- 5.1.3 Lipase
- 5.1.4 Other Enzyme Types
- 5.2 By Origin
- 5.2.1 Animal
- 5.2.2 Microbial
- 5.2.3 Plant
- 5.3 By Geography
- 5.3.1 North America
- 22.214.171.124 United States (By Enzyme Type, and By Origin)
- 126.96.36.199 Canada (By Enzyme Type, and By Origin)
- 188.8.131.52 Mexico (By Enzyme Type, and By Origin)
- 5.3.2 Europe
- 184.108.40.206 Germany (By Enzyme Type, and By Origin)
- 220.127.116.11 United Kingdom (By Enzyme Type, and By Origin)
- 18.104.22.168 France (By Enzyme Type, and By Origin)
- 22.214.171.124 Italy (By Enzyme Type, and By Origin)
- 126.96.36.199 Spain (By Enzyme Type, and By Origin)
- 188.8.131.52 Rest of Europe (By Enzyme Type, and By Origin)
- 5.3.3 Asia-Pacific
- 184.108.40.206 China (By Enzyme Type, and By Origin)
- 220.127.116.11 Japan (By Enzyme Type, and By Origin)
- 18.104.22.168 India (By Enzyme Type, and By Origin)
- 22.214.171.124 Australia (By Enzyme Type, and By Origin)
- 126.96.36.199 South Korea (By Enzyme Type, and By Origin)
- 188.8.131.52 Rest of Asia-Pacific (By Enzyme Type, and By Origin)
- 5.3.4 Middle East and Africa
- 184.108.40.206 GCC (By Enzyme Type, and By Origin)
- 220.127.116.11 South Africa (By Enzyme Type, and By Origin)
- 18.104.22.168 Rest of Middle East and Africa (By Enzyme Type, and By Origin)
- 5.3.5 South America
- 22.214.171.124 Brazil (By Enzyme Type, and By Origin)
- 126.96.36.199 Argentina (By Enzyme Type, and By Origin)
- 188.8.131.52 Rest of South America (By Enzyme Type, and By Origin)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 AbbVie Inc.
- 6.1.2 Amway Corporation
- 6.1.3 AST Enzyme
- 6.1.4 Biotics Research Corporation
- 6.1.5 Country Life LLC
- 6.1.6 Enzymedica
- 6.1.7 Enzymes Inc.
- 6.1.8 Garden of Life Inc.
- 6.1.9 Integrative Therapeutics
- 6.1.10 Klaire Labs
- 6.1.11 Metagenics
- 6.1.12 National Enzyme Company
- 6.1.13 Nestle S.A
- 6.1.14 ProteoZymes
- 6.1.15 Zeus Biotech Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS