LONDON, Sept. 14, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Digestive Enzyme Market by Services (DNA Typing, Genetic Trait Testing, Genetic Disease Test), By Animal Type (Canine, Porcine, Poultry, Bovine), Industry Analysis, Trends, And Forecast, 2022-2029.
Digestive enzymes are specialized proteins which aid in the process of digestion. They are produced by various organs in the digestive system, including the salivary glands, stomach, pancreas, and small intestine. These enzymes help break down complex food molecules into smaller, more easily absorbable components, which the body can then use for energy and other essential functions. Some of the primary digestive enzymes are amylases, lipases, and proteases.
This business intelligence report offers a scrutiny of the top factors reshaping the trends and dynamics of this market space. It has been curated with an aim to help businesses make informed decisions by providing them with credible data related to numerous aspects of this market. Alongside, the major segments and regions are evaluated accurately with an aim to determine the size and scope of the overall market. The report also contains accurate revenue projections, estimated CAGR, past valuation, and present growth rate of this industry vertical.
Key Takeaways:
- Growing prevalence of gastrointestinal disorders, surge in the geriatric population base, and unhealthy lifestyle trends are aiding industry expansion.
- By enzyme type, the protease segment is poised to amass notable gains due to the efficacy of protease-based enzyme supplements in treating different types of gastrointestinal disorders.
- MEA is projected to capture a substantial revenue share due to the growing prevalence of digestive disorders and increased healthcare spending.
Digestive Enzyme Market Report Scope:
Report Metric | Details |
Base Year | 2021 |
Study Period | 2022-2029 |
Key Players/Companies | Garden of Life Inc., National Enzyme Company, Metagenics Inc, Food State Inc., Country Life LLC, Twinlab Corporation, Biotics Research Corporation, Rainbow Light Nutritional Systems, nc., Abbott Nutrition, Matsun Nutrition and Others. |
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Digestive Enzyme Market is anticipated to amplify with a substantial CAGR over 2022-2029.
Elaborating the key trends and dynamics of Digestive Enzyme Market
Growing prevalence of gastrointestinal disorders, surge in the geriatric population base, and unhealthy lifestyle trends are the primary factors aiding the expansion of this business sphere. Alongside, escalating demand for dietary supplements, rising health cognizance among the masses, and growing research activities in the field are creating lucrative opportunities for this market space to prosper. Moreover, surging R&D activities in the field, booming nutraceutical sector, coupled with growing prominence of plant based digestive enzyme supplements are adding momentum to the progression of this industry vertical.
Major Growth Drivers:
Rising occurrence of digestive ailments-
Digestive disorders such as lactose intolerance, irritable bowel syndrome (IBS), and acid reflux are affecting a large number of people across the globe. Unhealthy dietary habits, food adulteration, genetics, and age are some of the major factors leading to the onset of such diseases. Digestive enzyme supplements are widely recommended for the treatment of such disorders as they can aid in digestion improvement.
Escalating demand for plant-based enzymes-
There has been a rising trend of vegetarianism and veganism worldwide. Concerns on animal safety, environmental cognizance, and health awareness among the masses are shifting their inclination towards plant-based entities including digestive enzymes. Plant-based enzymes are seen as safer and more sustainable option which in turn is accelerating their demand.
Challenges:
Lack of awareness-
A large part of the population is still unaware of the benefits offered by digestive enzymes. Despite the rising pervasiveness of digestive disorders, people still have limited knowledge on how enzyme supplements can help alleviate the symptoms and improve digestion. This in turn is hindering the remuneration scope of this market.
Competitive Landscape of Digestive Enzyme Market:
The prominent players defining the competitive terrain of this market sphere are:
- Garden of Life Inc.
- National Enzyme Company
- Metagenics Inc
- Food State Inc.
- Country Life LLC
- Twinlab Corporation
- Biotics Research Corporation
- Rainbow Light Nutritional Systems Inc.
- Abbott Nutrition
- Matsun Nutrition.
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Segmental Assessment:
By enzyme type, the protease segment is poised to amass notable gains over 2022-2029. This is due to the efficacy of protease-based enzyme supplements in treating different types of gastrointestinal disorders.
Based on origin, the animal segment is reckoned to generate significant returns over the stipulated timeline. This is attributable to the widespread usage of animal derived enzymes as medical adjuvants.
Geographical analysis & landscape:
Middle East & Africa Digestive Enzyme Market:
MEA is projected to capture a substantial revenue share over the stipulated timeline. This is credited to the growing prevalence of digestive disorders, increased healthcare spending, along with rising R&D activities in the field. Moreover, unhealthy lifestyle trends, growing digestive health awareness, and rising disposable income levels are aiding the expansion of this regional industry.
Europe:
Europe is anticipated to amplify with the highest CAGR over 2022-2029. This is ascribed to the increase in geriatric population base, the booming nutraceutical sector, and growing processed food consumption. Besides, escalating demand for plant-based enzymes and presence of noteworthy players are bolstering the growth of this market.
Opportunities in this industry:
Surge in the geriatric population base-
There is a steep rise in the volume of aging populace across the globe. With age, the digestive system of individuals weakens, and the body's natural production of digestive enzymes tends to decrease, leading to digestive issues. This in turn is creating an upward trend for this business sphere.
Major developments in Digestive Enzyme Market:
Acquisitions:
In 2019, International Flavors & Fragrances Inc. (IFF) acquired Frutarom, a flavors, savory solutions, and natural ingredients company with an aim to strengthen its position in the natural ingredients market, which includes digestive enzymes used in dietary supplements.
Porter's Five Forces Analysis:
Threat of New Entrants:
The threat of new entrants into the Digestive Enzyme Market is relatively moderate. While it may not require significant capital investments to start producing digestive enzyme supplements, there are some barriers to entry. Established companies may have economies of scale, well-developed distribution networks, and brand recognition, making it difficult for new entrants to gain a foothold. Additionally, regulatory compliance and the need for research and development to create effective enzyme formulations could also deter potential new competitors.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the Digestive Enzyme Market is typically moderate to high. Suppliers of raw materials, such as enzymes derived from natural sources, may have some leverage due to limited alternative sources and the specialized nature of these ingredients. However, the market for raw materials might also have multiple suppliers, which can mitigate the overall bargaining power. The ability of manufacturers to switch between suppliers or develop in-house production capabilities can also influence supplier power.
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Bargaining Power of Buyers:
The bargaining power of buyers in the Digestive Enzyme Market is moderate to high. Buyers, including retailers and consumers, have a range of product options to choose from, creating competition among manufacturers. This gives buyers the ability to negotiate prices and demand higher quality products. Brand loyalty and product differentiation can impact buyer power, as well as the overall level of competition in the market.
Threat of Substitutes:
The threat of substitutes in the Digestive Enzyme Market is moderate. There are various alternative solutions available for digestive health, including probiotics, dietary fibers, and over-the-counter medications. Consumers may choose to address digestive issues through dietary and lifestyle changes rather than relying solely on digestive enzyme supplements. However, digestive enzymes are considered effective for specific conditions, and their targeted benefits may reduce the attractiveness of substitutes.
Competitive Rivalry:
The competitive rivalry in the Digestive Enzyme Market is high. There are several established companies and brands competing for market share. Differentiation in product formulations, enzyme sources, potency, and targeted health claims are common strategies used to gain a competitive edge. Additionally, the presence of both large pharmaceutical companies and smaller supplement manufacturers intensifies the competition.
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