The global digestive enzyme supplements market size is expected to reach US$ 1847.6 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 6.1% CAGR between 2019 and 2029. According to the report, surging demand for dietary supplements among consumers in light of health concerns and awareness towards nutraceuticals is anticipated to aid in market expansion over the forecast period. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. Some of these are:
- The estimated value of the market was at US$ 1022 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- The market in North America is expected to dominate the global digestive enzymes supplements market.
- Countries and world capital have been brought under tight lockdown due to Covid-19 outbreak, putting a complete halt to the large industrial chains. Investors worry that the virus 'global spread will affect the global economy and demand even more.
- The market in Asia-Pacific is expected to account for second-highest revenue share in market.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
“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,” said a lead analyst at FMI.
Animal Origin Segment Captured the Largest Market Share in Origin
The animal origin sub-segment holds the largest market share in the origin segment and is expected to follow the same trend over the forecast period. The major factors that are responsible for the growth of the segment include the efficiency of these animal-derived enzymes in various diseases or conditions, such as pancreatitis, exocrine pancreatic insufficiency, and pancreatic cancer. However, ethical issues associated with animal origin products in some consumers are expected to hamper the segment growth. In addition to this, the allergies and sensitivity of consumers to these animal origin products are also expected to hamper their market growth. The microbial enzyme, on the other hand, is expected to witness the fastest growth rate over the forecast period. This growth rate of the microbial origin products can be attributed to factors, such as low production cost and high enzymatic activity.
Who is Winning?
Some of the leading players operating in the digestive enzyme supplements market are Allergan PLC, Johnson & Johnson Inc., Amway Corporation, AbbVie Inc., and Biotics Research Corporation, among others.
For More Detailed Insights on Digestive Enzyme Supplements Market
The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the globe. The industry is highly competitive in nature owing to low product differentiation in the market. Large numbers of market players are present in the U.S. and Canada.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Get Valuable Insights into Digestive Enzyme Supplements Market
Future Market Insights, in its new report, presents an unbiased analysis of the global digestive enzyme supplements market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. In terms of origin, the market can be segmented into plant, animal and microbial. Based on application, the market can be classified into medical & infant nutrition, sports nutrition and additional supplements. Based on distribution channel, the market can be bifurcated into retail stores and online stores. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.