The global digestive enzymes market size was USD 697.7 Million in 2022 and is expected to register a revenue CAGR of 9.3% during the forecast period.
|The market size value in 2023||USD 697.7 Million|
|CAGR (2023 – 2032)||9.3%|
|The Revenue forecast in 2032||USD 1550.7 Million|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Million
CAGR from 2023 to 2032
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The market in North America accounted for largest revenue share in 2022. Rising prevalence of chronic gastrointestinal diseases among geriatric people and increasing prevalence of digestive and gut health disorders among younger people owing to unhealthy lifestyles and food choices is the major factor driving revenue growth of the market in the region. Moreover, rising consumption of medical and sports nutrition supplements, particularly among athletes, and new product launches by leading American nutrition companies are also driving revenue growth of the market in this region.
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The market in Asia Pacific is expected a register significantly rapid revenue CAGR over the forecast period owing to increasing participation of people in sports and fitness activities, rapid adoption of healthy lifestyles, and rising awareness regarding digestive enzymes owing to rapid Internet penetration among people. Moreover, increase in income levels of consumers, mainly in countries such as India and China is another factor driving revenue growth of the market. On 15 July 2021, IFF’s Health & Biosciences division’s Danisco Animal Nutrition, a business entity, announced the expansion of Axtra PHY GOLD, which is the leading new phytase enzyme in Malaysia. Axtra PHY GOLD was initially introduced in India in 2020, and is subject to regulatory approvals owing to rising awareness regarding animal protein and expanding consumer knowledge regarding health advantages of ingesting high-quality protein.
The market in Europe is expected account for moderately large revenue share over the forecast period. This is owing to rising need for pancreatic enzyme supplements and increasing prevalence of diabetes and cancer across the globe. Increasing awareness regarding gastrointestinal disorders, muscle improvement, and others are also driving revenue growth of the market in the region. Moreover, rising demand for sports nutrition supplements among sports professionals and bodybuilders, increasing health and fitness practices globally, and easy availability of these products on e-commerce platforms are other key factors contributing to revenue growth of the market in the region.
Competitive landscape of the global digestive enzymes market is consolidated with a few key players operating on global and regional levels. Key companies are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major companies in the global market report include AbbVie Inc., KLAIRE LABS, Amano Enzyme Inc., Enzymes Inc., Proteozymes, VEMO 99, Zeus Biotech Pvt. Ltd., Enzyme Bioscience Private Limited, XYMOGEN, and Douglas Laboratories.
Digestive Enzymes Market Segmentations:
|By Dosage Outlook||By Product Type Outlook||By Origin Outlook||By End-use Outlook|
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