ID: MRFR/F-B & N/5799-CR | January 2019 | Region: Global | 182 pages
As per the assessment by Market Research Future (MRFR), the global market for bromelain is estimated to acquire a market value of 1,154.4 Mn while expanding at a CAGR of 4.39% by 2027.
Impact of COVID-19 on the Global Bromelain Market
The outbreak of COVID-19 is likely to bring a moderate impact on the market for bromelain market. The demand from the cosmetic industry is likely to reduce owing to the imposition of lockdown and closure of non-essential sectors. On the other hand, the food and beverage sector is expected to offer growth opportunities since bromelain is used to soften the red meat that is expected to bring a positive impact on the bromelain industry.
Growing Awareness about Benefits of Bromelain is Projected to Enhance the Market Growth During the Projection Tenure
The increasing awareness about the health benefits of bromelain is expected to be a significant cause that can augment the global bromelain market share during the forecast timeframe. The bromelain also finds an extensive application in treating cardiovascular ailments, high blood pressure, and others. Therefore, healthcare sector is anticipated to be a lucrative market assisting the in enhancing the demand for the enzyme. Apart from healthcare sector, bromelain is anticipated to gain prominence in food and beverage sector as well, which can benefit the market notably in the assessment timeframe.
Cosmetic Sector to Offer Significant Opportunities to Propel the Market During the Forecast Tenure
The increasing need for natural cosmetic products is predicted to provide notable opportunities during the analysis timeframe. Also, the establishment of biorefinery plants is anticipated to grow the demand for enzymes that can provide growth opportunities to the bromelain manufacturers during the forecast tenure.
High Dosage of Bromelain to Cause Side Effect on Health that can Hamper the Market Growth During the Analysis Timeframe
The overdose of bromelain can have a side effect on human health like vomiting, nausea, and heavy menstrual bleeding, which is predicted to restrain the industry growth during the assessment tenure.
Lack of Awareness about Bromelain in Emerging Countries to Pose a Significant Challenge in Market Expansion during the Evaluation Timeframe
The lack of awareness regarding the benefits of bromelain in developing countries is expected to pose a significant challenge that can hamper the market rise during the analysis timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global market for bromelain is predicted to experience a significant rise during the review timeframe due to the growing need for the product in the healthcare sector, food and beverages, and pharmaceuticals.
The segmental analysis of the Global Market for Bromelain is done by Application, Type, and Source.
The application-based segments of the global market for bromelain are dietary supplements, food & beverages, healthcare, and others. Among all, dietary supplements is anticipated to acquire the largest market share by 2027.
The type-based segments of the global market for bromelain are 1,200 GDU/g, 2,000 GDU/g, 2,500 GDU/g, and others. Among all, the 2,000 GDU/g segment is anticipated to lead the market during the evaluation timeframe. On the other hand, 2,500 GDU/g segment is projected to display a maximum CAGR of 4.94% while procuring a market value of USD 281.3 million by 2027.
The source-based segments of the global market for bromelain are stem and fruits. As per the estimation, the stems segment can acquire a market value of USD 931.6 million by 2027. On the other hand, the fruits segment is anticipated to garner a market value of USD 123.4 million by 2027, while expanding at a CAGR of 4.32% during the analysis tenure.
As per the assessment, the global market for bromelain is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
North America is Expected to Lead the Global Market During the Forecast Period
North America is anticipated to dominate the global market during the forecast period wing to the increasing demand for bromelain frim the household care and meat industry. Bromelain is gaining prominence in North America as a meat tenderizing agent for read-to-eat processed foods that is expected to strengthen the industry in the assessment period.
Europe to Procure Second-Largest Market Share during the Forecast Period
Europe is projected to acquire the second largest market share during the forecast period owing to the growing prominence of bromelain as a health supplement in the region. Bromelain is also gaining popularity in Europe owing to its growing application in pharmaceuticals. Besides, the on-going innovations to produce a unique cosmetic product to treat acne, dry skin, and wrinkles is likely to enhance the demand for the product that can drive the market in the region during the assessment period.
APAC to Significant Market Growth due to Developing Textile Sector during the Forecast Period
APAC region is anticipated to witness significant market growth during the forecast period owing to the increasing usage of enzymes in the textile sector. The on-going technical development in the textile industry is anticipated to propel the demand for bromelain that is likely to grow the regional market in the coming period. Bromelain is also gaining prominence among women as a skin recovery agent, which is projected to accelerate the demand for the product, thereby steering the regional market in the assessment timeframe.
MEA to Witness Significant Market Growth Due to Growing Application of Bromelain in Bakery Products
MEA region is anticipated to witness a significant market growth during the forecast timeframe owing to the surging application of bromelain in bakery industry. Countries such as Tukey and Bulgaria are likely to play a notable role in driving the regional market in the assessment period. Besides, bromelain is being extensively used in ready-to-eat frozen food that is projected to fuel the regional market in the forthcoming time.
The market is expected to witness an intense competition among key players with the growing initiatives to merging, acquisitions, and partnerships. Various tactics are being implemented by key players to augment their consumer base that can enhance the competitiveness among the industrialists. In addition, various new products are being launched that is likely to make the market more competitive in the coming time.
List of Key Companies Covered in this Report
Enzybel Group (Belgium)
Changsha Natureway Co., Ltd. (China)
Enzyme Development Corporation (U.S.)
Fooding Group Limited (China)
Krishna Enzytech Pvt. Ltd. (India)
Creative Enzymes (U.S.)
Hong Mao Biochemicals Co., Ltd. (Thailand)
Food State Company (U.K.)
Advanced Enzyme Technologies (India)
Bromelain Market, By Application
Food & beverages
Bromelain Market, By Type
Bromelain Market, By Source
Frequently Asked Questions (FAQ) :
Bromelain market could surpass a valuation of USD 1055.1 million by 2025.
Bromelain market CAGR would be 4.39% during the forecast period.
Volume-wise the bromelain market would reach 579,958.3 kg.
The bromelain market volume-wise CAGR for the forecast period would be 6.54%.
The bromelain market players are Nutriteck (Canada), Creative Enzymes (U.S.), Changsha Natureway Co., Ltd. (China), Enzybel Group (Belgium), Enzyme Development Corporation (U.S.), Advanced Enzyme Technologies (India), Krishna Enzytech Pvt. Ltd. (India), Hong Mao Biochemicals Co., Ltd. (Thailand), Food State Company (U.K.), and Fooding Group Limited (China).