Bromelain Market Size Worth $59.2 Million By 2025
The global bromelain market is expected to reach USD 59.2 million by 2025, growing at a CAGR of 8.7%, according to a new report by Grand View Research, Inc. Rising expenditure in R&D to use bromelain to cure diseases such as cancer & acquired immune deficiency syndrome (HIV AIDS) is expected to have a positive impact on the market during forecast period.
This digestive enzyme is extracted from pineapple fruit & stem and is used in numerous industries including healthcare, meat & seafood, dietary supplements, cosmetics, bakery and beverage. Globally, meat & seafood industry is found to be the largest end user industry for this market where its main application is to improve tenderness of meat & seafood.
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Further key findings from the report suggest:
- Meat & seafood was the largest application segment, accounting for 56.8% of the global market volume in 2016. Rising importance of functional ingredients in meat & seafood industry for enhancing the properties of finished food products as a result of technological innovation is expected to promote the use of bromelain.
- Healthcare industry accounted for 25.5% of global market share in 2016 and is expected to grow at a CAGR of 9.2 %, by volume in between 2017–2022. As per World bank, global healthcare industry is expected to witness a global GDP expenditure of around 10.5% by 2020. Around USD 8.7 trillion is expected to be spent in this industry every year till 2020. Emerging technologies in developed nations and emergence of demand for the product in the developing nations are the two factors which are expected to drive the market during the forecast period.
- North America accounted for 26.8% of the overall volume market share in 2016 and is expected to maintain its position over the next eight years. Growth in meat & seafood sector coupled with surge in R&D in healthcare sector are the two major factors helping North America to maintain its position.
- Key industry participants include Enzybel International SA, Great Food (Biochem) Co., Ltd, Hong Mao Biochemicals Co., Ltd., Biozym Gesellschaft für Enzymtechnologie mbH, Enzyme Technology (PTY) Ltd, Guangxi Nanning Javely Biological Products Co., Ltd, and Nanning Doing-Higher Bio-Tech Co., Ltd.
- Advantages such as easy procurement of raw material, low production cost and non-toxicity are major reasons leading to increase its demand over other proteolytic enzymes like actinidin from kiwifruit and ficin from figs.