Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Bromelain Market Share Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Source, Application, and Geography,” the bromelain market is expected to grow from $ 45.66 million in 2022 to US$ 75.24 million by 2030; it is estimated to grow at a CAGR of 6.4% from 2022 to 2030.
Hong Mao Biochemicals Co Ltd, Enzybel International SA, Enzyme Technologies (Pty) Ltd, Guangxi Nanning Javely Biological Products Co Ltd, Creative Enzymes, Medikonda Nutrients, Changsha Natureway Co Ltd, Antozyme Biotech Pvt Ltd, Challenge Bioproducts Co Ltd, and Great Food (Biochem) Co Ltd. are among the major players operating in the bromelain market. Companies in this market emphasize strategies such as R&D investments and new product launches. Such strategic initiatives by key market players boosts the demand for bromelain and expected to drive the market growth.
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North America held the largest share of the bromelain market in 2022. Bromelain is popular as a meat tenderizing agent in the food & beverages industry across the region. The increasing popularity of meat-based snacks among millennials is likely to favor the bromelain market growth in the region during the forecast period. Companies based in the US are highly involved in R&D and product enhancement. Bromelain supplements are marketed for various health conditions, especially chronic inflammation. According to the World Health Organization (WHO), more than 50% of the US population is living with at least one chronic illness. Thus, the demand for bromelain is increasing in the nutraceutical industry in the country with rising cases of chronic illnesses. Moreover, people in Canada and Mexico are aware of the importance of dietary supplements in maintaining good health, which results in a high demand for dietary supplements, in turn, benefiting bromelain vendors.
Rising Preference for Natural Plant-Based Ingredients to Boost Bromelain Market Growth in Coming Years
Consumers are increasingly seeking products with natural additives and clean-label ingredients. Bromelain, a natural enzyme derived from the pineapple plant, is preferred as a natural additive over synthetic additives in various industries. Consumers are inclined toward consuming safer products that help them maintain overall health. The growing interest in chemical-free products boosts the demand for natural additives such as bromelain in the pharmaceutical and nutraceuticals, food & beverages, and cosmetics industries, among others. Moreover, environmental concerns; sustainability; lower prices; and animal welfare, religious, and ethical issues are among other parameters driving the popularity of bromelain. In some countries, the use of enzymes synthesized from recombinant technology is prohibited in the food industry. Thus, the rising preference for natural, plant-based ingredients is likely to create notable growth opportunities in the bromelain market during the forecast period.
Bromelain Market: Segmental Overview
Based on source, the bromelain market is segmented into stem and fruit. Unlike stem bromelain (obtained as a byproduct by processing pineapple waste), fruit bromelain is produced from an edible part of the pineapple plant, i.e., fruit, which has a commercial value. A majority of pineapple fruit is consumed directly, or it goes as an ingredient across various food industry segments, such as bakery, confectionery, dairy and non-dairy products, ice creams, yogurts, and beverages. However, despite the current smaller share of the market, the fruit segment is anticipated to register a higher CAGR during 2022–2030.
Based on application, the bromelain market is segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The pharmaceuticals & nutraceuticals segment held the largest share of the market in 2022. Bromelain has anti-inflammatory and analgesic properties owing to which it is used in medicines and over the counter/topical products for treatment of post-surgical trauma and pain, muscle soreness, wounds, burns, and swelling. It is also incorporated into medicines to treat osteoarthritis due to its anti-inflammatory effects. The substance is also used in the treatment of chronic sinusitis and asthma. These factors are expected to drive the segment’s growth.
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Impact of the COVID-19 Pandemic on Bromelain Market
Various industries faced unprecedented challenges during the COVID-19 pandemic in 2020. Moreover, bromelain manufacturers faced significant challenges in continuing production, raw material procurement, and product distribution due to supply chain constraints caused by lockdowns, trade bans, and travel restrictions. Further, the shortage of workforce and limited supply of raw materials led to halts in operations and processes across the globe. The disrupted manufacturing operations eventually caused price hikes in the bromelain market. These factors negatively impacted to the bromelain market growth during COVID-19 pandemic.
However, the demand for bromelain increased significantly in various pharmaceuticals and nutraceuticals companies. The substance is used in dietary supplements; thus, increasing demand for dietary supplements for the maintenance of good health among the young and working population propelled the bromelain market growth during the COVID-19 pandemic.
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