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Bromelain Market Growth & Trends
The global bromelain market size is anticipated to reach USD 65.7 million by 2027 registering a CAGR of 7.2%, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth in the near future owing to the development in the healthcare and meat & seafood industries. In addition, the market in developed regions like North America and Europe is expected to accelerate on account of growth in R&D to widen in the product application scope in the treatment of cancer, Acquired Immune Deficiency Syndrome (HIV/AIDS), asthma, Inflammatory Bowel Disease (IBD), sprained ankles, tendonitis, and ACL tears.
The meat and seafood industry is the largest application segment. The product enzyme is extensively used in this industry to improve the tenderness of beef, pork, chicken, and squids. The U.S., Brazil, Germany, the Netherlands, Australia, Spain, Canada, Poland, New Zealand, and India are the major markets in this segment. As per the UN Comtrade statistics, these countries accounted for approximately 70% of the global meat & meat products (HS Code: 02: Meat & edible Meat Offal) exports. Demand and exports of meat and seafood have certainly surged in these countries in the past and a similar trend is expected during the forecast period.
The dietary supplements industry has been witnessing a steady growth during the past few years due to increased awareness about maintaining a healthy lifestyle. The use of natural enzymes in dietary supplements has been rising, thereby driving the segment growth. Some of the other sectors where the product is used include cosmetics, bakery, and others. The penetration in the market is not very significant, but with time, the product usage is expected to rise in these end-user industries.
Moreover, the easy availability of bromelain in various specifications ranging from 1000 GDU/gram to 3000 GDU/gram will augment its demand in the near future. In addition, R&D in the field is expected to surge during the forecast period, which, in turn, will drive the market. Growing product demand in the healthcare industry in various countries, including the U.S, Canada, Brazil, and Mexico, will fuel growth in the market development.
Bromelain Market Report Highlights
- In 2019, the meat & seafood industry emerged as the largest application segment owing to extensive product usage to improve the tenderness of meat & seafood
- Asia Pacific led the global market in 2019 due to high product demand from several end-use industries in India and China
- Indonesia emerged as the prominent product manufacturer in the APAC region on account of easy availability of raw materials due to high pineapple cultivation
- Key players in the market are collaborating with local cultivators for constant procurement of raw materials