ALBANY, N.Y., Feb. 14, 2022, Substantial demand for digestive enzyme supplements in the food and feed industries has created abundant lucrative avenues in the pancreatin market. Recent focus on unveiling low-cost pancreatin and novel formulations for digestive enzymes and nutraceuticals are reinforcing the revenue growth. The global valuation is projected to reach US$ 175.7 Mn by 2031.
Advancements in enzyme technologies especially pertaining to microbial sources have broadened the horizon, notes an in-depth study on the pancreatin market. One of the emerging applications is in the leather industry. Increasing preference of pancreatin over alkaline proteases in leather processing will drive revenue gains during the forecast period (2021–2031). This can be primarily attributed to the fact that pancreatin contains a mix of multiple enzymes, thus making it suitable for a range of leather types.
Several pharmaceutical companies have reaped enormous revenue gains from the application of pancreatin in enzyme formulations. The authors of the study on the pancreatin market have estimated that the valuation of the segment will reach US$ 155.7 Mn by 2031. Furthermore, growing use in animal feed applications are generating value-grab opportunities for market players.
Key Findings of Pancreatin Market Study
Need for Reducing Prevalence of Pancreatic Diseases Generates Abundant Opportunities: The high incidence and mortality of pancreatic diseases globally has spurred consumption of pancreatin products. Rise in burden on chronic pancreatitis has spurred the sales especially in North America and Europe, notes the study on the pancreatin market.
Moreover, the burden of acute pancreatin has grown, thereby propelling the demand for low-cost pancreatin products. Widespread Demand for Food & Feed Enzymes Propelling Revenue Growth: Enzyme manufacturers are reaping steady revenue gains from the massive demand for pancreatin-based products in the food and feed industries. Particularly, the use of exogenous feed enzymes is becoming popular in the livestock industry, thereby expanding the sales revenues in the pancreatin market.
Supplements for Sports Medicine Underpins Vast Market Potential: The demand for nutritional enzyme supplements has risen for their effect on improving exercise and athletic performance notably on muscle recovery. Thus, over the years, pancreatin-based nutritional supplements are gathering steam in the pancreatin market among fitness enthusiasts and athletes. They are also gaining demand for digestive enzymes for high-protein food products.
Pancreatin Market: Key Drivers
Worldwide, digestive health supplements have generated interest among consumers, especially as an over-the-counter nutraceutical. The continued popularity of evidence-based supplements is driving the pancreatin market. Continuous advancements in probiotic, prebiotic, and enzyme technologies are expanding the scope of novel formulations in the end-use industries, find the analysts scrutinizing the sales avenues in the pancreatin market
Pancreatin Market: Regional Growth Dynamics
North America and Europe have emerged as remarkable lucrative regions in the global pancreatin market. The regions accounted for a joint market share of 57% in 2021. In Europe, Germany contributed a share of 15.8% of the Europe pancreatin market in 2021. The growth in these regional markets is propelled by abundant uptake of enzymes in pharmaceutical and nutraceutical industries.
Pancreatin Market: Key Players
Several manufacturers in the pancreatin market are leaning on reducing the cost of processing in order to lower the cost of final product. Furthermore, key players are keen on diversifying their product portfolio and constantly conducting R&D for novel formulations in a bid to consolidate their shares.
Prominent players in the pancreatin market are Hepalink Group, SG Pharma Pvt. Ltd., Creative Enzymes, Hetero Healthcare Limited, Shreeji Pharma International, Wellona Pharma, Fengchen Group Co., Ltd., Biozyme, and Nordmark.
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