According to a new report published by Allied Market Research, titled, “Food Enzymes Market,” The food enzymes market was valued at $1,906.70 million in 2020, and is estimated to reach $4,124.70 million by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
In terms of volume, North America occupied more than one-third of the global market share for 2020 and is expected to maintain its dominance during the forecast period.
The number of food and beverage processors in the globe has increased at an exponential rate. The rise of the connected food and beverage industry has been equally spectacular. The shifting landscape, together with forthcoming trends and the world’s growing appetite for food enzymes, propels the food and beverage industry forward, which includes cheese manufacturing industries and meat product industries . This rate of food enzymes market growth is projected to continue for the foreseeable future, with consumer and food service businesses driving the majority of it. Food enzymes are complex ingredients, which act as catalyzers and are extensively used for increasing the diversity, variety, and quality during processing of food. Food enzymes are often used for food processing owing to its multiple benefits, which include enhancement of texture, flavor & fragrance, preservation, coagulation, and tenderization. Food enzymes are generally produced through fermentation process. Both, fed-batch and continuous fermentation processes are commonly used for the commercial production of food enzymes globally; however, food enzymes are also sourced from animals and plants.
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In the last few years, the global market for food enzymes has seen an increase in innovation. The introduction of technology, such as cold–adapted enzymes has transformed the market’s growth. Food enzymes that operate at very low temperatures, as well as enzymes, have been developed as a result of novel enzyme discovery. These cold-adapted enzymes have the distinct property of becoming inactive after completing their task at low temperatures. Cold-adapt has a wide range of applications. Cheese manufacturing, juice processing, and the meat and meat products business all use cold-adapted enzymes. Developments in protein and genetic engineering have resulted in the improvement of economy, specificity, stability, and overall application potential of food enzymes. Food enzymes find application on plethora of platforms such as starch modification, sweetener production, sugar processing, baking, flour supplementation, dough conditioning, cheesemaking, brewing, flavor enhancement, meat tenderizing, and juice processing.
The application of enzymes in food processing is governed by various national and international agencies across the globe. For general purposes, the Food Chemicals Codex (FCC) and FAO/WHO Joint Expert Committee on Food Additives (JECFA) have framed guidelines for the usage of enzymes as food additives. AMFEP of Europe and Enzyme Technical Association (ETA) of the U.S. region also provide regulatory guidelines for the safe usage of food enzymes in the food & beverage industry.
It is pertinent to note that millennials are now more concerned about food transparency than any earlier generation. They demand food products with little or no artificial ingredients and synthetic chemicals. They also demand food products that undergo less processing. As a result, leading manufacturers focus on introducing clean label products that cater to such growing demands from millennials.
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Acording to food enzymes market analysis the market is segmented on the basis of type, application, and material. On the basis of type, the food enzyme market is classified into carbohydrase, lipase, protease, and others. On the basis of application, the food enzymes market is divided into bakery products, beverages, dairy products, and others. On the basis of source, the market is analyzed across microorganisms, plants, and animals. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global food enzymes industry is fiercely competitive, with companies investing in marketing and product promotion. The key food enzymes market players to promote their products globally are utilizing new and innovative marketing and promotion strategies to penetrate the food enzymes market, capture huge market shares, and build brand awareness.
KEY FINDINGS OF STUDY
The carbohydrase segment was the highest contributor to the global food enzymes market size in 2020 and is projected to grow at a moderate CAGR during the forecast period.
There is an increase in demand for food enzymes from bakery segment. As a result, the bakery segment is poised to grow with lucrative CAGR of 7.3% during the forecast period.
Clean labels, immobilized enzyme technology, and sustainability are the some of the emerging food enzymes market trends around the world.
Microorganisms segment accounted for about three-fourths of the food enzymes market share for 2020 and is projected to grow with highest the CAGR during the forecast period.
Dairy products segment is projected to exhibit rapid growth in the food enzymes market, in the estimated forecast.
In terms of value, the Asia-Pacific region is poised to grow with highest CAGR during the forecast period followed by LAMEA.
The key players studied across food enzymes industry includes Associated British Foods Plc. (ABF), Advanced Enzyme Technologies, Amano Enzyme Co., Ltd., BASF, Chr. Hansen Holding A/S, DowDuPont, Kerry Group PLC, Novozymes, Royal DSM N.V., and Aum Enzymes.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power.