Portland, OR, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bakery enzymes market was estimated at $448.3 million in 2020 and is expected to hit $975.3 million by 2030, registering a CAGR of 6.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Expansion of the bakery industry, rise in consumer demand for convenience food across the world, and increase in number of quick service restaurants drive the growth of the global bakery enzymes market. On the other hand, potential threat of substitutes and allergies to protease curtail the growth to some extent. Nevertheless, product innovation and upsurge in demand for bakery enzymes in the emerging markets are anticipated to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Shutdown of the food service industry, especially during the initial phase of the pandemic, decreased the demand for bakery enzymes across the world, thereby impacting the global bakery enzymes market negatively.
- However, a steady increasing demand, as the global situation gets back to normalcy, is expected to help the market recoup soon.
The global bakery enzymes market is analyzed across product type, form, application, and region.
Based on form, the powder segment accounted for nearly three-fourths of the total market revenue in 2020, and is expected to lead the trail by 2030. The liquid segment, on the other hand, would cite the fastest CAGR of 7.9% during the forecast period.
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Based on product type, the lipase segment contributed to nearly one-third of the total market share in 2020, and is anticipated to dominate by 2030. At the same time, the protease segment would cite the fastest CAGR of 8.0% throughout the forecast period.
Based on region, North America held the major share in 2020, nearly two-fifths of the global bakery enzymes market. Asia-Pacific, however, would showcase the fastest CAGR of 9.8% from 2021 to 2030.The other provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global bakery enzymes market report include Lallemand Inc., Novozymes A/S, Maps Enzymes Limited, Kerry Group, PLC., SternEnzym GmbH & Company KG, Dyadic International, Inc., Associated British Foods Plc., Koninklijke DSM N.V., Advanced Enzymes, and BASF SE. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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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 domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
