Vancouver, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario (Market estimates)
The global Food Enzymes Market size was USD 2,058.0 Million in 2020. Rising demand for food enzymes from the food & beverage industry and increasing health awareness among an increasing number of consumers is driving global food enzymes market revenue growth to a significant extent. Also, market players are focusing on producing enzymes for which large scale production is not possible, thereby offering customers access to a wider variety of products. One such enzyme is amylase, which is used to extend the freshness of breads.
Drivers: Increasing demand for convenience food
Convenience foods are witnessing increasing demand due to benefits of saving time and energy. Products include frozen foods, ready-to-eat snacks, canned foods, and chilled foods. Increasing number of consumers who prefer eating on the go is driving demand for convenience foods is driving demand as these products offer convenience and ease of use and quick delivery, among various others advantages. Presently, consumers worldwide are indicating a shift in preference for products that are natural, customizable, and nutritious, without compromise on flavor and health benefits. This is driving rising use of food enzymes in convenience food to improve texture, flavor, and nutritional value, and to cater to rising requirements among consumers.
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Restraints: Limited operational range
Characteristics and functions of food enzymes are very much influenced by various conditions, especially temperature. Food enzymes are also highly sensitive to changes in physical and chemical conditions in the immediate surroundings. Limited operational temperature range is key restraint for market revenue growth. A dip in temperature results in extreme reduction in rate of reaction, whereas high temperature damages the structure of enzymes, thus rendering it ineffective. Furthermore, high cost to produce food enzymes and easy contamination possibility are some factors impacting market growth. Players in the market exploring more innovative methods to produce food enzymes that can stay functional in a wider temperature range.
Growth Projections
The global food enzymes market size is expected to reach USD 4,194.46 Million at a revenue CAGR of 6.1% in 2032, attributed to increasing advancements in technology to manufacture enzymes in a more efficient way and to decrease the amount of energy and raw materials required for the production process. Also, rising emphasis on enzyme customization to cater to changing customer demand is a key factor supporting market revenue growth.
COVID-19 Direct Impacts
COVID-19 pandemic has a significant influence on food enzymes market revenue growth, as the pandemic has brought to the fore the importance of eating nutritious food. Market players have increased production output to supply food enzymes to food & beverages companies to cater to burgeoning consumed demand for healthy food. However, disruptions in supply chain caused by COVID-19 are posing significant challenges to market players in terms of raw material procurement and supply of end products.
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Current Trends and Innovations
Rising disposable income, especially in Asia Pacific, and increasing consumer inclination towards healthier lifestyle habits are some of the prevailing trends in the global food enzymes market. This coupled with rapid urbanization is spurring demand for diversified high nutritional value diets among consumers and in turn, driving market revenue growth.
Geographical Outlook
Food enzymes market in Asia Pacific is expected to register fastest revenue CAGR over forecast period, attributed to rising per capita income and growing use of enzymes in foods and beverages in countries such as China, India, South Korea, and Japan. In addition, presence of leading market players like Amano Enzyme Inc. are causative of robust market revenue growth.
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 2,058.0 Million |
| CAGR (2021–2032) | 6.1% |
| Revenue forecast to 2032 | USD 4,194.46 Million |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2021–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2021 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Source, product type, application, and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Sweden, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, South Africa, Israel |
| Key companies profiled | Amano Enzyme Inc., Enzyme Bioscience Pvt. Ltd., DuPont, Royal DSM, Biocatalysts Ltd., Novozymes, Kerry Group, Associated British Foods PLC, Puratos Group, and Chr Hansen Holding A/S. |
| Customization scope | 10 hours of free customization and expert consultation |
MAJOR COMPANIES and Competitive Landscape
The global food enzymes market is moderately fragmented, with a number of small- and medium-sized companies accounting for majority revenue share. Major companies have well-established facilities and enter in acquisitions and mergers, and strategic agreements, and engage in various research and development activities and initiatives to develop and deploy new and more efficient products in the food enzymes market. Some major players operating in the global food enzymes market are:
- Amano Enzyme Inc.
- Enzyme Bioscience Pvt. Ltd.
- DuPont
- Royal DSM
- Biocatalysts Ltd.
- Novozymes
- Kerry Group
- Associated British Foods PLC
- Puratos Group
- Chr Hansen Holding A/S.
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Strategic Development
In December 2020, Advanced Enzyme Technologies Ltd. made an announcement about purchase of majority share in SciTech Specialities. The acquisition is intended to aid in expansion of business-to-consumer segments of Advanced Enzyme Technologies Ltd. and offer significant applications in human health and animal nutrition areas.
In June 2019, North American business unit of The Brenntag Food & Nutrition made an announcement about signing a new distribution contract with AB Enzymes, Inc., to distribute its enzymes in Canada and the US.
Some Key Highlights From the Report
- Among the source segments, plants segment revenue is expected to expand at faster rate over forecast period. Food enzymes derived from plants is beneficial for curing diseases, such as celiac disease, and are ideal for individuals who are intolerant to gluten. In combination with certain probiotics, food enzymes can enhance immune function, along with digestion improvement.
- Among the product type segments, lipase segment revenue is expected to expand at a significantly rapid rate over the forecast period. Lipase is beneficial in improving fat absorption and supplements containing this enzyme aids in reducing bloating and fullness after meals. Lipase is also beneficial to individuals with irritable bowel syndrome.
- Among the application segments, food segment accounted for largest revenue share in 2020. Food enzymes find extensive use in baking applications to produce bread, crackers, baked foods, and waffles. Use of these enzymes help to lessen time required for mixing, reducing dough consistency, and enhancing food flavor and texture.
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Emergen Research has segmented the global food enzymes market on the basis of source, product type, application, and region:
- Source Outlook (Revenue, USD Million; 2018–2032)
- Microorganisms
- Animals
- Plants
- Product Type Outlook (Revenue, USD Million; 2018–2032)
- Carbohydrase
- Amylase
- Cellulase
- Lactase
- Others
- Protease
- Lipase
- Polymerases
- Nucleases
- Others
- Carbohydrase
- Application Outlook (Revenue, USD Million; 2018–2032)
- Food
- Bakery & Confectionery Products
- Meat Products
- Dairy Products
- Nutraceuticals
- Others
- Beverages
- Brewing Products
- Juices
- Fortified Beverages
- Others
- Food
- Regional Outlook (Revenue, USD Million; 2018–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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