Food Enzymes Market worth $2.60 billion by 2024

Zion Market Research has published a new report titled “Food Enzymes Market By Type (Protease, Carbohydrase, Lipase, and Others), By Application (Bakery & Confectionery, Beverages, Dairy, and Convenience Foods), By Source (Microorganism, Animal, and Plant): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global food enzymes market was valued at around USD 1.60 billion in 2017 and is expected to reach approximately USD 2.60 billion by 2024, growing at a CAGR of around 7.2% between 2018 and 2024.

Food enzymes are used in food preservation and production of specific ingredients aimed at the formulation. Traditionally, these enzymes are isolated from mammalian tissues, plants, or microorganisms. Enzymes act as a catalyst in every living organism, including animals, humans, and plants. Enzymes function within a narrow set of conditions, such as temperature and pH, and are subject to inhibition by various means. Enzymes can be classified into different types depending upon the reaction that catalyze them.

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The global market for food enzymes is in the growth phase and is expected to exhibit a promising CAGR. The growth of the food enzymes market is mainly due to the rising consumer inclination towards processed food consumption and increased use of food enzymes to make the food processing more environment-friendly with reduced raw material wastage. Furthermore, the growing adoption of food enzymes in various food applications such as packaged food companies & frozen food manufacturing units is propelling the market growth. Growing awareness about the benefits of the food enzymes in producing nutrition-rich diet, rising urbanization, and increasing disposable income are the key factors expected to fuel the demand for the food enzymes within the forecast period.

On the basis of product type, the market is classified into protease, carbohydrase, lipase, and others. Carbohydrase is the fastest growing segment and it accounted for a major market share in terms of revenue in 2017. Increasing consumption of sports drinks and dairy products is anticipated to drive the growth of the segment over the coming years. Second important type of food enzyme is lipase, exhibiting promising market share and also anticipates to grow at a significant CAGR over the forecast period. On the basis of source, the market for food enzymes is classified into plant, animal, and microorganism. Plant-based food enzymes are the fastest growing segment and accounted for a major market share.

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The increasing preference for plant-based digestive enzymes is expected to boost the growth of the segment over the forecast period. Fungal enzymes are also used in numerous applications including preparation and production of several food products such as miso, beer, baked goods, soy sauce, and dairy. The continuously evolving techniques of enzyme extraction through microorganisms is projected to boost the growth of the segment during the forecast period. Based on the application, the market is segmented into bakery & confectionery, beverages, dairy, and convenience foods. Bakery & confectionery is the fastest growing segment and accounted for the major market share in terms of revenue in 2017. The strong preference for food enzymes in bakery & confectionery industry to standardize flour and softness of products such as cakes & biscuits is expected to boost the demand for the food enzymes during the forecast period. The second important segment is the beverage industry which is expected to show a promising growth during the forecast period. The increasing trend of fortified, flavored, and carbonated beverages is projected to enhance the demand for food enzymes in the beverage industry.

The North America food enzymes market accounted for the major market share in terms of revenue in 2017. The market growth in the region is mainly due to the high consumption of processed food in the countries such as Canada and the U.S. The second important market is the Asia Pacific, which is anticipated to exhibit promising growth rate in the forecast period. The growth is attributed to the increasing expansion of application industries in the countries such as China and India. Furthermore, the rising inclination towards Western eating habits is projected to boost the market growth in the years to come. The market for the food enzymes in Europe is anticipated to show a significant growth during the forecast period with a high number of restaurants and hotels. In Latin America, the market for food enzymes is growing due to expanding fast food industry. The market for food enzymes in the Middle East and Africa is expected to grow due to increasing consumer preference for eating out.

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The major players operating in the global market for food enzymes accounted for a significant market share in 2017. The companies are investing in R&D projects and focusing on technological advancements in order to develop new products for catering varying needs of end-use industries. Some of the major companies incorporated in the global food enzymes market report are Royal DSM N.V., Chr. Hansen Holding A/S, Nagase Chemtex Corporation, Biocatalysts Limited, Amano Enzyme Inc., Rossari Biotech Limited, E.l. Du Pont de Nemours & Company, Dyadic International Inc., AB Enzymes GmbH, Shenzhen Leveking Bio-Engineering Co. Ltd., Novozymes A/S, Enmex SA DE CV, Puratos Group NV, Jiangsu Boli Bioproducts Co. Ltd., Maps Enzyme Limited, Sunson Industry Group Company Limited, AUM Enzymes, Lumis Biotech Private Limited, Engrain, and Advanced Enzymes Technologies Limited.

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