Food Enzymes Market Size, Share, Development and Industry Overview by 2026
The global food enzymes market size was $1,944.8 million in 2018, and is projected to reach $3,056.9 million by 2026, registering a CAGR of 5.6% from 2019 to 2026. In terms of volume, North America occupied more than one-third of the global market share for 2018 and is expected to maintain its dominance during the forecast period.
The report focuses on the growth prospects, restraints, and opportunities of the global food enzymes market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the food enzymes market.
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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 across the world; however, food enzymes are also sourced from animals and plants.
The global food enzymes market is expected to remain influenced by growing demand for processed food across the world. Growth in trend of immobilized enzyme technology have further augmented market growth. Furthermore, introduction of clean label food enzymes, owing to increase in concern of millennials toward food transparency have been striking a chord for the leading market players of the food enzymes market
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The global food enzymes industry is segmented based on type, application, and material. Based on type, the food enzyme market is classified into carbohydrase, lipase, protease, and others. Based on application, the market is divided into bakery products, beverages, dairy products, and others. Based on source, the market is analyzed across microorganisms, plants, and animals. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
North America is the leading consumer of food enzymes followed by Europe and Asia-Pacific. However, Asia-Pacific is poised to gain significant market share in the global food enzyme market during the forecast period. It is imperative to note that immobilized enzyme technology for food application have gained high traction in the last few years. Immobilized enzyme technology enhances characteristics of food enzymes such as slow reaction rate limited shelf life and operational stability. Also trends of clean labelling has gained wide attraction across the world. Leading players are now venturing into this segment to cater to the growth in demand from health-conscious consumers.
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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.
Key Findings of the Food Enzymes Market:
The carbohydrase segment was the highest contributor to the global food enzymes market in 2018 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 7.2% 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 2019 and is projected to grow with highest the CAGR during the forecast period.
Dairy product segment is projected to exhibit rapid growth in the market, in the estimated forecast.
In terms of food enzymes market growth, the Asia-Pacific region is poised to grow with highest CAGR during the forecast period followed by LAMEA.
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