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Pectinases Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Pectinases Market Outlook
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According to The Business Research Company's, The pectinase market size has grown strongly in recent years. It will grow from $17.02 billion in 2023 to $18.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increasing fruit and vegetable production, rising juice and wine production, increasing dairy industry, rising food and beverage industry, and increasing demand for organic and natural products.
The pectinase market size is expected to see strong growth in the next few years. It will grow to $27.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rising consumer demand for natural and clean-label products, increased demand for processed foods, growing popularity of wine and beer consumption, increasing population and urbanization, and growing popularity of wine and beer consumption. Major trends in the forecast period include innovations in fermentation technology, adoption of advanced enzyme formulations, automation and process integration, advancements in biotechnology, genetic engineering, agricultural advancements, and advancements in food processing technologies.
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Market Drivers:
The growing demand from the food and beverage industry is expected to propel the growth of the pectinases market going forward. The food and beverage industry refers to companies that process raw agricultural commodities and semi-processed food products into food and drink products. The demand for pectinases in food and beverage is due to increasing fruit juice and wine production, enhanced flavors and texture, and growing demand for plant-based beverages. Pectinases significantly benefit the food and beverage industry by improving product quality, enhancing process efficiency, and contributing to cost savings, all while ensuring the production of high-quality, appealing, and stable food and beverage products. For instance, in May 2021, according to the Australian Bureau of Statistics, an Australia-based government agency, food and non-alcoholic drink sales increased from 14.8 million metric tons in 2020-21 to 15.1 million tons in 2021-2022. Therefore, growing demand from the food and beverage industry is driving the pectinases market.
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Major Key Players of the Market:
Cargill Incorporated, BASF SE, F. Hoffmann-La Roche Ltd., Merck Co. & KGaA, DuPont de Nemours Inc., International Flavors & Fragrances Inc., Koninklijke DSM N.V., Kerry Group, Novozymes BioAg Limited, Chr. Hansen Holding A/S, Neogen Corporation, Kemin Industries Inc., Genencor International Inc., Codexis Inc., Puratos Group, AB Enzymes GmbH, MP Biomedicals LLC, Biocatalysts Ltd., Enartis USA Inc, BIO-CAT Inc., Aumgene Biosciences Pvt. Ltd.
Pectinases Market 2024 Key Insights:
• The pectinase market size is expected to see strong growth in the next few years. It will grow to $27.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Growing Demand From The Food And Beverage Industry Growth In Pectinases
• North America was the largest region in the pectinase market in 2023
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