Meticulous Research® – leading global market research company published a research report titled “Food Enzymes Market by Source (Microorganisms, Animals, Plant), Type (Carbohydrase, Protease, Lipase), Form (Liquid, Solid), Application (Bakery, Dairy, Beverage, Meat Processing), and Geography- Global Forecast to 2024”.
According to this latest publication from Meticulous Research®, the global food enzymes market is expected to grow at a CAGR of 7.5% from 2019 to reach $3,125.1 million by 2024. The growth of this market is driven by factors such as growing awareness about nutritional requirements, demand for high performance and environment friendly manufacturing process, increasing demand for processed food products, and innovative developments in biotechnology. Moreover, emergence of developing countries as strong consumers for nutritional products provides growth opportunities in food enzymes market. However, impact of temperature and pH on enzymes and excessive cost associated with research and development activities hinders the growth of market to some extent.
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The global food enzymes market study presents historical market data (2017 and 2018), estimated current data (2019), and forecasts for 2024-by source (microorganisms, animals, plant), type (carbohydrase, protease, lipase), form (liquid, solid), application (bakery, dairy, beverage, meat processing). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of source, microorganisms commanded the largest share of the global food enzymes market in 2018, mainly due to their lower production costs; possibility of large-scale production in industrial fermenters; wide range of applicationin the beverage, bakery, dairy, and meat industry; and approval from leading organizations for their use in various food products. The demand for microorganism sourced food enzymes is further expected to increase significantly during the forecast period mainly because of food industry’s growing focus on improving the quality and quantity of the products produced by the genetically modified food enzymes, reducing time of food processing, and developing eco-friendly food process.
On the basis of type, carbohydrase market dominated the global food enzymes market in 2018 due to its increased applications in beverage and dairy industry and advances in technological capabilities. However, lipase is expected to grow at a fastest CAGR during the forecast period owing to various factors including its low extraction cost; growing demand from dairy manufacturers; ease of handling, and properties such as high stability towards temperatures and solvents, wide pH range, and broad substrate tolerance.
On the basis of application, dairy industry is expected to grow at a fastest CAGR during the forecast period in the global market, which is mainly attributed to increasing milk output, growing trend of eating healthier food products,high awareness about health condition, and growing lactose-intolerance population.
This research report analyzes major geographies and provides comprehensive analysis ofNorth America (U.S. and Canada), Europe (Germany, France, Italy, U.K., Spain, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil, Mexico, Argentina, and RoLATAM), and Middle East & Africa. The North America region dominated the food enzymes market in 2018 and is also expected to dominate this market for the next five years. The large share of this market is mainly attributed to increased consumption of protease and lipase due to huge demand for healthy and highly nutritional diet products. This increased consumption in the region is providing new opportunities for vendors to expand their product portfolio in the market.
However, Asian countries are slated to register a fastest growth during the forecast period, primarily due to global shift of manufacturing from North America & Europe to Asia-Pacific region and related rise in the demand for food enzymes from the food manufacturers. In addition, rising industrialization and significant growth in food processing industry, growing government initiatives to improve the food processing sector, and huge availability of raw material are the key factors propelling the growth of the Asia-Pacific food enzymes market.
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The key players operating in the global food enzymes market are AB Enzymes GmbH (Germany), Novozymes A/S (Denmark), Koninklijke DSM N.V. (The Netherlands), Dupont Industrial Bioscience (U.S.), Biocatalysts Limited (U.K.), Kerry Group (Ireland), Amano enzyme Inc. (Japan), Chr. Hansen Holding A/S (Denmark), Aum Enzymes (India), Advance Enzyme Technologies Ltd.(India), Enzyme Development Corporation (U.S.), Enmex S.A. de C.V. (Mexico), Jiangsu Boli Bioproducts Co., Ltd (China), and Leveking (China) among others.
Key questions answered in the report-
• Which are the high growth market segments in terms of source, type, form, application, and region/countries?
• What was the historical market for food enzymes across the globe?
• What are the market forecasts and estimates for the period of 2018-2024?
• What are the major drivers, restraints, opportunities, and challenges in the global food enzymes market?
• Who are the major players in the global food enzymes market?
• How is the competitive landscape and who are the market leaders in the global food enzymes market?
• What are the recent developments in the global food enzymes market?
• What are the different strategies adopted by the major players in the global food enzymes market?
• What are the geographical trends and high growth regions/ countries?
• Who are the local emerging players in the global food enzymes market and how do they compete with the global players?
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