Food Enzymes Market by Type (Carbohydrase, Protease, Lipase), Application (Beverages, Bakery Products, Dairy Products, Confectionery Products, Processed Foods), Formulation (Lyophilized Powder and Liquid), Source, and Region - Global Forecast to 2023
“The global food enzymes market is projected to grow at a CAGR of 6.9%.”
The global food enzymes market is estimated at USD 2.31 billion in 2018 and is projected to reach USD 3.23 billion by 2023, at a CAGR of 6.9% during the forecast period. Some of the major factors driving the market are demand for improved food quality, increasing demand for processed food, and growing awareness about healthy and nutritional food. The major restraining factors for the food enzymes market include changing legislation and lack of consistency in safety regulations.
“The lipase segment by type is projected to grow at the highest CAGR during the forecast period.”
Lipase is an enzyme involved in the hydrolysis of fats or lipids. It acts as a catalyst and breaks down oils and solid fats into compounds. Its major function is aiding the digestion, transport, and processing of dietary lipids. Lipase acts critically in cheese and yogurt fermentation. It is mainly used in the bakery, dairy, and oil & fat industries. It is one of the fastest-growing enzymes. The market for lipase is growing because of its application in the dairy industry.
“The liquid segment by formulation is projected to grow at the highest CAGR during the forecast period.”
Food enzymes in the liquid formulation are generally less stable than solids, though they have greater activity and better functionality. The liquid formulation of enzymes is supplied as a liquid solution, which is sprayed on the pellets. This type of formulation is easy to handle. However, it is subject to spillage or splashing; is unstable; is sensitive to rapid attacks by other ingredients; and is susceptible to physical and chemical degradation.
“North America is estimated to account for the largest market share in 2018, whereas Asia Pacific is projected to grow at the highest CAGR during the forecast period.”
The North American market is projected to account for the largest share during the forecast period. This is attributed to factors such as increase in consumer demand for healthy processed food. American consumers, however, are calorie conscious, due to which low-calorie and low-fat foods are popular in the US.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The growth is majorly attributed to the increasing demand from China and India, as the food & beverage industry in these countries is growing at a rapid pace.
Break-up of Primaries:
By Company Type: Tier 1: 35%, Tier 2: 25%, and Tier 3: 40%
By Designation: Director level: 25%, C-level: 30%, Manager level: 45%
By Region: North America: 25%, Europe: 23%, Asia Pacific: 37%, South America: 11% and RoW**: 4%
* Tier 1, Tier 2, and Tier 3 companies are classified on the basis of their product portfolios and regional and global presence.
**RoW includes South Africa and others.
The key players in the food enzymes market include the following:
The market for food enzymes is dominated by the key players such as SGS (Switzerland), DowDuPont (US), Associated British Foods (UK), DSM (Netherlands), Novozymes (Denmark), Chr.Hansen (Denmark), Brenntag Pte. (Germany), Kerry Group (Ireland), Jiangsu Boli Bioproducts (China), Biocatalysts (UK), Puratos Group (Belgium), Advanced Enzymes Technologies (India), Amano Enzyme (Japan), and Enzyme Development Corporation (US).
The report provides an analysis of the food enzymes market across different segments. It aims at estimating the market size and future growth potential of this market on the basis of type, application, formulation, source, and region. The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and business strategies.
Key Reasons to Buy the Report:
To get an overview of the global food enzymes market.
From an insight perspective, this research report has focused on detailed analysis—industry, and company profiles.
This report also analyzes the high-growth segments of the global food enzymes market—its high-growth regions, drivers, restraints, opportunities, and challenges.
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