Argentina Food Enzymes Market - Trends, Growth, and Forecast (2018 - 2023)
The growing demand for processed foods and increasing health consciousness in the people is driving the food & beverages industry, which in turn is driving the Argentina food enzymes market. Food enzymes are major food additives, which convert complex molecules in to simpler ones in our diet. Food enzymes market in Argentina is expected to register a CAGR of 7.2 % between 2018-2023, and reach a value of US$ 120 million by 2023. High meat consumption in the South American countries require increased market for digestive enzymes.
South America is expected to see fast growth for enzymes with Brazil leading in terms of demand followed by Argentina. The rising disposable incomes, demand for convenience foods and increasing awareness of nutrition enabled products is expected to drive the market for food enzymes in these countries.
The demand for processed and packaged foods is growing with the need to provide food security and safety. However, due to complexities in the global food supply chain, there is a need to add food additives to keep intact the nutritional content and maintain the shelf life. Apart from these reasons, the increasing penetration of organized retail in urban and rural centers, globally, seem to drive the need for food enzymes. The key restrains the Argentina food enzymes market faces is in terms of unclear regulatory process and high Research and development costs.
Argentina food enzymes market is segmented based on enzymes types, which include Carbohydrases, proteases, and Lipases. , carbohydrases dominate the market followed by proteases and lipases. Food enzymes find major application in Bakery, Dairy & Frozen products, Enzymes, Meat products, Oils & Fats, among others. Bakery is the largest application market, as food enzymes are used to improve dough stability and shelf life of end products. Increased use of enzymes in cheese processing is driving the use of enzymes in dairy industry, which is the second largest application market followed by the beverages industry.
February 2018: Agricultural giant Archer Daniels Midland Co. planned to open an enzyme research and development lab in Davis as part of a global effort to develop animal feeds.
June 2017: DuPont innovated its product line and started offering Newly Approved Food Enzymes in Japan.
The major players include - CARGILL INC, KERRY GROUP, DANISCO, JIANGSU BOLI BIOPRODUCTS CO. LTD, ENMEX SA DE CV, TATE & LYLE PLC, ARCHER DANIELS MIDLAND (ADM), PURATOS, SUNSON INDUSTRY GROUP COMPANY LIMITED, CP KELCO, NOVOZYMES, DSM, CHR. HANSEN, AB ENZYMES, amongst others.
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