London, July 24, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “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”, published by Meticulous Research®, the food enzymes market is expected to grow at a CAGR of 7.5% from 2019 to reach $3,125.1 million by 2024.
The global food enzymes market is majorly driven by growing awareness about nutritional requirements, which has increased rapidly in recent decades. This nutritional awareness is associated with increasing urbanization, pollution, health diseases, and changing dietary habits. Also, the government initiatives in educating rural people about nutrition, increasing proportion of working women,educated people, and availability of less time for food preparation have increased the demand for nutritional food.
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The population is ever changing towards more value-added food categories and their hunt for health is having a great impact on the nutritional products. As a result, consumer increasingly prefers nutritionally rich healthy food, which in turn, leads to its increased production by food processors. Thus, due to growing need to meet nutritional requirement of population, nutritional food manufacturers are increasingly incorporating enzymes into their products, thereby driving the growth of the global food enzymes market. Further, demand for high performance and environment friendly manufacturing process, increasing demand for processed food products, and innovative development in biotechnology are also bolstering the growth of this market.
The global food enzymes market is mainly segmented by source (microorganisms, animals, plant), type (carbohydrase, protease, lipase), forms (liquid, solid), application (bakery, dairy, beverage, meat processing), and geography.
Based on source, microorganism sourced enzymes segment is estimated toaccount for the largest share of the overallfood enzymes market in 2019. The large share of microorganism sourced food enzymes market is mainly attributed to their lower production costs; possibility of large-scale production in industrial fermenters; wide range of applicationsin the beverages, bakery, dairy, and meat industry; and approval from leading organizations for their use in various food products.Based on microorganism sources, the global food enzymes market is segmented into bacteria, fungi, and yeast.
Based on the enzyme type, carbohydrase segment is estimated to account for the largest share of the overall food enzymes market in 2019, mainly due to its increased applications in beverage and dairy industry and advances in technological capabilities. However, lipase market is expected to grow at the highest CAGR during the forecast period, supported by 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. In this report, carbohydrase market is further segmented into amylase, lactase, pectinase, cellulose, hemicellulose, and others.
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With increasing demand for the healthier fortified baked products and growing product innovations, bakery accounted for the largest share of the global food enzymes market, by application; however, dairy industry application is expected to grow at the highest CAGR during the forecast period, mainly due to increasing milk output, growing trend of eating healthier food products,high awareness about health condition, and growing lactose-intolerance population.
Geographically, the global food enzymes market is segmented into North 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.North America commanded the largest share of this market, 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.
“Despite of North American dominance, Asian countries are slated to register the highest growth during the forecast period,primarily due to the global shift of manufacturing from North America & Europe to Asia-Pacificregion and related rise in the demand for food enzymes from the food manufacturers.”
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).
Browse key industry insights spread across 148 pages with 117 market data tables & 28 figures & charts from the report: https://www.meticulousresearch.com/product/food-enzymes-market-4955/
Scope of the Report:
Market by Source
- Microorganisms
- Fungi
- Bacteria
- Yeast
- Animal
- Plant
Market by Type
- Carbohydarse
- Amylase
- Lactase
- Pectinase
- Cellulase
- Hemicellulase
- Others
- Protease
- Lipase
- Others
Market by Form
- Liquid
- Solid
Market by Application
- Bakery
- Dairy
- Beverage
- Meat, Fish, and Egg Processing
- Grain and Oilseed Processing
- Others
Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- RoAPAC
- Rest of World
- Latin America
- Middle East and Africa
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