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 food enzymes market. Food enzymes are a major food additives which convert complex molecules in to simpler ones in our diet. The food enzymes market was valued is expected to reach USD 3100 million by 2023, with a CAGR of 8.1% for the forecast period of 20182023.
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 market faces is in terms of unclear regulatory process and high Research and development costs.
The report 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 and Fats among others. Bakery is the largest application market, as food enzyme 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.The Carbohydrase AsiaPacific market was valued at USD 504.1 million in 2013, and is estimated to grow at a CAGR of 10 % annually. It constitutes 21% of the global Carbohydrase market.
Asia Pacific constitutes 25% of the global share. AsiaPacific is expected to be the fastest growing regions for enzymes with India and Chinaleadingthe demand. 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.
MAJOR PLAYERS: CARGILL INC, KERRY GROUP, DANISCO, JIANGSU BOLI BIOPRODUCTS CO. LTD, ENMEX SA DE CV, TATE LYLE PLC, ARCHER DANIELS MIDLANDADM, PURATOS, SUNSON INDUSTRY GROUP COMPANY LIMITED, CP KELCO, NOVOZYMES, DSM, CHR. HANSEN and AB ENZYMES, amongst others.
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