(Food-Beverage-News.Com, December 01, 2020 ) The food enzymes market is projected to grow at a CAGR of 6.9% from 2018, to reach USD 3.23 billion by 2023. The base year considered for the study is 2017, and the forecast period is from 2018 to 2023. 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. Moreover, high reaction specificity, the demand for environment-friendly manufacturing processes and improved quality of processed food are a few other reasons that has driven the overall market demand for this market. The major restraining factors for the global market include changing legislation and lack of consistency in safety regulations.
DowDuPont is an American conglomerate that provides innovative agriculture products, packaging & electronic materials, and consulting services. The company operates through 8 business segments, namely, agriculture, electronics & imaging, industrial intermediates & infrastructure, nutrition & biosciences, performance materials & coatings, packaging & specialty plastics, transportation & advanced polymers, and safety & construction. Some of the products offered by the company include seeds, feeds, herbicides, resins, polyester, personal care products, food packaging materials, dietary supplements, and sweeteners. It operates globally in more than 90 countries, covering North America, South America, Europe, and Asia Pacific. The company has adopted new product launches as its strategy; for instance, in June 2018, the company launched a new product range of POWERBake 8000 bakery enzymes in South America to extend its product offerings in the region.
Associated British Foods plc (UK) is a subsidiary of Wittington Investments Limited (US). It offers a diversified range of products to the food, ingredients, and retail industries. The company operates through 5 segments, namely, grocery, sugar, agriculture, ingredients, and retail. The ingredients segment is into manufacturing of bakery ingredients, enzymes, lipids, yeast extracts, and cereal specialties. The company has its operation centers in about 50 countries across Europe, Southern Africa, the Americas, and Asia & Australia. The company focuses on expansions as its growth strategy. In July 2018, the company opened a new warehouse and distribution center in China, which helped the company strengthen its supply chain facility in the country.
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 and is thus growing in demand globally. 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.
The Food Enzymes Market To Record the Fastest Growth in Asia Pacific Throughout 2023
In parallel to the growing population in various countries of Asia Pacific, the demand for different food products is projected to remain high. As manufacturers focus on catering to the increasing demand from consumers for high-quality food products in a shorter period, the market for food enzymes is projected to increase in this region over the coming years. In addition, rising awareness about the benefits of food enzymes is widening lucrative growth opportunities for manufacturers. On account of these factors, the market is projected to record the fastest growth in the region during the forecast period.
Leading players in the food enzymes market focus on adopting strategies such as acquisitions, new product launches, agreements, and expansions to improve their presence in the market. Some of the key players identified in the market include Associated British Foods (UK), Novozymes (Denmark), DSM (Netherlands), DowDuPont (US), and Chr. Hansen (Denmark).
Overall, the food enzymes market is projected to witness significant growth during the forecast period. With the increasing demand for food products in retail outlets, manufacturers are focusing on utilizing feed additives to shorten the production time and offer premium-quality products. These factors are projected to contribute to the growth of the market significantly.
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