The global food enzymes market size is expected to rise considerably owing to extensive adoption of clean-labeled and natural ingredients in food beverage industry. Fortune Business Insights, in its latest report, titled “Food Enzymes Market Size, Share Industry Analysis, By Source (Microbes, Plants, and Animals), Type (Carbohydrases, Proteases, Lipases and Others), Application (Bakery, Dairy, Beverages, Nutraceuticals and Other Processed Foods), and Regional Forecast, 2020 – 2027.”, further observes that the market value stood at USD 1.69 billion in 2019, which is likely to hit USD 2.39 billion by 2027 while exhibiting a 4.70% CAGR during the forecast period.
What does the Market Report Include?
The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Consumption of Clean-Labeled Food to Surge Demand
According to the European Food Safety Authority (EFSA), long-term exposure of chemicals at high concentrated levels through food may have a toxicological effect on humans. Though they are essential building blocks, synthetic chemicals as additives have an adverse effect on health when consumed. Increasing awareness among people regarding the health concerns associated with the consumption of synthetic ingredients is expected to surge the demand for clean-labeled food across the globe. The gradual shift of the consumers from chemical ingredients to naturally processed food products that are safe and healthy will boost the demand for food enzymes in the forthcoming years. For instance, in October 2019, Tiny Organics, a U.S.-based direct-to-consumer brand, announced its launch of organic plant-based recipes that are healthy for toddlers. The recipes include baby burrito bowls, pumpkin spice oatmeal, and coconut curry-induced dishes.
Increasing Demand for High-quality Processed Food to Augur Growth in North America
Among the regions, North America is anticipated to remain dominant and register high global food enzymes market revenue in the forthcoming years. This is ascribable to factors such as growing demand for naturally occurring ingredients. Additionally, increasing demand for high-quality processed food and rising investments from manufacturers to develop innovative products is likely to drive the market growth in the region. Asia-Pacific, on the other hand, is likely to register steady growth for the market during the forecast period. This is attributable to factors such as growing demand for bakery and dairy products.
Joint Ventures Among Companies to Spur Demand for Food Enzymes
In November 2019, Cargill along with DSM announced its plan to enter into a joint venture. Avansya, the joint venture between the two giants is about constructing a commercial facility to manufacture stevia sweeteners through the fermentation process. The companies are likely to consolidate their position with their collaboration by setting up the 10,000 sq. ft. plant that costs around USD 50 million, located at Blair, Nebraska. Adoption of strategies such as joint ventures, product launches, and expansion of product offerings by the companies to cater to the increasing consumer demand is likely to favor the global food enzymes market growth between 2020 and 2027.