Food Enzymes Market Overview:
To capitalize over the growing demand for convenience food, the F&B sector added an additional front into its product portfolio with the advent of frozen, packaged, and processed food. Packaged foods items are comprised of complex molecules, which are difficult to digest naturally. With the growth in uptake of packaged foods globally, application of food enzymes developed as an inevitability for F&B companies. Food enzymes are generally used as food additives to enrich digestibility, texture, and shelf life of food and beverages. Flourishing packaged food industry combined with increased awareness among consumers regarding nutritional and health benefits of natural food enzymes has boosted the global food enzymes market size to $1,610 million as of 2018.
Food Enzymes Market Outlook:
The food enzymes market is bifurcated by type into variants such as carbohydrates, lipases, and proteases. Innovation has enabled the players to exploit several end-user industries such as bakery, dairy, beverages, meat products, and confectionery, consequently triggering the opportunities in the food enzymes market to be progressing at a compound annual growth rate (CAGR) of 5.90% during the forecast period 2019-2025.
Globally, top 50 groups made $92.66 billion in total confectionery products and bakery revenue in 2017 (+5.9% from 2016), 57% of which was generated by companies from America, Mexico, or Japan.[2] An in-depth business analysis of various application in industry highlights bakery products to be holding the top rank progressing with an application CAGR of 5.70% through 2025.
A short description of operational properties of different food enzymes in bakery is-
· Amylase- Escalates the fermentation process in its highest capacity to acquire an even crumb structure and high loaf volume.
· Maltogenic alpha-amylases- Improves shelf-life of bread and cakes.
· Protease- Weakens the gluten to give plastic properties required in doughs for biscuits.
Bakery product segment of food enzymes market is leveraging the trend of fast moving consumer goods (FMCG). According to India Brand Equity Foundation, food and beverages, including bakery, account for 19% of Indian FMCG industry valued at $52.75 billion in 2017-18, and is progressing with an impeccable CAGR of 27.86% towards the mark of $103.70 billion by 2020.[3] Similar settings are prevailing across the globe with bakery products gaining traction owing to rising urban population with increasing disposable income.
After an acute analysis of the regional market insights, North America is calculated to be the leading hub in terms of food enzyme market demand with 34% global share in 2018. The sheer affluence is attributable to emerging economies including the U.S. and Canada, and their working population assimilating packaged, frozen and processed food as their staple diet.
The booming trend of fast-food in North America has augmented the trade of cheese, indirectly impacting the market of protease food enzyme. According to the Centers for Disease Control and Prevention, in 2016, one out of three Americans (36%) consumed a meal at fast-food eateries on any given day.[4] Some of the leading fast-food chains across the U.S are McDonald’s, KFC, Pizza Hut, Domino’s Pizza and Burger Kings. Application of cheese in these F&B giants can be indicated by the fact that Leprino Foods, a leading market player, often rated as America’s all-time monopolist, manages to converge an annual revenue of $3 billion by supplying mozzarella cheese to Pizza Hut, Domino's, and Papa John's.
Similarly, McDonald’s for their buns claims to apply enzymes such as amylases. And KFC, the world’s most popular chicken restaurant chain is now operating in 135 countries with more than 22,000 restaurants globally.[5] Hence, the trend of processed food supplemented by retail outlets in North America is projecting the food enzyme market towards exponential growth.
Food Enzymes Market Trends and Growth Drivers:
· A major trend disrupting food enzyme market is technological developments for the production of enzymes from genetically engineered organisms. Rapid developments in biotechnology have generated numerous enzymes operational for the baking industry. Increasing range of products is augmenting the exploitation of numerous untapped sectors, augmenting opportunities to be capitalized upon by the food enzymes market.
· The subject of genetic engineering may play a critical role in providing future innovation to supplement industry. Enzymes, as proteins, are not genetically engineered as their host organism but the industry is expected to shift towards genetically manufactured enzymes. The tools available from the biotechnology studies can have a tremendous impact on cost, specificity of an enzyme and manufacturing efficiency in future. Research is being done to find the new applications of prevailing enzymes for detailed nutritional benefits. A lipase has been shown to diminish serum triglycerides in individuals and is under advance examination, as cited by the U.S. Patent 9,555,083. Many of the nutritional deficit concerns could be addressed with enzymes.
· With demand for natural products pacing up, the imperatives of food enzymes is probable to increase outpacing chemical additives. The importance of enzymes is likely to increase as consumers are opting for more natural products. For instance, enzymes can be employed to substitute potassium bromate, a chemical additive that has been banned in various countries.
· Increasing consumption of beer is a mega-trend on which the food enzyme market is profitably capitalizing. All of the principal enzymes such as amylases, proteases, glucanase, and cellulase are crucial for beer production process. According to the Brewers Association, the overall beer market of the U.S. worth $114.2 billion as of 2018. Enzymes being an integral part of production is set to capitalize over increasing beer consumption pattern tailored by trend such as ‘weekends’ and ‘party-culture’.
· Robustly growing retail chains such as Walmart and Reliance Fresh supplemented by virtual retail shelves by Amazon and Costco has uplifted the sales of packaged food items, delivering undying demand to food enzyme market globally. Food enzymes enhances the appealing appearance of food and shelf life of products.
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