The Food Enzymes Market Is Projected To Account for a Value of USD 3.2 Billion By 2023 With the increasing prevalence of diseases among consumers, manufacturers focus on offering high-quality food products that are nutrition-dense. In addition, retailers prefer accommodating shelves for food products with an enhanced shelf life. Due to the increasing demand for food products that are rich in nutrition and have extended shelf life, manufacturers are increasingly utilizing food enzymes. According to MarketsandMarkets, the food enzymes market is projected to account for a value of USD 3.2 billion by 2023, recording a CAGR of 6.9%.
High reaction specificity of enzymes is driving the overall market
The use of enzymes in the food & beverage processing industry ensures the selective analysis of specific food constituents so that the time and costs can be reduced. Conventional use of chemicals requires time-consuming separation techniques, which affect an organization’s budget. Enzymes are biocatalysts that bind substrates into their active sites in a compact and highly specific orientation, which guarantees that, of the many thermodynamically feasible reactions that can occur in the process, only a particular one is accelerated. This high reaction specificity of food enzymes also eliminates the possibility of undesired side reactions, which can compromise the safety of end products, which is ultimately for human consumption.
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Growing demand for nutraceutical products offers a major opportunity for the growth of food enzymes market.
Globally, the burden of chronic diseases is rapidly increasing. According to the WHO, in 2015, about 3 million deaths were caused by chronic diseases, which was 5% of all deaths in that year, globally. Also, the proportion of the burden of non-communicable diseases (NCDs) is expected to increase to 57% by 2020. Moreover, according to the National Center for Chronic Disease Prevention and Health Promotion, in 2012, about 117 million people in the US had one or more chronic health conditions, and one of four adults had two or more chronic health conditions. The growing geriatric population is a global phenomenon driving the demand for nutraceutical products. According to World Population Prospects, the 2015 Revision released by the United Nations in 2015, “between 2015 and 2030, the number of people in the world aged 60 years or over is projected to grow by 56%, from 901 million to 1.4 billion, and by 2050, the global population of older persons is projected to more than double its size in 2015, reaching nearly 2.1 billion.” Due to this, there may be a higher prevalence of health issues such as diarrhoea or constipation, IBS, gas, leaky gut, acid reflux, ulcerative colitis, bloating, malabsorption, and diverticulitis. This further stimulates the trend in the nutraceutical industry to deliver nutritional ingredients through fortified and functional food products, thus exhibiting growth opportunities for the food enzyme industry.
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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Key Questions Addressed by the Report:
- What are the products that the food enzymes companies are exploring?
- Which are the key players in the market and how intense is the competition?
- What are the upcoming growth trends that the food enzymes manufacturers are focusing for the future?
- What are the high-growth opportunities in the food enzymes market in each segment?
- What are the key growth strategies adopted by the major market players in the food enzymes market?