Food Enzymes Market - Forecast(2021 - 2026)
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.
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