Food Enzymes Market to See 7.5%+ CAGR to 2024| BASF, Thermo Fisher Scientific, Chr. Hansen Holding A/S, Enmex SA de CV, Codexis, Inc. and 13 Other Companies Profiled
SELLBYVILLE, Del., Oct. 18, 2018 /PRNewswire-PRWeb/ -- Carbohydrases will acquire a major food enzymes market share in the industry crossing USD 1.8 billion sales by 2024. Growing demand for prominent carbohydrases type such as amylase, pectinase, lactase, and cellulase will remain a key factor driving demand. These ingredients are significant in F&B industry and witness high consumption regularly. Phytase will exhibit over 7% CAGR till 2024 owing to its benefits in absorption of vital materials including magnesium and calcium, as well as and reduction of phytic acid.
The report predicts food enzymes Market size will surpass USD 3.6 billion by 2024. Increasing consumer awareness regarding nutritional benefits offered by enzymes has resulted in increased product demand, thus driving the food enzymes market penetration. The strong application outlook for the food & beverage industry for product quality enhancement along with high acceptance from the bakery and confectionery applications to bread quality standardization and flour reduction level will escalate demand.
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Beverages applications of food enzymes market are likely to dominate the industry, registering over 50 kilotons demand by 2024. Rising consumption of beverages among different class of societies across the globe will result in increased product penetration. Provision of benefits such as increased processing capacity and economy enhancement in beverage industry will further propel the industry growth. The bakery will grow significantly owing to high product usage for enhancing dough stability, maintaining bread quality, and ensuring proper browning of bread.
F&B industry has witnessed various trends, significantly impacting the global market growth. Fermentation of food is an emerging trend, that has gained traction among the industry participants. These products are fermented, that results in creation of a number of enzymes, intensifying their strength. Moreover, high usage of these additives for stabilizing the beverages and minimizing the off-odors will instigate immense growth potential in the coming years. However, excessive R&D costs and strict and critical guidelines to handle enzymes production and usage may hamper the industry growth over the next eight years.
Lipases demand is expected to witness CAGR over 6.5% up to 2024. Key properties including improved crumb firmness, prolong product shelf life, and the enhanced flavor is expected to drive product demand in the dairy industry. Increasing adoption rate as a substitute and supplement for traditional emulsifier by degradation of wheat lipids will further boost industry.
Browse key food enzymes market insights from the 2018 report spread across 500 pages offering 1891 market data tables as well as 9 figures & charts along with the table of contents:
https://www.gminsights.com/industry-analysis/food-enzymes-market
Bakery application accounted for over 14 kilotons in 2016. Rising demand for protein-rich products along with superior elasticity in the dough are the key factors propelling product penetration. Development in the processing including mixing, freezing, retarding, baking procedures owing to need for hydration of the un-soluble biopolymers and increase the endogenous enzymes of flours will augment industry.
North America food enzymes market is projected to hold over 36% market share in 2024. Rapid development in dairy and bakery industries owing to urbanization and increasing consumer awareness strongly supporting the regional growth. The U.S provides over 300 types of cheese varieties in the international market. In 2016, total cheese production was recorded more than 12.6 billion pounds, over 3% up from 2015.
Asia Pacific food enzymes market will grow rapidly, witnessing over 7.5% CAGR from 2017 to 2024. Rising acceptance from various applications such as beverages, dairy, and RTE items along with high demand for convenience products will primarily drive the regional industry growth.
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