Author: Himanshu Patni
15 September 2021
Global Food Enzymes Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Enzymes are proteins with highly specialized catalytic functions, produced by all living organisms. Enzymes are responsible for many essential biochemical reactions in microorganisms, plants, animals, and human beings. Enzymes are not alive but are essential for all metabolic processes. Although like all other proteins, enzymes are composed of amino acids, they differ in function in that they have the unique ability to facilitate biochemical reactions without undergoing change themselves. This catalytic capability is what makes enzymes unique
A rise in awareness about healthy food, lifestyle changes, and hectic schedule are some of the prime factors driving the demand for healthy and processed organic food. As per a report by WHO, healthy diets cost 60% more than diets that only meet the requirements for essential nutrients and almost 5 times as much as diets that meet only the dietary energy needs through a starchy staple. Moreover, the cost of a diet increases incrementally as the diet quality increases which is from a basic energy-sufficient diet to a nutrient adequate diet and then a healthy diet including more diversified and desirable food groups/ across all regions and country income groups globally. The cost of a healthy diet is much higher than the international poverty line, established at USD 1.90 purchasing power parity (PPP) per day. This puts healthy diets beyond the reach of those living in poverty or just above the poverty line.
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Moreover, the trending culture of partying out or dining out is acting as a growth catalyst to the market growth. According to the Centers for Disease Control and Prevention, between 2013 and 2016, 36% of adult Americans consumed fast food on any given day. Also, People who earned more money dined on fast food more frequently than lower-income people. Among higher-income people, 42% chose to eat fast food on any given day; the figures were 36% for middle-income people and 31% for lower-income people.
The coronavirus pandemic has affected many aspects of life in an unprecedented way. Many essential sectors around the world were at stake due to the pressure this crisis represents. The lockdown in countries, supply chain disruption, and the global recession also impacted the food enzyme business across the globe. Trade disruptions potentially affect future access to inputs for low-income countries that purchase their fertilizers, chemicals, and improved seeds from abroad. Highly concentrated markets on the input supply side (especially for fertilizers) can, at that point, amplify the risk to input importers.
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Based on the Type, the market is mainly fragmented into Carbohydrase, Protease, Lipase, and Other. The carbohydrase segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The demand for this segment is witnessing an uptick owing to the several benefits such as carbohydrase such as amylases, cellulases, pectinases, lactases, mannanases, and pullulanase are used in food applications, to cater to various industries such as bakery & confectionery, dairy, and processed food. They have added advantages to various food applications due to their cost-effectiveness, less time & space consumption, and ease in modification and optimization of the process.
Additionally, the report provides detailed initiatives that are being taken in the field of Food Enzymes. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market with US$ XX million in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising health awareness among end-users in the countries such as China, India, and Japan.
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Global Food Enzymes Market Segmentation
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