Food Enzymes Market: Current Analysis and Forecast (2021-2027)
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
As per a report by WHO, the 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 - 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
As per Forbes, a third Of Americans Dine Out Daily At Fast-Food Restaurants. Moreover, 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.
Based on the Type, the market is fragmented into Carbohydrase, Protease, Lipase and Others. The Carbohydrates segment of the Global Food Enzymes market grabbed the major market share and dominated the market. The segment captured around XX% market share and generated USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years
Based on the Form, the market is fragmented into Solid and Liquid. The Solid segment grabbed major market share and captured XX% market revenue in 2020. However, the Liquid segment would emerge in the forecast period and would witness the highest CAGR during the forthcoming period as the liquid form can be used in flexible quantity are works faster than the dry from.
Based on the Source, the market is segmented into Microorganism, Animals and Plant. The microorganism form grabbed XX% market share and gathered USD XX Mn in 2027. Moreover, the segment is expected to reach USD XX Mn by 2027 with a growth of XX% CAGR during 2021-2027. However, the Plant form is expected to witness the highest CAGR during the forecast period.
Food Enzymes has several application areas such as Bakery, confectionary, Dairy and frozen dessert, Meat, Poultry and sea food products, Beverages and Others. The Bakery segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2027. However, the poultry and sea food product segment is expected to witness an exhibit growth during the forecast period
For a better understanding of the market adoption of the Food Enzymes market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. North America constitutes a major market for the Food Enzymes industry and generated revenue of USD XX Million in 2020 owing to the increase in the demand for high-quality processed food.
Some of the major players operating in the market are DuPont, Associated British Foods plc, DSM, Novozymes, and Kerry Group, Advanced Enzyme Technologies Ltd, Amano Enzyme Inc. and CHR. Hansen Holdings A/S. etc., Several M&As along with partnerships have been undertaken by these players to develop Food Enzymes.