The food enzymes market is expected to grow at a CAGR of 8% during the forecast period. Demand from the beverage industry, drivers.2, and drivers.3 are some of the significant factors fueling food enzymes market growth.
Demand from the beverage industry
The market size for the global food enzymes market has been derived by triangulating data from multiple sources and approaches. While arriving at the market size, data points such as the size of the global enzymes market (parent market) and revenues of key market participants, including Amway, BASF, Chr. Hansen Holding, DowDuPont, Royal DSM, Novozymes, and other prominent vendors, have been considered.
The global food enzymes market is expected to grow at a high momentum during the forecast period due to the rising consumption of food enzymes in processed foods, beverages, animal feed and poultry, dairy, and bakery products. Food and beverage manufacturers use food enzymes during the phases of processing or for the fortification of foods to enhance their nutritional value and shelf life. Moreover, the growth of the food and beverage industry is expected to drive the demand for food enzymes to be used as catalysts and reagents for breaking down complex molecules present in processed or final food products.
In 2019, North America accounted for the largest market share of 35.60% of the global food enzymes market. The key drivers for the growth of the global food enzymes market are the increasing demand from the beverage industry, the increase in health consciousness among consumers leading to consumption of healthy and nutritional food, and high demand for food enzymes from the dairy industry.
In addition, the increase in meat consumption will elevate the consumption of enzymes in animal feeds, thereby providing prospects for market growth. Moreover, owing to the rise in the consumption of processed foods, beverages, and dairy products, the demand for food enzymes is anticipated to grow at a higher rate in countries such as China, India, the US, Germany, the UK, and Canada. This demand is also fueled by the high requirement for meat in the animal feed and poultry sector in these countries.
The global food enzymes market also faces certain challenges that hamper its growth such as the availability of substitutes, safety regulations for food enzymes, and high prices affecting product consumption.
