Food Enzymes Market Size, Share, Revenue, Trends And Drivers For 2024-2033
Food Enzymes Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company’s Food Enzymes Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 22, 2024 /EINPresswire.com/ -- The global food enzymes market is projected to grow from $2.40 billion in 2023 to $2.58 billion in 2024, at a compound annual growth rate (CAGR) of 7.2%. This growth is attributed to increased awareness of health benefits associated with enzyme-enhanced products, expansion of the global food and beverage industry, regulatory approvals for enzyme usage, innovations in enzyme production methods, and heightened focus on sustainability and cost-effectiveness in food production. The market is anticipated to reach $3.41 billion by 2028 at a CAGR of 7.3%, driven by the rising demand for clean-label and plant-based products, growing awareness of health benefits from enzyme-rich diets, and advancements in enzyme technology.
Rising Demand for Processed Food Products Drives Market Growth
The increasing demand for processed food products is a key factor contributing to the growth of the food enzymes market. Processed foods, which have undergone various alterations to enhance suitability for consumption, are becoming more popular due to fast-paced lifestyles, technological advancements in food processing, urbanization, and higher disposable incomes. Food enzymes play a crucial role as catalysts in these processes, enhancing efficiency and productivity. For example, in October 2023, Agriculture and Agri-Food Canada reported a record $54.3 billion in processed food and beverage exports for 2022, reflecting a 14.1% increase from 2021. This trend underscores the significant role of food enzymes in meeting the rising demand for processed foods.
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Key Players and Market Trends
Major players in the food enzymes market, such as International Flavors & Fragrances Inc., Kerry Group, and Novozymes A/S, are focusing on developing advanced solutions to improve production processes. For instance, DSM-Firmenich launched Maxilact Next in May 2023, an advanced lactase technology that enhances the efficiency of lactose-free dairy production by reducing hydrolysis time by 25%. This innovation highlights the industry's ongoing efforts to improve production efficiency and expand product capabilities.
Major Trends Shaping the Market
Key trends in the food enzymes market include advancements in enzyme engineering, a heightened focus on personalized nutrition solutions, and the emergence of novel enzyme formulations. The integration of advanced biotechnological techniques is expected to enhance enzyme functionality further. Additionally, there is a growing adoption of enzyme-based solutions for food waste reduction, driven by the increasing emphasis on sustainability and environmental responsibility.
Segments:
• Type: Carbohydrase, Lipase, Protease, Other Types
• Source: Microorganisms, Animals, Plants
• Formulations: Powder, Liquid, Other Formulations
• Application: Bakery Products, Beverages, Dairy Products, Processed Foods, Confectionery Products, Other Applications
Geographical Insights: North America and Asia-Pacific
North America was the largest region in the food enzymes market in 2023, owing to its advanced food processing technologies and high demand for enzyme-enhanced products. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period, driven by rapid industrialization, increased consumption of processed foods, and growing awareness of enzyme benefits.
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Food Enzymes Global Market Report 20242 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Food Enzymes Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on food enzymes market size3, food enzymes market drivers and trends, food enzymes market major players, competitors' revenues, market positioning, and market growth across geographies. The food enzymes market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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