Enzymes market to register significant proceeds from food & beverage applications, global industry revenue to exceed US$10 billion by 2024
Being one of the most diverse and essential component of numerous end-use industries, the enzymes market has witnessed unprecedented growth over the past decade. The importance of these chemical elements during the production of distinct household and industrial products, particularly for achieving desired properties, has fueled their demand. Increased consumption of food and beverage products, cosmetics, pharmaceuticals and several home care products have propelled the enzymes market revenues.
U.S. Enzymes Market, By Product, 2017 & 2024 (USD Million)
Consistent development of efficient production methods and innovative applications to cater to various unmet needs of emerging industries, such as biofuels, has endorsed the advantages of these catalysts. Rising disposable incomes around the world will certainly stimulate manufacturers to expand production capacities, inadvertently benefiting the enzymes industry.
Owing to the continuous shift in consumer and lifestyle trends, coupled with the rapidly growing population, processed and packaged food products have gained enormous momentum in recent years. Food and beverage industry has contributed significant proceeds towards the enzymes market, as more sustainable production of bakery, confectionary and several dairy products is made possible by these catalysts. Even the brewery industry represents a potentially large consumer of enzymes, which can easily be added to any prevalent brewing processes followed by producers. Subsequently, unwavering demand for popular processed food products and drinks will warrant a reliable customer base for the enzymes industry.
Unveiling the scope of the global enzymes market with respect to the food and beverage segment
Worldwide, a broad range of dairy products are consumed by all age groups, from liquid products to cheese, butter and other solid consumables. Enzymes have found their way into the production processes of distinct cheese products such as cheddar, mozzarella and several other kinds. With dairy products being used in innumerable food recipes, the segment indicates a sustainable target for players in the enzymes industry. It was reported that more than US$45 billion worth of dairy products had been exported globally in 2017, where Germany itself had registered nearly US$4.4 worth of cheese exports in the year.
Manufacturing baked consumables such as cookies and snacks involve notable investments in facility and equipment, making it an imperative for the producer to control the cost and the quality of products. Enzymes can help to speed up the baking process while keeping the costs low, along with enabling more sustainable production of snacks and biscuits. As reported by the Association for Packaging and Processing Technologies, the snacks segment is expected to display the fastest growth among all the packaged food segments over the coming years.
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Enzymes, including proteases and amylases, are deployed in the brewery industry for simpler and faster production of beer and to ensure a more sustainable brewing process. Providing a more cost-friendly production method by allowing to replace malt with unmalted barley, the enzymes industry has garnered significant pull from the beer industry. In 2017 nearly 1.95 billion hectoliters of beer was produced globally, confirming the massive demand potential for the enzymes market, supported by the presence of several large producers in the U.S., Germany, China as well as the existence of hundreds of emerging players across every region.
The juice industry utilizes enzymes for enhancing the yield of fruit pulp and clarification of the juices, in addition to being a natural way of intensifying the color of the juice being produced and packed. The catalysts also allow for a shorter production period and help to retain the nutritional value, flavor, simultaneously extending the shelf-life and lowering the risk of loss due to microbial decomposition. The lucrative nature of the segment can be determined from the fact that in the U.S., almost 971 million cases of juice and juice drinks are reportedly sold each year.
All in all, with vast populations living in regions such as Asia, Europe and South America, one can surmise the tremendous future for the food and beverage industry, derived from evolving consumption habits and growing international trade. Combining this with continuous growth of other application segments, the enzymes market is projected to accrue more than US$10 billion in remunerations by 2024. Key industry participants include BASF, Novozymes, Danisco and DSM, who are perpetually looking towards advance technologies for offering more improved enzyme products.
Author Name : Pankaj Singh