Food enzymes market to accumulate heavy returns from the F&B sector, global industry to be characterized by facility expansion strategies over 2017-2024
Focusing on the shifting trends toward the consumption of healthy and quality food, pivotal contenders of food enzymes market have lately been making heavy investments in the development of innovative product solutions. Taking into account the escalating business opportunities in this vertical, biotech firms have also been penetrating food enzymes industry. A recent instance justifying the same is that of Novozymes, one of the leading producers of enzymes, focusing on product innovation preferentially for food and beverage applications, for which the firm has developed technology and innovation centers across major geographies.
North America Proteases Enzymes Market, By Application, 2016 & 2024, (Kilo tons)
Novozymes’ strategy has helped core food enzymes market players realize that the establishment of innovation centers may prove highly useful to develop legally approved products. More precisely, earlier in most of the European countries, food enzymes were regulated as processing aids, however, recently, safety regulations have been set up for enzyme production and usage. On these grounds, enzyme manufacturers have been setting up new research labs to manufacture products that adhere to the standard norms. The collaborative contribution of regulatory bodies, end-users, and industry players will have significant impact on food enzymes market share.
Speaking along the same lines, recently, Archer Daniels Midland Co. commenced a new enzyme laboratory in California to provide global access to advanced research facilities for the scientific community regarding nutrition and food science. In addition to promoting R&D activities, the firm has signed on an additional agreement with Qingdao Vland Biotech Group Co., Ltd. to develop and commercialize enzymes for maintaining nutrition and health of living organisms.
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Since the last few years, the F&B sector has been witnessing a huge demand for enzymes, however, the time frame has also observed a substantial wastage of edible food. In response to this, many biotechnology companies are establishing innovation centers for developing enzymes that could tend to minimize the food wastage. For instance, a month ago, the well-known biotechnology company, Novozymes inaugurated a new Innovation and Technology Center in Turkey for producing enzymes which could help curb food waste across the MEA region.
As per estimates, last year, the F&B sector has witnessed a 9% growth owing to the increasing number of developments in the baking and brewing businesses across MEA. The data received from Bread Producers Federation of Turkey claims that 10% to 20% of loaves of daily produced bread is wasted due to the inflexibility of flatbread. In accordance, the Innovation and Technology Center plans to enhance the durability of bread and improve the crumb quality. By using newly developed enzymes, bakers will now be able to manufacture healthier and tasty bread. The increasing usage of enzymes in various bakery products will thus have a commendable impact on food enzymes industry. Indeed, estimates have it on record that food enzymes market size from bakery applications will grow at a CAGR of 8% over 2017-2024.
With the favorable involvement of biotechnology companies, food enzymes market magnates plan to develop a diverse variety of products that will help them attain appreciable gains. The development of research centers to avoid food wastage and the subsequently rising production and acceptance of qualitative consumable food are certain to help augment food enzymes market outlook in the ensuing years. As per statistics, food enzymes industry size will be pegged at a revenue of more than USD 3.6 billion by the end of 2024.
Author Name : Sunil Hebbalkar