PORTLAND, Oregon, June 3, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Food Enzymes Market by Type (Carbohydrase, Lipase, Protease, and Others), Application (Bakery Products, Beverages, Dairy Products, and Others), and Source (Microorganisms, Animals, and Plants): Global Opportunity Analysis and Industry Forecast, 2019-2026." The report offers a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, key segments, and changing market trends. According to the report, the global food enzymes market was estimated at $ 1.94 billion in 2018 and is anticipated to reach $3.05 billion by 2026, growing at a CAGR of 5.6% from 2019 to 2026.
Increased demand for processed food globally, growing trend of immobilized enzyme technology, and introduction of clean label food enzymes due to increase in concern of millennials toward food transparency fuel growth of the global food enzymes market. On the other hand, allergies of protease and peptides restrain the market growth to certain extent. Nevertheless, immobilized enzyme technology for food application has created multiple opportunities in the market.
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Based on application, the beverages segment garnered the major share, contributing to more than two-fifths of the total market. High demand for enzymes during brewing of alcohol has driven the growth. The bakery products segment, on the other hand, is expected to grow at the highest CAGR of 7.2% through 2019-2026. Use of food enzymes to extend shelf life of bakery products have resulted in widespread application of food enzymes in the segment.
The microorganism segment to rule the roost-
Based on source, the microorganisms segment held the major share, accounting for nearly three-fourths of the total market share. This segment is also projected to grow at the fastest CAGR of 5.9% during the forecast period. Wide spectrum of chemical and physical characteristics, lower production cost, large-scale production in industrial fermenters, rapid culture development and possibility of genetic manipulation have spurred the growth.
North America to lead the trail during the study period-
Based on region, North America contributed to nearly two-fifths of the total market share in 2018 and is expected to dominate throughout the forecast period. High adoption of food enzymes in dairy and beverage applications in the region has escalated the growth. The Asia-Pacific region, on the other hand, is projected to garner the highest CAGR of 7.4% through 2026. Increasing regional demand and widening infrastructure have resulted in the fastest growth in the region.
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Key market players-
The key players analyzed in the report include Advanced Enzyme Technologies, Amano Enzyme Co., Ltd., Aum Enzymes, BASF, Chr. Hansen Holding A/S, DowDuPont, Associated British Foods Plc. (ABF), Kerry Group PLC, Novozymes, and Royal DSM N.V. The top-end strategies they adhere to have helped them cling onto their top status in the market.
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