Food enzymes market reach to $2.3 Billion by 2018

08 October 2013 | News | By Bureau Report

Market research company “Markets & Markets” has come up with a new report on global food enzymes market. The report titled as "Food Enzymes Market By Types (Carbohydrase, Protease, Lipase), Applications (Beverages, Dairy, Bakery), Sources (Microorganisms, Plants, Animals), and Geography - Global Trends and Forecasts To 2018" defines and segments the food enzymes market with analysis and forecasting of the global market size in terms of revenue. It also identifies driving and restraining factors for the market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges.

The food enzymes market was valued at $1355.8 million in 2012 and expected to increase to $2306.4 million by 2018, with a CAGR of 8.0% for the forecast period. In 2012, North America led the global food enzymes market with a share of 35% in value-terms, followed by Europe (29%), and Asia-Pacific (24%).

Many new applications for food enzymes are being developed in the market such as egg processing and protein fortification. These are expected to drive the market forward in the coming years.

In this report, the food enzymes market is divided into four regions - North America, Europe, APAC, and ROW. The North American region constitutes the largest market with U.S. commanding the leading share in this industry. Europe is at the second position and is expected to witness a below-average growth in the market. Asia-Pacific has the third largest share and is expected to be the fastest growing market, followed by Rest of the World. Brazil, South Africa and India are some of the emerging markets for food enzymes.

Growing demand for processed foods coupled with increasing awareness about health conscious products is significantly propelling growth in food industry, which in-turn is driving growth of the enzymes market. In terms of the type segmentation, carbohydrases dominate the market followed by proteases and lipases. Carbohydrases are further categorized into amylase, cellulase, xylanase, and pectinase.

Globally, bakery is the largest application market, as enzyme use improves dough stability, crumb structure and shelf life of end products. Wide use of enzymes in cheese processing drives the use of enzymes in dairy industry, which is the second largest application market followed by the beverages industry. Food enzymes are largely sourced from micro-organisms with new technologies emerging to produce genetically modified organisms strains. The enzymes thus produced can function in adverse operational conditions and improve process efficiency.

The European Union recently imposed a legislation to the assess the risks associated with the use of enzymes in food industry and further amendments are required to develop an unambiguous set of guidelines to regulate the market.

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