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The global food enzymes market size is expected to hit USD 2.39 billion by 2027 owing to rapid advancement in biotechnology. Fortune Business Insights, in its latest report, titled “Food Enzymes Market Size, Share & Industry Analysis, By Source (Microbes, Plants, and Animals), Type (Carbohydrases, Proteases, Lipases and Others), Application (Bakery, Dairy, Beverages, Nutraceuticals and Other Processed Foods), and Regional Forecast, 2020 – 2027.”, states that the market size was USD 1.69 billion in 2019 and is likely to exhibit a CAGR of 4.70% between 2020 and 2027.
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PowerPasta- A Novel Range of Enzymes Launched by DuPont
The food and beverage sector is witnessing fierce competition by the companies to offer the increasing demand of consumers for high quality food products. Among them is Dupont Nutrition & Biosciences (DuPont) trying to leverage maximum global food enzymes market share during the forecast period. In September 2019, DuPont announced its launch of Danisco POWERPasta enzymes range in Copenhagen, Denmark. The enzyme range is vital to maintain the cooking and eating qualities of the fast growing pasta sector, while improving its nutritional quality and reducing global food wastage. Paal Ladsten, Regional Industry Leader for the Middle East Africa division, said, “Our PowerPast range offer efficient solution that will lead to improving overall eating experience while helping the producers to accrue large profits through local sourcing of wheat.”
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Advancement in Biotechnology in Food Enzymes Market to Bolster Growth
Massive development in biotechnology has propelled the key players to develop efficient and reliable microbial hosts to facilitate the adoption of enzymes in various food products. In addition to this, the market is witnessing the rapid adoption of genetically modified (GM) plant and animal-sourced food products. Furthermore, GM bacteria and yeast is facilitating the development of enzymes across the food sector. Moreover, recent development in genetic techniques such as DNA modification of several microbial strains has given impetus to the production of enzymes with ultra-superior functionalities. For instance, in July 2019, AB Enzymes collaborated with Genedata, an advanced software solutions provider, to digitally manage several phenotypic and genomic information for its enzyme strain. Dr. Jari Vehmaanpera, Global Director R&D at AB Enzymes, on the sidelines of the development, says, “Our strategic partnership with Genedata will allow us to efficiently monitor our strain development processes.”
COVID-19 Impact to Affect the Market Growth
The market report observes that slight disruptions in the demand-supply proportion is likely to affect the market growth in 2020 to some extent. For instance, according to the International Monetary Fund (IMF), the global economic outlook growth is projected to register a negative value of -3.0% in 2020 from 2.9% witnessed in 2019. However, the market is expected to be decent and rise gradually during the forecast period.
Product Launches by the Companies to Augur Growth
Fortune Business Insights through its market report observes that several major players proliferating in the market are keenly focusing on expanding their geographic presence and product portfolio by launching novel innovative products. Adoption of such strategies is giving impetus for the companies to cater to the increasing demand and strengthen market stronghold.
List of the Companies Proliferating in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Million)