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Food Enzymes Market Size to Reach USD 3,309.9 Million in 2028 | Increasing Demand for Convenience Food and Growing Health Consciousness Amongst Consumers are Significant Factor Driving Industry Demand, says Emergen Research
Convenience foods are witnessing increasing demand due to benefits of saving time and energy. Products include frozen foods, ready-to-eat snacks, canned foods, and chilled foods. Increasing number of consumers who prefer eating on the go is driving demand for convenience foods is driving demand as these products offer convenience and ease of use and quick delivery, among various others advantages. Presently, consumers worldwide are indicating a shift in preference for products that are natural, customizable, and nutritious, without compromise on flavor and health benefits. This is driving rising use of food enzymes in convenience food to improve texture, flavor, and nutritional value, and to cater to rising requirements among consumers.
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Characteristics and functions of food enzymes are very much influenced by various conditions, especially temperature. Food enzymes are also highly sensitive to changes in physical and chemical conditions in the immediate surroundings. Limited operational temperature range is key restraint for market revenue growth. A dip in temperature results in extreme reduction in rate of reaction, whereas high temperature damages the structure of enzymes, thus rendering it ineffective. Furthermore, high cost to produce food enzymes and easy contamination possibility are some factors impacting market growth. Players in the market exploring more innovative methods to produce food enzymes that can stay functional in a wider temperature range.
The global food enzymes market size is expected to reach USD 3,309.9 Million at a revenue CAGR of 6.1% in 2028, attributed to increasing advancements in technology to manufacture enzymes in a more efficient way and to decrease the amount of energy and raw materials required for the production process. Also, rising emphasis on enzyme customization to cater to changing customer demand is a key factor supporting market revenue growth.
COVID-19 pandemic has a significant influence on food enzymes market revenue growth, as the pandemic has brought to the fore the importance of eating nutritious food. Market players have increased production output to supply food enzymes to food & beverages companies to cater to burgeoning consumed demand for healthy food. However, disruptions in supply chain caused by COVID-19 are posing significant challenges to market players in terms of raw material procurement and supply of end products.
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Rising disposable income, especially in Asia Pacific , and increasing consumer inclination towards healthier lifestyle habits are some of the prevailing trends in the global food enzymes market. This coupled with rapid urbanization is spurring demand for diversified high nutritional value diets among consumers and in turn, driving market revenue growth.
Food enzymes market in Asia Pacific is expected to register fastest revenue CAGR over forecast period, attributed to rising per capita income and growing use of enzymes in foods and beverages in countries such as China , India , South Korea , and Japan . In addition, presence of leading market players like Amano Enzyme Inc. are causative of robust market revenue growth.
In December 2020 , Advanced Enzyme Technologies Ltd. made an announcement about purchase of majority share in SciTech Specialities. The acquisition is intended to aid in expansion of business-to-consumer segments of Advanced Enzyme Technologies Ltd. and offer significant application in human health and animal nutrition areas.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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