Selbyville, DE -- (SBWIRE) -- 05/08/2020 -- 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.

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.

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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.

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.

"Food Enzymes Market size was more than USD 2 billion in 2016 and will surpass USD 3.6 billion by 2026 with 7.5% CAGR during 2019-2026; according to a new research report"

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.

North America is anticipated to dominate the global demand, crossing USD 1.3 billion sale by 2024. Strong demand for healthy and highly nutritional diet products, especially in U.S. will primarily contribute towards the revenue generation. Rising consumption of fortified cereals along with increased meat consumption, specifically among middle class population will further support the regional dominance. Increasing demand for processed product is another factor positively impacting the industry growth till 2024.

Asia Pacific market will grow significantly, exhibiting more than 7.5% CAGR from 2017 to 2024. Rising consumer awareness regarding product benefits along with high acceptance from various applications such as dairy, beverages, confectionary, and processed items will majorly support the regional growth. Rising demand for convenience eating product owing to increasing disposable income in developing countries such as India will further escalate the revenue generation. Rising consumption of RTE items will positively impact the regional industry growth.

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BASF, Royal DSM, Enmex, Advanced Enzymes, Danisco, AB Group, Lumis Biotech, Aumgene Biosciences, and Codexis Inc., Chr. Hansen, Specialty Enzymes and Biotechnologies, Hayashibara Co., Thermo Fisher Scientific, and Enzymes Solutions are among the prominent participants in the food enzymes market share. Partnerships and collaborations are among the key strategies adopted by the competitors to enhance their foothold. For instance, in April 2015, Royal DSM extended its partnership with an ingredient distributor, IMCD N.V. to include France, Germany, Poland, Nordics, UK, Ireland, Benelux, etc. This partnership helped the company to enhance their product and technical offering, thereby increasing their customer base.