Market Trends of Industrial Enzymes Industry
This section covers the major market trends shaping the Industrial Enzymes Market according to our research experts:
Growing Demand from Food and Beverage Applications
- The food and beverage segment dominates the industrial enzymes market. This is the fastest-growing application segment, mainly supported by the ever-growing global population and its increasing purchasing power. Health awareness is also a factor in people's increasing demand for food quality, safer production processing, and improved nutritional value.
- The increasing demand for high-quality foods in terms of natural flavor and taste has become a common trend among present consumers. This trend triggered the need for the development of flavored and tasty processed foods using industrial enzyme applications. These enzymes act as catalysts by playing important roles in the breaking down of vitamins and nutrients in the metabolic reactions and inter-conversion of complex molecules to smaller molecules.
- Food enzymes, such as amylase, cellulase, xylanase, pectinase, protease, lipase, glucosyltransferase, arabinanase, polygalacturonanace, chymosin, and beta-glucanase, among others, have become an essential part of the global food additives industry.
- The food industry is continuously involved in developing new dairy products, beverages, and food items for consumers. With the development of new products in the food and beverage industry, the application of enzymes in the industry has continuously increased.
- As per data published by StatCan in Canada, the retail sales of food and beverages was USD 114.60 billion in 2021.
- According to a report published by US Census Bureau, the sale of retail food and beverage in United States increased significantly from USD 850.2 billion in 2020 to USD 880.3 billion in 2021.
- With the increased innovation and development of technologies in the food industry, industrial enzymes have found extensive applications in fat modification and sweetener technology, thereby driving the industrial enzymes market.
- All the aforementioned factors are expected to increase the market demand for industrial enzymes during the forecast period.
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North America to Dominate the Market
- North America has the highest share, accounting for more than 30% of the global market. North America dominated the industrial enzymes market.
- The United States occupies the top position in the global industrial enzymes market. The country has the largest revenue share globally, owing largely to beverage and biofuel production. The increasing demand for craft beer is likely responsible for the industrial enzyme market's growth.
- The United States is the second largest automotive manufacturing country globally, falling only behind China. According to OICA, automotive production in 2021 accounted for 9,167,214 units. The National Automobile Dealers Association (NADA) predicts that the United States new light-vehicle sales are likely to increase by 3.4% to 15.5 million units in 2022. The production of automobiles is anticipated to ascend in the upcoming future owing to the rising popularity and affordability of the vehicles. This will lead to the growth of leather processing which is required for upholstery in automobiles.
- As per the report published by he Observatory of Economic Complexity (OEC), the leather exports of United States Leather Footwear have increased by USD 8.09 million from USD 28.5 million to USD 36.5 million from October 2021 to October 2022.
- The industrial enzymes market is witnessing rapid growth in Mexico due to the increasing demand for processed food and increased applications of enzymes in the processed food industry, which are driving the demand for industrial enzymes in Mexico.
- Further, the food & beverage industry in Mexico is likely to upscale with growing investments by multinational food & beverage producers. The food processing industry has recently attracted investment worth USD 700 million from Nestle to modernize its 16 factories in the country and construct a new one in Veracruz.
- In Canada, the demand for baked goods has moved from the traditional bread consumption trend to the increasing consumption of bakery goods, such as pancakes, cupcakes, croissants, and rolls. This, in turn, is likely to drive the demand for industrial enzymes used in the food and beverage industry.
- The high consumption in the U.S. industries is correlated with awareness regarding green technologies addressing environmental issues, enhanced productivity, and better product value, thus, leading to growth in the research and development sector and industries using enzymes.
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