Market Trends of Specialty Enzymes Industry
This section covers the major market trends shaping the Specialty Enzymes Market according to our research experts:
Increasing Demand for Processed Food
The processed foods segment has witnessed a significant rise in the market in recent years, owing to changes in the lifestyle patterns of consumers and a strong influence on the consumption of convenience foods. The demand for processed and packaged foods is rising in both developed and developing regions of the world due to factors such as urbanization, a growing middle-class population, an increase in the number of working women, and an increase in disposable income. As a result, there is a greater need for food packaging and processing solutions. Food additives are therefore widely employed in processed and convenience food products to maintain the freshness, safety, taste, appearance, and texture of processed foods.
The increased demand for convenience and processed foods such as ready-to-eat foods, ready-to-drink beverages, snacks, frozen dinners, and others is one of the key drivers fueling the expansion of the food additives market. Customers want both a diversity of flavors and nutritious eating choices. To increase customer interest, several processed foods that are high in calcium, fiber, and protein and are regarded as healthy for diabetics are being sold. These products have features that are functional, such as being devoid of gluten, cholesterol, GMOs, and salt, among others. Due to their low cost and great production, microbial sources are the primary source of enzymes used in food and beverages. The digestive, softening, and anti-staling properties of food enzymes are anticipated to propel market expansion. The demand for bakery and dairy goods such as cheese, yogurt, cakes, biscuits, and bread is extremely high. Notably, the bakery uses the most enzymes in the entire nation. Thus, the rise in demand for processed foods has always contributed to the rise in demand for enzyme application due to the expansion and convenience of food retail chains.
North America Leading the Market
North America is the largest market for specialty enzymes with its major applications in the food and feed industries. It accounts for a prominent share of the global specialty enzyme market. The market is driven by the increased consumption of processed food products, increased expenditure on premium quality products, and consumer preference for the natural ingredients used in the products. New food enzyme applications in markets such as protein fortification are expected to prompt growth in the food enzymes market and create lucrative opportunities for industry participants. For instance, in June 2021, International Flavors & Fragrances, Inc., launched Nurica, a dairy enzyme that naturally harnesses the lactose present in milk in the United States. The enzyme helps in naturally generating a higher yield of prebiotic galactooligosaccharides (GOS) fibers that help in managing lactose intolerance and optimizing fiber intake one of the main factors driving the demand for carbs in the United States is likely to be the rising desire for dietary fibers and functional foods.
The market's rapid expansion in North America is linked to the expanding trend of consumers choosing naturally derived meals. The demand for food enzymes in the region is developing as a result of the growing consumer perception that organic additives are secure and nutritious. According to the Organic Trade Association, in 2021, organic food sales in the United States amounted to about USD 57.5 billion. The use of enzymes in various food systems has increased in response to the rising demand for premium processed meals free of chemical additives. Market expansion in the region is being fueled by major players' increased investments in novel solutions, like more precise enzymes. Furthermore, innovation in food technology in the region, extensive R&D investment, and the growing awareness about better-quality products being manufactured by utilizing enzymes, are further driving the market.
