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Baking enzymes market to reach $ 1,115.6 mn – Market dynamics report
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Monday, 26 July, 2021, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The global baking enzymes market size is expected to reach $ 1,115.6 million by 2028 according to a new study by Polaris Market Research.
The report ‘Baking Enzymes Market Share, Size, Trends, Industry Analysis Report, By Type (Protease, Carbohydrase, Lipase, Others); By Application (Cakes & Pastries, Bread, Pies, Biscuits & Cookies); By Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); Segment Forecast, 2021 – 2028’ gives a detailed insight into current market dynamics and provides analysis on future market growth.
There has been significant growth in the demand for fast food products such as cakes, pizzas, sandwiches, and burgers over the years. The busy lifestyle of consumers is leading to an increase in consumption of convenience and on-the-go meals, supporting the growth of the market for baking enzymes. Attractive marketing and positioning strategies along with innovative product launches by market players have fuelled the growth of the industry.
Growing demand from emerging economies for baking enzymes owing to the increasing number of bakeries is expected to have a positive impact on the market. Furthermore, increasing health awareness and technological advancements in food science are factors expected to provide numerous growth opportunities to the global baking enzymes industry over the coming years.
The different types of baking enzymes include protease, carbohydrase, lipase, and others. The carbohydrase segment accounted for a significant market share in the global baking enzymes industry in 2020 owing to its high thermal stability, which aids its use in several baking applications. However, the demand for protease and lipase is expected to increase during the forecast period.
The requirement for protease for large commercial-scale production of bread, baked goods, and biscuits is high owing to benefits such as a reduction in mixing time, maintenance of dough uniformity, adjustment of gluten strength, and improvement of bread texture and flavour. Protease is widely used in bread production for altering mixtures containing high gluten content. It is also used for the production of biscuits, cookies, and cakes.
The applications of baking enzymes include cakes and pastries, breads, pies, biscuits and cookies, and others. The bread segmented accounted for the highest share in 2020.
The growth in the global food trade and increasing fast-food consumption is expected to drive this segment growth over the forecast period. There has been an increase in the number of small-scale bakeries and fast-food chains in urban cities offering innovative bread-based food products.
Launch of lighter and healthier bread-based products with multigrain bread, brown bread, sweet bread, and gluten-free bread, increasing awareness regarding healthy eating habits, and growth of e-commerce platforms are factors expected to provide numerous growth opportunities in the coming years. In addition, the increasing consumption for sandwiches as a healthy snack is likely to complement market growth.
Asia Pacific baking enzyme market is expected to grow at a significant rate during the forecast period. Population growth, rising disposable incomes, and modifying food preferences drive the market growth in this region. The sedentary lifestyle of consumers in the region is encouraging them to consume baked goods to stay healthy. Increasing adoption of western eating habits, growing awareness about the health benefits of low-calorie baked food products, and a rising number of bakers and confectioners are driving the market growth for baking enzymes in the region.
Owing to technological advancements, and wider applications, companies in the market are collaborating in order to retain existing customers and increase their market share. Some of the major market participants include DowDuPont Inc., Maps Enzyme Limited, SternEnzym GmbH & Co. KG, Amano Enzyme Inc., Engrain, Royal DSM, Aum Enzymes, Puratos Group NV, AB Enzymes Gmbh, Dydaic International Inc., Novozymes, and Advanced Enzymes.
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