Food and Beverages Among Top Demand Drivers for Industrial Enzymes
A new study by US-based industry research firm, The Freedonia Group, has forecast the global demand for industrial enzymes used in food and beverages to increase 4.5% yearly to $1.9-bn in 2021, roughly on par with the overall global average. Global demand for industrial enzymes used in all applications is projected to grow 4.0% per year to $5.0-bn in 2021.
The Asia/Pacific region is expected to remain the largest regional market through 2021 for industrial enzymes used in food and beverages. The region is expected to post gains of 7.0% yearly to $723-mn. “Although this pace will exceed that of other regions and will be above the overall average, a cooling Chinese economy will restrain growth to a pace well below the double-digit gains seen between 2006 and 2011,” the report noted.
In contrast, demand gains for food and beverage enzymes in North America are forecast to be well below average, totalling $520-mn in 2021 after yearly growth of 2.0%. Growth will be restrained by:
> Falling carbonated soft drink consumption in the US resulting in declining production of HFCS (high fructose corn syrup), a significant source of enzyme demand in the food and beverage industry in North America;
> Market maturity;
> and Stagnation in food and beverage production
In developing countries, demand growth for industrial enzymes will be driven by increasing personal incomes, which support enzyme gains in food, beverages, laundry detergents, and automatic dishwashing detergents, the report stated. The Asia/Pacific region is set to post the largest gains of any regional market for industrial enzymes, with the Chinese market accounting for over half of all value gains from 2016 to 2021. The US – the largest national market in 2016 accounting for one-third of overall demand – is forecast to remain the largest single national market in 2021, despite below average growth between 2016 and 2021.
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