Baking Enzymes Market Size, Regional Outlook, Application Development Potential, Price Trends, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2379
Baking Enzymes Market size is anticipated to gain remarkable momentum over 2021-2027, owing to the extensive addition of the ingredient as an additive or adjuvant to flours, to increase the quality of bakery products. The high prominence of enzymes in baking industry will further be stimulated by the escalating demand for bakery and confectionery products like bread and pastries.
Enzymes, which are naturally occurring materials in animals and plants, are witnessing widespread adoption in manufacturing bakery products that use modern food processing plants. They are used to enhance the quality and shelf-life of cakes, biscuits, breads, and other food products.
Rapid surge in consumer spending on food products, strong awareness about the nutritional content of emerging bakery products, and reduced demand for chemical food additives are among the key factors fostering the baking enzymes market share over the forecast spell. In 2020, rolls and fresh bread were the best-selling bakery goods across the U.S., with various other types of pastry, bread, and dough-based products being made available in this market to meet the escalating demand from consumers.
In terms of segmentation by category, the organic segment is set to exhibit a high growth rate through 2027, considering the mounting consumption of healthier foods with fewer chemicals, sugar, and cleaner labels. For example, Novozymes provides a range of enzymes for baking, which support the production of organic and high-quality baked products.
On the regional front, the Asia Pacific is set to emerge as a lucrative revenue pocket for the baking enzymes industry over the forthcoming years, given the high economic growth and the significant expansion of the FMCG (fast moving consumer goods) sector in developing nations like India. In the Q1 of 2021, this sector had registered a 9.4% Y-o-Y growth, due to the price increases by large companies that are functioning in the packaged foods and other segments.
Key baking enzymes market participants include Advanced Enzyme, Engrain, Puratos Group (Fundación Empresas IQS), Amano Enzyme, Dydaic International, Aumeenzymes, Maps Enzymes Limited, Stren, Novozymes, DSM, DuPont, and AB Enzymes, among others. Strategic product launches and mergers & acquisitions are among the key efforts being employed by these companies to sustain a robust market position across the globe.
For instance, in March 2021, IFF unveiled an enzyme-only solution and the newest addition to its range of ingredients produced for the bakery industry, Enovera 3001. The product has been designed to enable industrial bakers to formulate label-friendly dough, without compromising on the texture, taste, and strength. Meanwhile, DuPont released its POWERBake 6000 and 7000 enzyme series in February 2020, developed to serve as an emulsification solution, that preserves the quality and taste of white buns & breads and meet the increasing demand for clean labels.
Impact of Low Food Supply During COVID-19 on Baking Enzymes Market Trends:
The ongoing coronavirus pandemic has posed significant macroeconomic impacts worldwide, due to the rapid fall in major indices and GDP. In light of the challenges in the food supply chain and movement restrictions, there has been a high concern about food production, demand, distribution, and processing. Outdoor eating activities were at the lowest during the peak of the pandemic worldwide.
However, the gradual lifting of the coronavirus restrictions such as shutdown and temporary closure of businesses in several parts of the world may lead to a significant surge in demand for processed food products. Ingredient types such as baking bread enzymes to cater to the needs of an expanding health-conscious consumer population across the globe will see a higher demand, fostering baking enzymes market growth.
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