Industrial Enzyme Demand in Food and Beverages to Grow 4.5% Annually Through 2021
January 24, 2018 (Investorideas.com Newswire) Global demand for industrial enzymes used in food and beverages will increase 4.5% yearly to $1.9 billion in 2021, roughly on par with the overall global average. The Asia/Pacific region will remain the largest regional market through 2021 and is expected to post gains of 7.0% yearly to $723 million. 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. These and other trends are presented in Global Industrial Enzymes Market, 7th Edition a new study from The Freedonia Group, a Cleveland-based industry research firm.
In contrast, demand gains for food and beverage enzymes in North America are forecast to be well below average, totaling $520 million 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, a significant source of enzyme demand in the food and beverage industry in North America
- market maturity
- stagnation in food and beverage production
Global demand for industrial enzymes used in all applications is projected to grow 4.0% per year to $5.0 billion in 2021. In developing countries, demand growth will be driven by increasing personal incomes, which support enzyme gains in food, beverages, laundry detergents, and automatic dishwashing detergents. The Asia/Pacific region will 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 - will remain the largest single national market in 2021, despite below average growth between 2016 and 2021.
Global Industrial Enzymes Market, 7th Edition (published 1/2018, 293 pages) is available for $6500 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email email@example.com.
Related studies include:
#3549 Food & Beverage Natural Colors Market in the US (July 2017)
#3551 Natural Alternative Sweeteners Market in the US (July 2017)
About The Freedonia Group, a division of MarketResearch.com - The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Chemicals studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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