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Market Overview
Australia Food Enzymes Market is forecasted to reach USD 125 million by 2024 growing at a CAGR of 6.8%during the forecast period (2019 - 2024).
- The key factors driving the studied market are - Innovations in food technology in the country and the growing awareness about the betterment of product quality when enzymes are used. PH levels affect the enzymes like extremely high or low pH values will result in a complete loss of activity for most enzymes. The optimum pH level varies greatly from one enzyme to another and the location where the enzyme is working, thus, resulting in the failure of producing the desired product.
- One of the major drivers of the food enzyme market is the use of food enzymes for fermentation, as the food & beverage industry offers a variety of fermented foods, such as yogurt, tempeh, bread, and beverages (such as alcoholic drinks, etc.).
- The restrictions on temperature and pH levels may lead to higher input costs and cover up any possible losses in case of faulty production. This consequently gives an upper hand to major players with huge financial support as opposed to new players.
Scope of the Report
Industrial food enzymes provide environment-friendly products to consumers, with no compromise in terms of quality of the end products. By application, the market is divided into the bakery, dairy, oil & fats, meat poultry & seafood products, beverages, and others. Food & beverage enzymes are mostly produced from microbial sources because of their low cost and high productivity. The functional attributes of food enzymes, such as digestive, softening, and anti-staling, are expected to drive food enzyme market growth.
Key Market Trends
Growing Demand for Speciality Food Ingredients
The Australian population shows the need for ingredients to be natural in origin, while others prefer convenience foods with special ingredients, due to busy lifestyles. Due to busy modern lifestyles, Australian consumers are seeking healthy snack option to feel full in between meals, with special food ingredients. The global companies, such as ADM and DuPont, have expanded their snack ingredients line with suitable customizations, that cater to the regional taste preferences. Hence the increased preference for specialty food ingredients is driving the food enzymes market in the country.
Beverage Segment is Likely to Drive the Market’s Growth
Enzymes are a boon to the beverage industry, as the reactions they catalyze are indispensable for the latter. The beverage segment comprises of food enzyme application in alcoholic and non-alcoholic beverages, with carbohydrase and lipase as the major categories of enzymes. In the beverages segment, enzymes provide three major functions: Formation of sugar that is used during fermentation, Viscosity Control, Chill-Proofing for beer. In the brewing industry, the major enzymes used include cellulase, alpha-amylase, and beta-glucanase for the liquefaction, clarification, and supplementing of malt enzymes. Some of the key benefits of brewing enzymes include better malt separation, extraction yield, and beer filtration and stabilization.
Competitive Landscape
The Australian food enzyme market is concentrated among major international players, while the domestic players still face tough competition while gaining market share. Novozymes, DSM, DuPont, AB Enzyme, and Kerry Group are the dominant players in the market studied. Obtaining approvals for the use of enzymes in food products is the major factor affecting the companies. New product launch is the key strategy adopted by most of the players, to gain market share in the Australian food enzyme industry.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Australia Food Enzymes Market is forecasted to reach USD 125 million by 2024 growing at a CAGR of 6.8%during the forecast period (2019 - 2024).
- The key factors driving the studied market are - Innovations in food technology in the country and the growing awareness about the betterment of product quality when enzymes are used. PH levels affect the enzymes like extremely high or low pH values will result in a complete loss of activity for most enzymes. The optimum pH level varies greatly from one enzyme to another and the location where the enzyme is working, thus, resulting in the failure of producing the desired product.
- One of the major drivers of the food enzyme market is the use of food enzymes for fermentation, as the food & beverage industry offers a variety of fermented foods, such as yogurt, tempeh, bread, and beverages (such as alcoholic drinks, etc.).
- The restrictions on temperature and pH levels may lead to higher input costs and cover up any possible losses in case of faulty production. This consequently gives an upper hand to major players with huge financial support as opposed to new players.
Scope of the Report
Industrial food enzymes provide environment-friendly products to consumers, with no compromise in terms of quality of the end products. By application, the market is divided into the bakery, dairy, oil & fats, meat poultry & seafood products, beverages, and others. Food & beverage enzymes are mostly produced from microbial sources because of their low cost and high productivity. The functional attributes of food enzymes, such as digestive, softening, and anti-staling, are expected to drive food enzyme market growth.
Key Market Trends
Growing Demand for Speciality Food Ingredients
The Australian population shows the need for ingredients to be natural in origin, while others prefer convenience foods with special ingredients, due to busy lifestyles. Due to busy modern lifestyles, Australian consumers are seeking healthy snack option to feel full in between meals, with special food ingredients. The global companies, such as ADM and DuPont, have expanded their snack ingredients line with suitable customizations, that cater to the regional taste preferences. Hence the increased preference for specialty food ingredients is driving the food enzymes market in the country.
Beverage Segment is Likely to Drive the Market’s Growth
Enzymes are a boon to the beverage industry, as the reactions they catalyze are indispensable for the latter. The beverage segment comprises of food enzyme application in alcoholic and non-alcoholic beverages, with carbohydrase and lipase as the major categories of enzymes. In the beverages segment, enzymes provide three major functions: Formation of sugar that is used during fermentation, Viscosity Control, Chill-Proofing for beer. In the brewing industry, the major enzymes used include cellulase, alpha-amylase, and beta-glucanase for the liquefaction, clarification, and supplementing of malt enzymes. Some of the key benefits of brewing enzymes include better malt separation, extraction yield, and beer filtration and stabilization.
Competitive Landscape
The Australian food enzyme market is concentrated among major international players, while the domestic players still face tough competition while gaining market share. Novozymes, DSM, DuPont, AB Enzyme, and Kerry Group are the dominant players in the market studied. Obtaining approvals for the use of enzymes in food products is the major factor affecting the companies. New product launch is the key strategy adopted by most of the players, to gain market share in the Australian food enzyme industry.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
