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Strategic Analysis of Chinese Food Enzymes Markets
Frost & Sullivan, Sep 2007, Pages: 74
This Frost & Sullivan research service titled Strategic Analysis of Chinese Food Enzymes Markets provides the key drivers and restraints along with market size, market penetration and revenue breakdown by market segments. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: starch and sugar processing enzymes, bakery enzymes and dairy enzymes.
Expanding Processed Food Industry and Increasing Health Consciousness Driving Growth
Spurred on by a fast growing processed foods industry and better health consciousness among the Chinese public, the Chinese food enzymes markets have witnessed appreciable growth in recent years. Enzymes are fast replacing the chemical alternatives in food and industrial processing as they offer advantages that cannot be obtained by the use of traditional chemical treatments. Higher product quality, biodegradability, lower manufacturing costs, less wastage, and reduced energy consumption are some of the main factors that make enzymes the preferred option over traditional chemical treatments. Besides, enzymes, being the derivatives of biological sources, are perceived as safer and healthier alternatives to chemicals.
However, the dietary difference between Chinese and occidental people appears to be a major restraint for the growth of the market. For example, in Europe and the United States, the predominant use of enzymes in the dairy industry is in cheese manufacturing, which accounts for approximately 95 percent of the total enzymes consumed in the dairy industry. 'On the other hand, the Chinese seldom eat cheese and since the staple food of the Chinese is rice, the size of the bakery market, which is one of the main applications of enzymes, is still limited,' notes the analyst of this research service. 'This apart, strong price pressures and the distinct cost advantage for the chemical processes over the enzymes processes are also challenges for the industry.'
Increased End-user Participation in Product Development
The close cooperation of enzyme manufacturers with their distributors and end users is encouraging the quick and economic development of novel enzymes. The enzymes market has been increasingly making use of blended enzymes, with greater contribution from end users at the product development stage. Such blends are formulated based on specific consumer requirements and the increase in the number of tailor-made enzymes will continue to drive market growth. As manufacturers work closely with the customer, their credibility as well as understanding of the customer's processes and requirements is likely to improve further, thereby boosting their own growth.
'Going forward, the total Chinese food enzymes market is estimated to grow at a compound annual growth rate (CAGR) of 7.6 percent from 2006 to 2013,' says the analyst. 'Among the market segments, the Chinese starch and sugar processing enzymes market is the dominant one and accounted for $102.6 million in revenues in 2006.'
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