Press release from Business Wire India
Source: Frost & Sullivan
Tuesday, February 16, 2010 02:11 PM IST (08:41 AM GMT)
Editors: General: Consumer interest, Food & drink; Business: Advertising, PR & marketing
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Frost & Sullivan Finds that Increasing Internal Demand and Wider Scope of Applications Boost the Indian Food and Beverage Enzymes Market
Mumbai, Maharashtra, India, Tuesday, February 16, 2010 -- (Business Wire India) -- The food and beverage enzymes market in India is in its growth stage. Increasing end-user awareness, sizeable market potential for existing products, and unexplored application segments are the major drivers of this market. However, enzyme technology requires considerable investments and as most of the products supplied are imported, enzyme suppliers should boost their investments in product development. This will enable them to match the quality of imported products, exploit market potential in existing application segments, and launch products specific to Indian customers in the emerging application segments.
New analysis from Frost & Sullivan (http://www.food.frost.com), Strategic Analysis of Enzymes Application in Indian Food and Beverages Sector, finds that market earned revenues of INR 88.00 crores in 2008 and estimates this to reach INR 213.00 crores in 2015. The market is expected to grow at a compound annual growth rate (CAGR) of 13.4 percent. The alcoholic distillation sector was the fastest growing in 2008 growing at 14.0 percent and the market was worth INR 18.00 crores in the base year. The enzyme applications covered in this research service are dairy, bakery, distillation, brewing, fruit juice and wine, and starch and sugar.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Anish Charles/ Nimisha Iyer, Corporate Communications, at anishc@frost.com/ niyer@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.
"Increased internal demand and wider scope for enzymes applications in the food and beverage sector are the major drivers of growth for the food and beverage enzymes market in India," says Frost & Sullivan Research Analyst Vignesh Kannan.
End users are increasingly using enzymes in the manufacturing of their products due to their enhanced functionality and ability to add value to the end product. Several emerging applications for enzymes in the food and beverage sector are estimated to further fuel the growth of the fast-developing enzymes market in India.
However, the Indian market is mainly import dominated, with about 75 percent of the market occupied by products supplied by multinational enzyme manufacturers. Additionally, enzyme technology requires high investments that are unaffordable for smaller manufacturers. Only the larger enzymes manufacturers can invest in R&D and survive in this market. Smaller companies find it difficult to invest in the manufacturing of enzymes as well as R&D.
"New products also come with the risk of a lack of economic viability," explains fellow analyst Maheshwari B. "Therefore, the product must have good growth in terms of volume and better pricing to justify its development costs."
The key competitive factors in this market are product quality, prices, economies of scale in enzymes production, R&D capabilities, customer support, and a well-developed distribution network. With the Indian food processing industry expanding, enzyme manufacturers need to strengthen their market share by exploiting the market potential in established application segments.
"At the same time, manufacturers should identify unexplored application segments in the food and beverage sector and provide them with good quality products specific to the Indian market," concludes Maheshwari. "This can be achieved by increasing their investments in new product development and helping the end-users with good customer support."
Strategic Analysis of Enzymes Application in Indian Food and Beverages Sector is part of the Food & Beverage Ingredients Growth Partnership Services program, which also includes research in the following markets U.S. Food and Feed Enzymes Markets, The U.S. Industrial Enzymes Markets, and U.S. Digestive Health Ingredients Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.
Strategic Analysis of Enzymes Application in Indian Food and Beverages Sector
P2AF
CONTACT DETAILS
Anish Charles, Corporate Communications - South Asia, Frost & Sullivan, +91 (22) 4001 3419, anishc@frost.com
Tanu Chopra, Corporate Communications - Middle East, Frost & Sullivan, +91 (22) 4001 3437, tanu.chopra@frost.com
Nimisha Iyer, Corporate Communications - South Middle East, Frost & Sullivan, +91 98200 50519, niyer@frost.com
KEYWORDS
CONSUMER, FOOD, MARKETING
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