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(Health-NewsWire.Net, March 23, 2021 ) The industrial enzymes market is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 8.7 billion by 2026, recording a CAGR of 6.5% during the forecast period. The demand for enzymes is increasing significantly, as they are used across various industrial applications and as substitutes for synthetic chemicals.
Key Players in the Market:
BASF (Germany)
Novozymes (Denmark)
DuPont (US)
DSM (Netherlands)
Kerry Group (Ireland)
Dyadic International (US)
Advanced Enzymes (India)
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Market Dynamics
Drivers
Growing Environmental Concerns and Increasing Demand for Bioethanol
Advancements in R&D Activities for Industrial Enzymes
Advancements in Enzyme Engineering & Green Chemistry and the Introduction of Genetically Engineered Enzymes
Multifunctionalities of Enzymes
Restraints
Stringent Regulatory Framework
High Adaptation Costs involved for Small & Medium Enterprises
Opportunities
Demand for an Alternative to Synthetic Chemicals
Technological Innovations and Wide Industry Scope
Launching Enzymes with Long Shelf-life
Challenges
High Raw Material Costs Limiting the Usage of Enzymes
Concerns Over the Quality of Enzymes Used in Food & Beverages and Feed
By type, the carbohydrases segment is projected to account for the largest share in the industrial enzymes market during the forecast period
The carbohydrases segment is projected to dominate the market during the forecast period. They are classified into amylases, cellulases, and other carbohydrases (such as pectinases, lactases, mannanases, and pullulanases). Carbohydrases are used in industrial applications, such as food & beverages, detergents, textiles & leather, and bioethanol. They have added advantages to various industrial applications due to their cost-effectiveness, less time & space consumption, and ease in modification and optimization of the process.
By application, the food & beverages segment is projected to account for the largest share in the industrial enzymes market during the forecast period
The demand for industrial enzymes is increasing significantly due to the increasing application of enzymes in the food & beverage industry. The food & beverage applications considered for this study include meat processing, dairy products, beverages, bakery products, nutraceuticals, and other food products (such as processed fruits & vegetables, processed food, and vegetable oil processing). Enzymes used in the food & beverage industry are distinguished into food additives and processing aids. However, most enzymes used in food & beverage products are considered as processing aids, and only a few are used as additives, such as lysozymes and invertases.
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The North American region dominated the industrial enzymes market with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.
The industrial enzymes market in North America was dominant due to the increasing demand for enzymes in industrial applications. Technological innovations in machinery, optimization of production, logistics, and globalization of business have made the food & beverage industry one of the essential sectors in North America. However, the shift of industrial operations from developed regions, such as North America and Europe, to Asia Pacific, has further contributed to the growth of the industrial enzymes market in the Asia Pacific region. The use of industrial enzymes in textiles & leather and detergents has been fueling the market in the Asia Pacific region. Furthermore, European consumers have shown an inclination toward clean-label and organic products. This has enabled manufacturers to consider organic ingredients as major components of the products. Due to this, the industrial enzymes market in the European region is led by the growing focus on the production of food & beverages, owing to the functional benefits of enzymes.
Target Audience:
Enzyme manufacturing companies and government organizations
Service providing company officials
Government and research organizations
Research officers
CEOs and vice presidents
Marketing directors
Product innovation directors and related key executives from manufacturing companies and organizations operating in the market
Manufacturing and marketing companies
MarketsandMarkets
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
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