The global industrial enzymes market is expected to reach USD 9.63
billion by 2024, according to a new report by Grand View Research, Inc. The
market is expected to witness significant growth owing to increasing
substitution of chemicals with industrial enzymes particularly in food &
beverage and nutraceutical applications.
Growing applications of
industrial enzymes for use in detergents and as ingredients in food processing
industry is expected to fuel the demand. Proteases are extensively used in the
detergent industry owing to its superior stain removal properties. However, the
demand in the detergent application is expected to witness sluggish growth
owing to market saturation.
Growing use of protease in
bakery products is expected to drive market growth. Furthermore, increasing
application scope of the product in nutraceutical industry as a digestive
enzyme is expected to drive demand.
Technological advancements in
the field of industrial enzymes have led to the use of the product as cleaning
agents. The increasing use of enzymes or waste water treatment is also expected
to drive the demand over the forecast period.
Neozymes, DSM, and Danisco
dominated the global industrial enzymes market in 2015 with the industry being
characterized by forward integration by manufacturers to distribution and
end-use. Manufacturers such as DuPont and DSM manufacture industrial enzymes
for specialized applications. The global industrial enzymes market is dominated
by North America due to the presence of a large number of manufacturers in the
U.S. and Canada.
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Further key findings
from the report suggest:
·
Industrial
enzymes demand for lipases is expected to witness substantial growth, growing
at over 8.0% from 2016 to 2024. Increasing demand for the product in food &
beverage and textile industry is expected to augment growth over the forecast
period.
·
The feed additive
enzymes are expected to be the fastest growing product segment, growing at over
CAGR 9.0% from 2016 to 2024. The increasing use of enzymes as a protein source
in animal feed is to improve performance in livestock which in turn is
anticipated to drive demand over the projected period.
·
Asia Pacific is
expected to witness substantial growth, growing at a CAGR of over 10.0% from
2016 to 2024. Robust expansion in food processing industries particularly in
Asia Pacific is expected to augment growth. Furthermore, the supportive regulations
promoting the expansion of manufacturing industries is expected to have a
positive impact on market growth.
·
Europe accounted
for over 29.0% of the market share in 2015 and is expected to witness
significant growth owing to rising demand in pharmaceutical and textile
industry. Stringent regulations prohibiting the use of toxic chemicals and
catalysts in various applications is expected to positively impact market over
the next eight years.
·
Key players in
the industry include BASF SE, Koninklijke DSM N.V, Novozymes A/S., Associated
British Foods PLC E. I. Du Pont De Nemours and Company Adisseo France SaS,
Dyadic International Incorporated CHR, Codexis Incorporated. Hansen Holding
A/S, and Amano Enzyme Incorporated.
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@ http://www.grandviewresearch.com/industry-analysis/industrial-enzymes-market/request
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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