According to a report by Grand View Research, Inc., global industrial enzymes market is projected to value USD 9.63 billion by 2024. Growing requirement for compounds that can replace chemicals used in various end-use sectors to manufacture several end-use products can augment demand for industrial enzymes.
Rising demand for nutritional and digestive enzymes in nutraceutical sector is predicted to fuel growth of market. Increasing use of product in manufacturing detergents owing to superior stain removal properties can augment market growth. Use of compound in animal feed products is likely to increase digestibility and nutritional value of feed and enhance sustainability of aquaculture. This, in turn can influence growth of market over next few years. Rising demand for personal care and cosmetic products such as toothpaste, whiteners, mouthwashes, and skin repair creams can drive market growth. Growing adoption of enzymes in fruit juices, cheese manufacturing, brewing, and bakery products can stimulate growth of market during the forecast period (2013 to 2024).
Full Research Report On Industrial Enzymes Market Analysis:
www.grandviewresearch.com/industry-analysis/industrial-enzymes-market
U.S. industrial enzymes market revenue, by end-use, 2013 – 2024 (USD Million)
The industrial enzymes market can be segregated on the basis of product, application, end-use, and region. Based on product, the market can be categorized into carbohydrase, proteases, lipases, polymerases & nucleases, and others. In 2015, carbohydrase was largest product segment and accounted for 46% of overall revenue share in that year. Rising demand for product in food and beverage sector to manufacture variety of sugar syrups and prebiotics can propel growth during the forecast period.
On the contrary, protease segment is anticipated to witness significant growth at CAGR of 8% from 2016 to 2024. Increasing use of product in detergent sector can drive growth.
Based on application, the market can be classified into feed additive, food processing, and technical. In 2015, technical application segment dominated the market and accounted for 48% market share. Growing use of compound for technical applications in detergents, paper & pulp, organic synthesis, biofuels, and textile sector can drive market growth during the forecast period.
Browse More Reports Of This Category By Grand View Research At:
www.grandviewresearch.com/industry/catalysts-and-enzymes
On the contrary, feed additive segment is likely to witness significant growth owing to increasing use of enzymes in feed sector. These enzymes are likely to increase nutritional value of feed and aid digestion by breaking down complex molecules.
Based on end-use, the market can be segmented into food & beverage, detergents, animal feed, textile, paper & pulp, nutraceutical, personal care & cosmetics, and wastewater. In 2015, food & beverage segment dominated the market and accounted for highest market share. Increasing use of enzymes for flavors, baking, wine making, and food processing is likely to surge product demand in food and beverage sector. In addition, use of food enzymes is likely to result in increase of shelf life, optimization of production, reduction of costs, and consistency in quality. This, in turn can augment market growth during the forecast period.
On the contrary, personal care and cosmetics segment is projected to witness high growth attributed to its superior moisturizing content. Use of enzymes in toiletry products can enhance its properties and reduce use of chemicals in cosmetic preparations.
Moreover, increasing use of enzymes in in textile sector in manufacturing fabrics for furniture, clothing, and other household items can drive demand during the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2015, North America dominated the market and accounted for 34% market share. Rising demand for industrial enzymes from food processing sector in Canada and United States can augment growth. In addition, increasing use of these enzymes by textile, nutraceutical, and cosmetic sector can also augment growth of market.
On the contrary, Asia Pacific is predicted to witness highest growth at CAGR of 10% from 2016 to 2024 owing to growth of food processing sector in the region. Increasing use of industrial enzymes in manufacturing of detergents can fuel growth of market.
In Europe, the market is predicted to witness significant growth owing to rising substitution of petrochemicals with enzymes in leather, textile, food & beverage, and personal care sectors.
Some of the leading companies offering industrial enzymes are BASF SE, Associated British Foods PLC, Koninklijke DSM N.V, Codexis Incorporated, and Dyadic International Incorporated.
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/industrial-enzymes-market