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 study 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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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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