The global enzymes market is expected to reach USD 17.50 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for enzymes in food & beverage products as they improve quality and eliminate deficiencies in the products is expected to propel industry growth in the near future.
Increasing demand for bioethanol and biodiesel in emerging economies including India, Brazil, and Thailand will augment industry growth over the forecast period. Growing number of government investments along with R&D activities in industrial enzymes will drive demand over the next eight years.
Rising population along with rising living standard will drive processed foods demand, which in turn will stimulate industry expansion. In addition, emerging protein design algorithms, along with growing inexpensive DNA sequencing technology will open new market avenues over the next seven years.
Carbohydrases accounted for 47.7% of the global market share in 2015, dominating the enzymes industry and the segment is expected to show significant growth in light of high usage in animal feed, textile, food & beverages, and pharmaceutical applications. Moreover, mounting usage of artificial sweeteners, prebiotic products, and juices is expected to fuel product demand over the forecast period.
To request a sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- Specialty enzymes are anticipated to witness the fastest growth at a CAGR of 9.2% from 2016 to 2024 on account of increasing awareness regarding therapies for chronic diseases, along with growing incidences of digestive enzyme disorders. Moreover, increasing usage of the ingredient for diagnostic solutions is expected to augment growth. Chemical reactions in research & biotechnology are accelerated by making the use of enzymes. They also optimize the yield of the production processes, which is expected to bolster demand over the forecast period.
- Animal feed is likely to witness significant growth at a CAGR of 9.0% from 2016 to 2024 as a result of mounting demand for swine, bovine, poultry and aquaculture species. Growing global meat production coupled with rising health concern regarding meat quality will augment animal feed demand, which is expected to stimulate industry expansion.
- North America enzymes market was valued at USD 3.59 billion in 2015 and will show high gains in light of favorable government policies along with a robust manufacturing base in the U.S. Growing demand for animal feed and biofuels in the U.S. is expected to drive market size.
- Latin America accounted for 8.3% of the overall enzymes market and will show substantial growth in light of rapid industrialization coupled with increasing biodiesel production in Brazil and Argentina.
- Key industry players include Novozymes, Danisco, Royal DSM, BASF SE, DuPont, Lonza Group, and Advanced Enzymes Technologies Ltd. In January 2014, DuPont launched LAMINEX MaxFlow 4G enzyme, intended for increasing texture, taste and appearance of beer in beverages applications.