The Enzymes Market is expected to grow at a CAGR of around 5.5% from forecast period 2019 to 2026 and expected to reach the market value of around US$ 11.8 Bn by 2026.
Enzymes are biological catalysts used to boosts the production processes and increase chemical reactions. The enzymes are used in various industrial and chemical applications which include brewing, tanning, baking, and animal feed & biofuel production. Based on applications, different types of enzymes such as cellulases, amylases, proteases, phytases, and lipases are used. Enzymes boosts the chemical reactions and increase production process. The enzymes are extracted from plant tissue, animal tissue, and microorganisms. The amylases, cellulases, proteases, lipases, phytases are types of enzymes used in manufacturing of enzymes. The growing demand for packaged foods and increase in demand for consumer products across the globe further grows the demand for enzymes. This expected to enhance the production to meet the growing consumption of enzymes over the forecast period.
The growth of the enzymes market is primarily driven by the rising enzymes demand from food & beverage, nutraceutical, and textile applications, increase in the consumption of processed food and packaged food across the globe, and multi-functionality of enzymes. Furthermore, increase in demand of enzymes in packaged foods and growing demand for personal care products and cosmetics, such as skin repair creams, toothpaste, mouthwashes, and whiteners, is estimated to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing pharmaceutical and food industry, technological advancement and increase in the number of applications, and alternative to synthetic chemicals are expected to create opportunities for the manufacturers in the global market over the forecast period. However, stringent government regulations in industrial production and safety & quality concerns of products are expected to hamper the growth of the global enzymes market in the coming years.
By Application, food & beverages dominated the enzymes market
Based on application, the market has been segmented into food & beverages, cleaning agents, animal feed, and others. The food & beverages segment accounts of the largest share in the market and are expected to grow at a CAGR of around 5.8% during the forecast period.
Food enzymes enhance the shelf life and quality of products which grows the demand for enzymes in food & beverage applications. The manufacturers BASF SE DowDuPont, Associated British Foods plc, Koninklijke DSM N.V., and Novozymes A/S are the mainly investing in the development of enzymes for the food & beverages application, which expected the lead the market in the coming years.
Based on source, the micro-organisms segment is expected to dominate during the forecast period
Based on source, the market has been segmented into micro-organisms, plants, and animals. The micro-organisms segment accounts of the largest share in the market and held for more than 45% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand micro-organisms for commercial enzyme production and economic, effective, and have a controllable enzyme content. This expected to enhance the dominance of the micro-organisms segment in the global market over the forecast period.
The market research study on “Enzymes Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global enzymes market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global enzymes market, its type, application, source, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global enzymes market size and volume, and segment markets by type, application, source, and geography along with the information on companies operating in the market. The enzymes market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the enzymes market and the region is also expected to maintain its dominance over the forecast period. The rapid consumption of enzymes in various end user industries, enhanced productivity, and better product value are the major driving factor for the region in the global market. Moreover, the increasing demand for nutritional & healthy products and diversification in the region’s food sector are expected to enhance the market growth in the global enzymes market in future. Asia Pacific is expected to hold the highest CAGR in the global market during the forecast period. The manufacturers are investing in developing countries to meet the demand for enzymes. Moreover, rapid industrialization in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global enzymes market during the forecast.
Asia Pacific is expected to hold the highest CAGR in the global market during the forecast period. The manufacturers are investing in developing countries to meet the demand for enzymes. Moreover, rapid industrialization in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global enzymes market during the forecast.
The players profiled in the report include BASF SE, DowDuPont, Associated British Foods plc, Koninklijke DSM N.V., and Novozymes A/S, Dyadic International Inc., Advanced Enzyme Technologies Ltd, Adisseo, Chr. Hansen Holding A/S, Biotec Pharmacon, and Amano Enzyme Inc. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
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