San Francisco, 6 December 2018: 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).
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.
Access
Research Report of Industrial
Enzymes Market@ www.grandviewresearch.com/industry-analysis/industrial-enzymes-market
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.
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.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/catalysts-and-enzymes
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.
Access
Press Release of Industrial Enzymes Market@ www.grandviewresearch.com/press-release/global-industrial-enzymes-market
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.
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