Global enzymes market revenue is expected to witness a high surge, driven by its escalating demand across dairy, food processing, personal care, paper, starch, and brewing sectors. Rapidly expanding food additives sector is expected to elevate the industry demand over the coming years. According to Global Market Insights, Inc., “Enzymes market size is expected to grow at a rate of 8% over the coming period of 2016 to 2024.” Ongoing biological, molecular, and forensic research coupled with the extensive applications of enzymes in molecular biology will substantially proliferate the enzymes market trends over the years to come.
U.S. Enzymes market size, by product, 2013-2024 (USD Million)
Enzymes are also extensively used across biofuels, detergents, animal feed, and food & beverages sectors. Favorable outlook to replace fossil fuels with more energy-efficient & eco-friendly fuels will boost enzymes industry growth across biofuels sector. Food & beverages sector, which accounted over 35% of overall revenue in 2015, is predicted to grow significantly over the coming timeframe. High demand for nutritive food along with the rising protein intake will drive the enzymes industry size over the coming years. In addition to this, widespread application of enzymes across food & beverages sector to enhance food quality will drive the industry growth. Animal feed applications are projected to witness significant gains of 7% over the coming timeframe, driven by high prevalence of porcine epidemic diarrhea virus and bovine spongiform encephalopathy. Enzymes market share in detergents sector is expected to grow significantly over the coming years. High consumer spending on detergents is expected to drive the revenue.
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Polymerases & Nucleases, Proteases, Carbohydrases, and Lipases are the major products of enzymes industry. Proteases market is anticipated to record a growth of 7% over the coming timeframe, driven by its major application in detergents, food, and pharmaceutical sectors. They also find extensive applications in the animal feed additives industry. Carbohydrases market, which dominated the product landscape in 2015, is expected to propel enzymes market growth, High product application across food & beverages and pharmaceuticals sectors are anticipated to be the key growth drivers.
Below are the regional highlights of Enzymes Market over 2016-2024
- Rise in population base along with high beef demand across countries such as Australia, China, and South Korea is expected to boost APAC enzymes industry revenue expansion over the coming years. Furthermore, the large presence of pharmaceuticals and detergents sectors across countries such as Indonesia and Malaysia offers a huge industry growth potential.
- North America enzymes market size is expected to grow at a rate of 8% over the coming timeframe, driven by high product application in food & beverages along with the enhanced popularity of processed foods. The U.S. is expected to drive the regional share.
- Europe animal feed industry is expected to contribute significantly towards enzymes market revenue over the coming seven years. Growing need for cattle feed as well as its hybrid variants are expected to drive the regional growth. Germany, Russia, and France are anticipated to be the major regional revenue drivers.
Market players will try to retain their position through product development, constant innovation, and R&D investments. Key industry participants include Lonza Group, Novozymes, Koninklijke DSM N.V., F. Hoffmann-La Roche AG, Danisco A/S, Adisseo, Chr. Hansen, BASF SE, and Enmex, S.A.de C.V company.
Author Name : Dhananjay Punekar