Industrial Enzymes market to Eyewitness Huge Marginal Growth by 2027Posted by Mrudula Anil Karmarkar on February 2nd, 2021 The global industrial enzymes market size is projected to reach USD 9.14 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.4% from 2020 to 2027. Growing demand for specialty enzymes in applications, such as diagnostics, pharmaceutical, research, and biotechnology, is projected to foster the product demand. Industrial enzymes are also predicted to gain notable growth in the years to come due to their increasing demand from the animal feed and nutraceutical industries. Increasing consumer awareness concerning health has resulted in the growing consumption of functional food products, which is further likely to trigger the product demand in the near future. Disruptions in chemical manufacturing activities due to the COVID-19 pandemic shall have a considerable influence on the growth patterns of enzymes and other catalysts. Key players across the value chain are also expected to realign their supply channels to cater to the demand for catalysts in specific areas of the chemical industry which are witnessing an unusual level of activity allied with pharmaceuticals and biotechnology. The report will account for Covid19 as a key market contributor. The market for industrial enzymes is established with demand from food and beverages, pharmaceuticals, animal feed, biotechnology, detergent, nutraceuticals, and personal care and cosmetics sectors. The industry is majorly driven by increasing demand from the dairy and brewing industries. The growth can also be attributed to a shift in consumer preferences for processed and packaged foods owing to increasing awareness regarding food security and safety. The U.S. is predicted to dominate the market in the years to come due to high demand from the food and beverage industry, mounting consumer awareness regarding health, and increasing consumer preference for functional foods. The U.S. industry is also anticipated to witness notable growth in the years to come due to extensive growth in the pharmaceutical and nutraceutical sectors. The market in Asia Pacific, led by India, China, South Korea, and Japan, is estimated to witness significant growth in the future owing to the expansion of the detergents and pharmaceutical sectors in the region. The market is characterized by long enzymes development cycles and intensive investment by significant producers. Consequently, manufacturers and raw material suppliers have substantial opportunities to deliver uniform and high-quality enzymes through a reviewed supply chain. Industrial Enzymes Market Report Highlights
Increasing demand for industrial enzymes from the animal feed and nutraceutical industries is expected to boost the growth of the market. Moreover, consumer awareness regarding health is increasing, which is driving the consumption of functional food products, thereby fueling the product demand in the coming years. Challenges faced by the industry include high sensitivity of enzymes to temperature and pH and product handling security problems. These factors are anticipated to influence market growth in the near future. However, key players are likely to benefit from the rising acceptance from several end-use industries, such as food and beverages, animal feed, biofuels, and diagnostics. Carbohydrases led the market and accounted for more than 47.0% share of the global revenue in 2020. Carbohydrase enzymes are utilized in various end-use industries, including pharmaceuticals, animal feed, and food and beverages. Carbohydrases are used predominantly as a catalyst for the conversion of carbohydrates into sugar syrup, including fructose and glucose, which are further utilized in the pharmaceutical and food and beverage industries. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2868/ibb The global market is oligopolistic due to the presence of three dominant players: BASF SE, DuPont Danisco, and Novozymes. Manufacturers are thus focusing on adopting modern and environmentally safe technologies to customize the product, enhance its properties, and differentiate the final product from its competitors. Novozymes, a prominent market player, is dedicated to central enzyme manufacturing. However, manufacturers including DSM and DuPont Danisco have shifted their focus toward the impression of on-site enzyme manufacturing. Biofuel manufacturers are able to reduce the addition of stabilizing agents, downstream processing, and shipping and warehousing of bulk quantities of enzymes when they are produced on-site. Some of the prominent players in the industrial enzymes market include:
Grand View Research has segmented the global industrial enzymes market on the basis of source, application: Industrial Enzymes Source Outlook (Revenue, USD Million, 2016 - 2027)
Industrial Enzymes Application Outlook (Revenue, USD Million, 2016 - 2027)
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. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |