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Wednesday, 25 May 2016
Industrial enzymes market is expected to reach USD 9.63 billion by 2024
The global industrial enzymes market is expected to reach USD 9.63 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to increasing substitution of chemicals with industrial enzymes particularly in food & beverage and nutraceutical applications. U.S. industrial enzymes market revenue, by end-use, 2013 - 2024 (USD Million)
Growing applications of industrial enzymes for use in detergents and as ingredients in food processing industry is expected to fuel the demand. Proteases are extensively used in the detergent industry owing to its superior stain removal properties. However, the demand in the detergent application is expected to witness sluggish growth owing to market saturation.
Growing use of protease in bakery products is expected to drive market growth. Furthermore, increasing application scope of the product in nutraceutical industry as a digestive enzyme is expected to drive demand.
Technological advancements in the field of industrial enzymes have led to the use of the product as cleaning agents. The increasing use of enzymes or waste water treatment is also expected to drive the demand over the forecast period.
Neozymes, DSM, and Danisco dominated the global industrial enzymes market in 2015 with the industry being characterized by forward integration by manufacturers to distribution and end-use. Manufacturers such as DuPont and DSM manufacture industrial enzymes for specialized applications. The global industrial enzymes market is dominated by North America due to the presence of a large number of manufacturers in the U.S. and Canada.
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Industrial enzymes demand for lipases is expected to witness substantial growth, growing at over 8.0% from 2016 to 2024. Increasing demand for the product in food & beverage and textile industry is expected to augment growth over the forecast period.
The feed additive enzymes are expected to be the fastest growing product segment, growing at over CAGR 9.0% from 2016 to 2024. The increasing use of enzymes as a protein source in animal feed is to improve performance in livestock which in turn is anticipated to drive demand over the projected period.
Asia Pacific is expected to witness substantial growth, growing at a CAGR of over 10.0% from 2016 to 2024. Robust expansion in food processing industries particularly in Asia Pacific is expected to augment growth. Furthermore, the supportive regulations promoting the expansion of manufacturing industries is expected to have a positive impact on market growth.
Europe accounted for over 29.0% of the market share in 2015 and is expected to witness significant growth owing to rising demand in pharmaceutical and textile industry. Stringent regulations prohibiting the use of toxic chemicals and catalysts in various applications is expected to positively impact market over the next eight years.
Key players in the industry include BASF SE, Koninklijke DSM N.V, Novozymes A/S., Associated British Foods PLC E. I. Du Pont De Nemours and Company Adisseo France SaS, Dyadic International Incorporated CHR, Codexis Incorporated. Hansen Holding A/S, and Amano Enzyme Incorporated.
Grand View Research has segmented the industrial enzymes market on the basis of product, application, end-use and region: