Pune, India, July 2019/MRFR Press Release/- Market Research Future has Published its Half-Cooked Research Report on the Global Industrial Enzymes Market.
The global industrial enzymes market accounted for USD 6.2 billion in 2018 and is expected to register a CAGR of 6.3% during the forecast period of 2020 to 2027. There is an increasing demand for the enzymes in various industries such as food & beverages, feed, textiles, pharmaceuticals and nutraceuticals, and biofuel. The ability of enzymes to increase production is one of the major factors boosting the demand for industrial enzymes. Furthermore, the development of genetically modified enzymes has created lucrative opportunities for industrial enzymes manufacturers.
The global industrial enzymes market has been segmented based on type, application, source, and region.
Based on type, the global industrial enzymes market has been divided into carbohydrases, proteases, lipases, and others. The carbohydrases segment is further categorized as amylase, glucanase, cellulase, and others. The carbohydrases segment accounted for the largest market share in 2018 owing to the growing application in the food & beverages and pharmaceutical industries. Cellulase enzyme market is also contributing significantly to the growth of the carbohydrases market due to its growing application in the biofuel industry. However, the others segment is projected to register the highest growth rate owing to high demand and potential for polymerases, nucleases, and various genetically engineered enzymes.
Based on application, the global industrial enzymes market has been categorized as food & beverages, feed, detergents and cleaning, textiles, pharmaceuticals and nutraceuticals, and others. The food & beverages segment is further divided into dairy, bakery, brewery, and others. In 2018, the food & beverages segment accounted for the largest share in the market owing to the increasing application of enzymes in various food processing industries. However, the pharmaceuticals and nutraceuticals segment is expected to register the fastest growth rate during the forecast period.
Based on source, the global industrial enzymes market has been classified as plant, animal, and microorganisms. In 2018, the microorganisms segment accounted for the largest share in the market, while the animal segment is projected to register the fastest growth rate during the forecast period. The microorganisms are easily available, less expensive, and can provide a wide range of enzymes, thus gaining popularity among the industrial enzyme manufacturers.
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Some of the key players in the global industrial enzymes market are BASF SE (Germany), DowDuPont (US), Associated British Foods PLC (UK), Koninklijke DSM N.V. (Netherlands), Novozymes A/S (Denmark), Dyadic International Inc. (US), Advanced Enzyme Technologies Ltd (India), Adisseo (China), Chr. Hansen Holding A/S (Denmark), Amano Enzyme Inc. (Japan), Codexis Incorporated (US), AB Enzymes (Germany), BioResource International Inc. (US), Lesaffre (France), and Cargill Inc. (US).
On the basis of region, the global industrial enzymes market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is expected to dominate the global industrial enzymes market. Growing food processing industry in the region has boosted the demand for the industrial enzymes. The market in Asia-Pacific region is expected to record the fastest growth during the forecast period.
Some of the strategies followed by the players operating in the market were product launches, acquisitions, mergers, and expansions.