Industrial Enzymes Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The industrial enzymes market is expected to grow at a significant rate during the forecast period (2018 - 2023). The North American region is estimated to lead the market owing to its rapid growth in the food & beverages industry. Enzymes have been replacing the use of conventional chemicals in the various industries owing to the increasing environment-related norms and regulations regarding the use of chemicals.
Soaring Demand in the Food & Beverages Industry
Industrial enzymes are most widely used in the food & beverages processing industry, and this sector contributes over a quarter of the share in the overall application segment. The innovations in the field of various process technologies and recombinant techniques in the past decade have helped to improve the yields through fermentation, selection of appropriate enzymes, altered specificity, and increased stability. Such techniques have extended the applications of enzymes in the food technology and several other sectors. The food industry companies are continuously involved in developing new dairy products, beverages, and food items for the consumers. With the development of new products in the food & beverage industry, the demand for industrial enzymes is expanding at a positive rate.
Carbohydrases to Dominate the Market
Carbohydrases type is estimated to be the largest share, among all the enzyme types in the global industrial enzyme market, whereas the lipases enzyme type is expected to grow at a fast rate during the forecast period. Amylase is the most common type of carbohydrases, which finds applications in various industrial processes, such as food, fermentation, etc. Carbohydrases are those enzymes which are widely used for the conversion of carbohydrates into simple sugar, which makes it extensively useful for application in the food industry.
North America to Lead the Market
North America accounts for highest growth rate for the use of industrial enzymes in the biofuel production application, owing to the increasing investments and standardizations by the government to increase biofuel use. The United States FDA approves the food additives after considering the factors such as health and safety of the consumers.
Key Developments in the Market
- February 2018- AB Enzymes opened a new warehousing and distribution center for customers in North America located near Chicago, Illinois.
- January 2018- The BioAg Alliance, Monsanto’s, and Novozymes’ collaboration was established to improve crop harvests through products containing naturally-occurring microbes.
Major Players -AB Enzymes, Amano, BASF SE, DSM, DowDuPont, Novozymes, and Advanced Enzymes, among others.
Reasons to Purchase the Report
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