Enzymes market will cross US$9.5bn by 2024
The enzymes market is anticipated to cross US$ 9.5 billion by 2024, according to a new research report by Global Market Insights, Inc. Potential outlook in food & beverages and animal feed industry, owing to its benefits including enhanced metabolic reaction will propel the enzymes market size. Growing population resulting in rising food demand will remain the key factor driving the industry growth.
Shifting consumer preference towards processed food and ready to drink beverages have enhanced the product demand. The US processed food industry was worth over US$ 750 billion in 2016. Moreover, increasing product usage in brewing process will open new avenues for industry growth.
Enzymes enhance the chemical reactions involved in production process of detergents, textile, pulp & paper and personal care products. Enhancing the stain removal along with improved effectiveness of detergents are the key aspects driving the market growth.
Development of enzymes as cost effective alternative for synthetic catalyst has stimulated the industry demand. Improving product quality, reduced energy consumption & hazards, low chemical discharge along with multifunctionality properties will encourage the industrial applications.
Technological advancement in production process along with product innovations including psychrozymes will fuel the industry growth. Regulatory compliance for natural and biological solutions has enhanced the product demand. Additionally, rising product demand in curd, whey, yogurt and cheese production will support the enzymes market growth.
Proteases is estimated to value over US$2.4 billion by 2024. Strong outlook in food processing, detergents, and biofuels due to high stability and wide range pH properties will drive the demand. However, increasing concerns on side effects including itching, cramps, nausea, & rashes along with stringent FDA standards on product usage may hamper the industry growth.
Carbohydrases dominated the global enzymes market accounting for more than 50% in 2016. Converting carbohydrates into beneficial glucose, fructose and other sugar syrups are the key factors fueling product demand. High application scope in pharmaceutical, animal feed and sport drinks will trigger the demand.
Food & beverages accounted for more than 36% of the overall industry share in 2016. Rising product consumption in food processing including bakery, beverages, dairy, meat, fruits and protein hydrolysis will propel the industry demand.
Biofuels market generated over 24 kilotons in terms of volume in 2016. High dependency on enzymes in biofuel industry will provide a positive outlook for industry demand. Growing biodiesel production particularly in the US and Europe due to environmental regulations will support the industry growth.
North America is anticipated to witness gains over 6% up to 2024. Increasing penetration of organized retail business coupled with expansion in food & beverages industry will drive the industry growth. Emergence of genetically engineered products has enhanced the product scope.
Europe enzymes market was valued over US$1.5 billion in 2016. Presence of leading manufacturers in this region including Novozymes, DSM, Danisco and Novus International will support the industry demand. Growing diversity of product applications along with environmental uses including waste treatment will propel the industry demand.
Global enzymes market is highly consolidated as top three players account for 75% of the industry share. Novozymes alone accounted for 48% of the market share in 2016. BASF, DSM, Dupont Danisco, and Novozymes are the major industry participants. Expansion of geographical coverage along with improved profitability through joint ventures, mergers & acquisitions and collaborations remain the key strategies adopted by industry players.
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