The market for industrial enzymes is likely to showcase the CAGR of over 6.5% during the forecast period (2021-2027) to exceed the market value of $8.5 billion by 2027. The market is anticipated to be driven by ascending demand for carbohydrase and proteases in the food and beverage applications, especially in the emerging economies of Asia Pacific, such as China, India, and Japan owing to the increasing food demand in the region. For instance, in the year 2019, Japan had the highest per capita spending on food that is USD 4417.5 per person followed by followed by Australia, Canada, and France with per person spending of US$ 3,003.6, US$ 2986.9, and US$ 2983.4, respectively. The increased per capita spending of consumers on food has increased the demand on hotels, restaurants, bakeries; etc. This has positively impacted the demand for demand for enzymes in the food & beverage sector.
Furthermore, increased consumption of bakery products such as breads, pastries; etc. has been increasing the demand of enzymes in bakeries. For instance, in 2020, fresh bread and rolls were the best-selling bakery products in the United States, with sales amounting to a total of approximately 14 billion U.S. dollars. With sales in excess of nine billion U.S. dollars, the cookie was the country’s second-favorite baked product.
Furthermore, rising product demand from the end-use industries, such as biofuel, home cleaning, and animal feed, is projected to fuel the industry growth over the forecast period. Bioethanol is the most used biofuel, which is an alternative to fossil fuel and is mainly produced by the hydrolysis of cellulose from lignocellulosic biomass and by the fermentation of sugars of different lignocellulosic sources. The biodegradability and reduced toxicity of bioethanol, for which biomass is used as a primary substrate as well, are its main advantages over fossil fuels. The United States is the leading producer of fuel ethanol in the world. In 2020, the U.S. produced 13.8 billion gallons of the biofuel.
Kerry Group, BASF, Novozymes, DuPont, DSM, Dyadic International, Advanced Enzymes, Chr. Hansen, Amano Enzymes, Megazyme; etc. are some of the prominent players operating in the global Industrial Enzymes market. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst product, carbohydrases segment holds the major share”
Based on product, the global Industrial Enzymes market is segmented into carbohydrases, proteases, lipases, polymerases & nucleases, and others. The carbohydrases segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period as carbohydrase is the most prominent type of enzyme used in pharmaceutical and food industries.
“Amongst application, food & beverages are anticipated to grow at the highest CAGR during the analyzed period”
Further based on application, the market is divided into food & beverages, detergents, animal feed, biofuels, textiles, pulp & paper, nutraceutical, personal care & cosmetics, wastewater, and others. In 2020, food and beverages accounted for a maximum market revenue share and is expected to remain dominant during the analyzed period owing to the application of enzymes in the food & beverage industry.
“Amongst source, microorganisms’ segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on source, the market is fragmented into plants, animals, and microorganisms. In 2020, microorganisms segment accounted for a maximum market revenue share and is expected to remain dominant during the analyzed period owing to their easy availability and low production cost.
“North America signifies one of the largest markets of Industrial Enzymes Market”
For a better understanding of the market dynamics of the Industrial Enzymes market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America held the significant market share in 2020 owing to increasing expenditure of the population has been boosting the demand for enzymes in food beverages industry. For instance, according to a study published by the United States Department of Agriculture (USDA) in 2018, the North American population spends almost 14% of their household expenditure on food.
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