SAN FRANCISCO, March 16, 2020 /PRNewswire/ --The global enzymes market size is expected to reach USD 17.2 billion by 2027, registering a CAGR of 7.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for enzymes from the food and beverage industry, especially for the production of brewing and bakery products is one of the key factors driving the market growth.
Key suggestions from the report:
In terms of revenue, the carbohydrase product segment is projected to dominate the market while expanding at a CAGR of 7.4% over the forecast period
The microorganisms source segment held the largest share of the market in terms of revenue and is anticipated to dominate the enzymes market in the forecast period
Asia Pacific is projected to witness a remarkable growth rate of 8.1% in the near future, owing to increasing consumption of food and beverage products, detergents, and animal feed in the region
The market is oligopolistic owing to the presence of three key players including Novozymes, DuPont Danisco, and BASF dominating the market
Some of the key companies present in the industry are BASF SE, Novozymes, DuPont Danisco, DSM, Associated British Foods plc, Chr. Hansen Holding A/S, and Advanced Enzyme Technologies.
Food and beverage industry includes several applications such as baking, brewing, dairy, and starch and sugar, which find extensive use in daily human life. In the baking industry, these are used to provide specific properties to the flour or dough. In biscuits and crackers, the use of enzymes helps lower the protein content of flour while their use in bread improves or standardizes the quality and ensures uniform browning of the product. The product is extensively used in the food and beverage industry to improve the quality and productivity of products, which is anticipated to fuel the market growth.
Enzymes are also used as feed additives in the animal feed industry. Phytase, protease, and carbohydrase are used extensively in the animal feed industry. Phytase is an abundant source of phosphorus and a key ingredient required for the growth and repair of tissues and organs of animals. Carbohydrase is utilized for improving the digestion of carbohydrates present in the feed. They further breakdown starch into simple sugars such as fructose, maltose, and glucose. Increasing demand for the product in the animal feed industry due to their multi-functional attributes is anticipated to boost the enzymes market growth.
Enzymes used in industrial applications were traditionally extracted from animal organs such as calf stomach, plant materials, and microorganisms (bacteria, yeast, and fungi). With the emergence of technologies such as genetic engineering, manufacturers have a choice of producing required quantity of enzymes in selected production hosts such as microorganisms and transgenic plants. Market participants are focusing on backward integration by using suitable microorganisms such as bacteria, yeast, and fungi and further use those for the production on a commercial scale.
Grand View Research has segmented the global enzymes market based on application, product, source, and region:
Enzymes Application Outlook (Revenue, USD Million, 2016 - 2027)
Food & Beverages
Pulp & Paper
Personal Care & Cosmetics
Research & Biotechnology
Enzymes Product Outlook (Revenue, USD Million, 2016 - 2027)
Polymerases & Nucleases
Enzymes Source Outlook (Revenue, USD Million, 2016 - 2027)
Enzymes Region Outlook (Revenue, USD Million, 2016 - 2027)
Industrial Enzymes Market– The global industrial enzymes market size was valued at USD 4.62 billion in 2015. Growing product demand in food & beverage, nutraceutical, and textile applications.
Catalyst Market– The global catalyst market size was estimated at USD 25.0 billion in 2018 and is anticipated to expand at a CAGR of 4.5% by 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.