The global market for proteases is expected to uphold a CAGR of 6.4% during the forecast period of 2017 to 2022. It is estimated to be worth around USD 3.29 billion by 2022.
The primary factors that drive the global market for proteases are its wide use in the food industry. Protease enzymes are diverse ingredients. It helps in reducing the manufacturing costs of food products and also to improve the digestibility of some foods, they are critical for the development of many of today's FMCG products. The main reason for the growth of this market is the multiple uses of proteases in diverse industries. Its eco-friendly nature due to its non-toxic and non-pathogenic attributes is an added advantage that leads to a surge in the market. Presence of stringent regulations has pull down the proteases market to an extent. Growing product demand in various applications including paper, biofuels, rubber, photography, biological detergents, contact lens cleaners and molecular biology will promote industry expansion over the next eight years.
The global proteases market is classified by the source into animal, plant, and microbial. By products, the market is segmented into animal, plant and microbial. Renin, Papain, Alkaline proteases dominated the animal, plant and microbial product segments, respectively. On the basis of application, the proteases market can be segmented into food & beverages, feed additives, laundry & dish washing detergents, health care, and other applications. The food and beverage industry covers a huge share of the application segment with the use of proteases in dairy, bakery, processed foods, meat, beverages and others like infant food formula, etc. Further classified by the method of production, the proteases market is segmented into fermentation and extraction. Geographical segmentation are North America, Europe, Asia-Pacific, South America and Africa.
Accounting for around 60% of the entire enzyme market, proteases are aptly considered as the most important part of industrial enzymes. North America leads the global proteases market, followed by Europe. Owing to the developed industries in these regions. Asia-Pacific is the fastest-growing region due to the economic and operational benefits of proteases. They are presenting an untapped potential for the growth of protease enzymes in the food, detergent, as well as, pharmaceutical industries.