Industrial Enzymes Market to Witness Enhanced Demand for Biofuels as a Replacement to Conventional Fuels Till 2024 | Million Insights
FELTON, California, November 20, 2018 /PRNewswire/ --
Global Industrial Enzymes Market is anticipated to reach USD 9.63 billion by 2024. Enzymes catalyze a chemical reaction; without getting exhausted in the process. The factors that propel the growth of the industrial enzymes industry include rising demand for Biofuels as a replacement to conventional fuels, rising animal feed consumption across the globe, increasing food and beverage consumption particularly wine and meat globally, and rising disposable income. Industrial enzymes market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Industrial enzymes industry may be explored by type, source, application, and geography. The market may be explored by type as Cellulase, Amylase, Protease, Rennet, Lipase, and Others. The "Proteases" segment led the industrial enzymes market in 2016 and is anticipated to maintain its dominance by 2024. The key factors that may be attributed to the growth of market include extensive range of applications in detergent, biofuel and food & beverage, industries. Based on source, the industrial enzymes industry could span Animal, Plant, and Microorganisms.
The key applications that could be explored in the industrial enzymes market include Cleaning Agents, Food & Beverage, Textiles, Pulp and Paper, Animal Feed, and Other. The "Food & Beverages" segment led the Enzymes Market in 2016 and is anticipated to maintain its dominance by 2024. The factors that may be attributed to the development include meat processing, increasing disposable income of consumers, growing procedure in sugar production, rising demand for a high nutritious diet, and dairy industry.
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Asia-Pacific accounted for the major share of the Enzymes Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes development of the pharmaceutical and food & beverage segments along with the accessibility of raw materials for biofuel manufacturing. In addition, rising food consumption, growing need for effective health solutions, and development and rising sensitivity to food protection is anticipated to create immense manufacturing likely in the forecast period.
Some of the key players that fuel the growth of the industrial enzymes industry comprise Novozymes A/S, Chr. Hansen, Codexis Inc., Associated British Foods (ABF) plc., Novus International Inc., E.I. du Pont de Nemours and Company, AB Enzymes GmbH. Koninklijke DSM N.V., Advanced Enzyme Technologies Ltd among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
- Industrial Enzymes Market Product Outlook (Revenue, USD Million, 2013 - 2024)
- Carbohydrase
- Proteases
- Lipases
- Polymerases & nucleases
- Others
- Industrial Enzymes Market Application Outlook (Revenue, USD Million, 2013 - 2024)
- Technical
- Feed additive
- Food processing
- Industrial Enzymes Market End-use Outlook (Revenue, USD Million, 2013 - 2024)
- Food & beverage
- Detergents
- Animal feed
- Textile
- Paper & pulp
- Nutraceutical
- Personal care & cosmetics
- Wastewater
- Industrial Enzymes Market Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
- South Africa
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