Key Highlights:
· Theglobal enzymes market was valued at approximately~US$ 6.4 Bn in 2018 and is anticipated to expandat a CAGR of more than 7% from 2019 to 2027
· Rise indemand for enzymes for use in the food & beverages processing applicationis driving the global enzymes market. North America accounted for a major shareof the global enzymes market in 2018.
· In termsof demand, the U.S. held a dominant share of the North America enzymes marketin 2018. The enzymes market in North America is expected to expandat a CAGR of ~7% during the forecast period.
Key Drivers of Global Enzymes Market
· Innovationin the field of specialty and technical enzymes is projected to replacepolluting chemical processes and provide environmental sustainability
· Propertiesof enzymes, such as excellent ability of enzymes to function at different pHlevels and accelerating rate of reaction have led to their increased demand infood & beverages processing and animal feed applications
· Rise incompetition among beer producers for improving the quality and flavor ofalcoholic beverages is likely to drive the beverages industry to manufacturenew beers with improved flavors. This, in turn, would increase the demand forhigh purity grade of enzymes, thus boosting the market for enzymes.
· Globalelectricity is produced by burning fossil fuels such as coal, oil, and gas.These fuels release billions of tons of carbon dioxide and hence, lead toclimate change. In order to reduce reliance on fossil-based fuels, governmentsof various countries are adopting renewable energy sources such as wind energy,solar energy, biofuels, etc.
· Enzymes,such as carbohydrases are used in the fermentation process of cellulose intoglucose in order to manufacture biofuels. This is projected to drive the demandfor enzymes in the near future.
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Technical Grade to Dominate Global Enzymes Market
· Amonggrades, the technical grade segment held a major share of the enzymes market in 2018.Technical grade enzymes include carbohydrases, proteases, lipases, phytases,etc. The ability of technical enzymes to operate at mild conditions and theirlow cost are expected to drive the demand for these enzymes from a wide rangeof industries, including chemical production, biofuels, food & beverages,and personal care & household products.
· Rise indemand for enzymes for its use in synthesis of intermediates, which are furtherused in the manufacturing of active pharmaceutical & diagnostic ingredients(APIs), is projected to propel the demand for specialty enzymes inpharmaceutical & diagnostics
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North America Dominated Global Enzymes Market
· In termsof revenue, North America led the global enzymes market in 2018.Rising regulations on decreasing carbon emissions has compelled governmentbodies across the region to find alternative fuels. Moreover, latestadvancements in production technologies and production processes have thepotential to make biofuel manufacturing economical. This, in turn, has led tothe growth of the bioenergy sector in the region. Ability of enzymes toincrease the rate of conversion of cellulose into glucose and further glucoseto create ethanol is expected to boost the market for enzymes across theregion.
· Theenzymes market in Asia Pacific is projected to expand at a rapid pace duringthe forecast period. Rise in population and middle class income has led toincreased consumption of ready-to-eat food products, such as bakery and dairyproducts. This, in turn, is expected to increase the production of these foodproducts across Asia Pacific in the near future. All these factors are likelyto drive the demand for enzymes for use in improving food production as well asfood quality, including flavor, aroma, color, texture, appearance, andnutritive value in the region during the forecast period.
· China isa major consumer of food & beverages across the Asia Pacific region. Thecountry accounted for a prominent share of the Asia Pacific enzymes marketin 2018, owing to a high rate of adoption of enzymes such as carbohydrases,proteases, and lipases in food & beverages processing applications.
· Prominentplayers, such as Novozymes A/S are focused on expanding their productionfacilities in Asia Pacific to cater to the rising demand for enzymes in variousapplications in the region. For instance, in November 2016,Novozymes A/S announced its plans to construct a manufacturing facility and asupply chain facility near Mumbai, India.
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Prominent Players in Global Enzymes Market
· Prominentplayers operating in the global enzymes market are BASF SE, NovozymesA/S, DowDuPont Inc., AB Enzymes GmbH, Biocatalysts Ltd, Chr., Hansen HoldingA/S, Koninklijke DSM N.V., and F. Hoffmann-La Roche Ltd., Advanced EnzymeTechnologies Limited, Asahi Kasei Corporation, CapriEnzymes, Maps Enzymes Ltd.,SUNSON INDUSTRY GROUP CO., LTD., Tex Biosciences, LUMIS BIOTECH PVT LTD.,Nature BioScience Pvt. LTD., Shanghai Shingenzyme Biochemical Industry Co.,Ltd., and Zaozhuang Jienuo Enzyme Co., Ltd etc.
· Theglobal enzymes market is highly competitive in nature. These companies arefocusing on increasing research and development activities, and enhancing thequality of their products.
· Producersof enzymes are focusing on continuous development of their existing productportfolio. Additionally, manufacturers are also expanding the use of theirtechnology for the development of new concepts for new applications.
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