The global industrial enzymes market was valued at USD 4.62 billion in 2015. Growing demand for industrial enzymes for food & beverage, nutraceutical and textile applications is likely to have a positive impact on the market growth.
The global industrial enzymes market is expected to witness significant growth in nutraceutical industry due to rising demand for digestive and nutritional enzymes. The increasing use of the product in manufacturing detergents due to properties including superior stain removal, and ability to use in low temperatures is expected to fuel the demand over the next eight years. The compound used in animal feed products increases the digestibility and nutritional value of the feed and provide improved sustainability for aquaculture, thus promoting growth over the forecast period.
U.S. industrial enzymes market revenue, by end-use, 2013 - 2024 (USD Million)
Increasing demand by food and beverage industry in bakery products, fruit juices, wine making, and brewing, and cheese manufacturing is expected to drive the demand for food enzymes over the forecast period. Increasing demand for personal care products and cosmetics such as skin repair creams, toothpaste, mouthwashes, and whiteners, is expected to drive the demand for industrial enzymes over the forecast period.
Enzymes demand in food & beverage industry accounted for the highest market share in 2015. The increasing use of the product for flavors, wine making, baking, and food processing is expected to result in the increase in demand for such enzymes. Furthermore, the use of food enzymes has resulted in an increase of shelf life, reduction of costs, optimization of production and consistency in quality, which has in turn driven the demand. The personal care and cosmetics segment is expected to witness high growth owing to its superior moisturizing content. In addition, the compound enhances the quality and properties of toiletry products and reduces the use of chemicals in cosmetic preparations.
Increasing demand for the compound in the textile industry in manufacturing fabrics for clothing, furniture, and other household items is expected to drive the demand over the forecast period. Furthermore, the demand for the product is expected to grow due to its use in bleaching, refining, de-inking, and removal of adhesives.
Carbohydrase was the largest product segment in the industrial enzymes market, accounting for over 46.0% of the overall revenue share in 2015. Increasing demand for the product by food and beverage industry in manufacturing a variety of sugar syrups and prebiotics is expected to propel growth over the projected period.
Protease segment is expected to witness significant growth, growing at over 8.0% CAGR from 2016 to 2024. Growing use of the product in the detergent industry is expected to drive growth. However, utilization of the product in the detergent industry is saturated particularly in the developed economies. As a result, rising consumer shift towards the use of proteases in pharmaceuticals applications is expected to drive demand in these regions.
The market is segmented by application into technical, feed additive and food processing. The technical application segment dominated the global industrial enzyme market, accounting for a market share of over 48% in 2015. Increasing use of the compound for technical applications in paper & pulp, detergents, biofuels, organic synthesis and textile industries is expected to drive the market growth over the forecast period. Furthermore, the application segment is expected to grow at a CAGR of over 7.0% from 2016 to 2024 due to increasing application scope in leather and bioethanol industry.
Enzymes for feed additives are expected to witness an increased demand owing to increasing use in feed industry as supplements. These enzymes increase the nutritional value of the feed and aid in digestion by breaking down complex molecules. Furthermore, the demand for feed additive enzymes can be restrained by the regulations mandated by national governments.
North America demand for industrial enzymes, accounted for over 34.0% share and is expected to be a key market owing to robust food processing industry in the U.S. and Canada. The demand will be driven by increasing use of industrial enzymes by the nutraceutical, textile, and cosmetics industry.
Asia-Pacific is expected to witness the highest growth, growing at a CAGR of over 10.0% over a period of 2016 to 2024 owing to a rapidly developing food processing industry. The demand for the product is expected to grow owing to an increasing use in the manufacture of detergents. Furthermore, rapid industrialization in countries including China, Korea, Thailand, Japan, and India is expected to bolster the demand for the product in cosmetics, leather, paper & pulp, and wastewater treatment applications.
Europe is expected to witness significant growth over the forecast period owing to rising substitution of petrochemicals with enzymes in textile, leather, food & beverage, and personal care industries.
The key market players include BASF SE, Associated British Foods PLC, Koninklijke DSM N.V, Novozymes A/S, E. I. Du Pont De Nemours and Company Adisseo France SaS, Codexis Incorporated, Dyadic International Incorporated, CHR. Hansen Holding A/S, and Amano Enzyme Incorporated.
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