Meticulous Research® – a leading global market research company, published a research report titled “Industrial Enzymes Market by Type (Carbohydrases [Amylases, Cellulases], Proteases, Lipases); Source (Microorganisms, Animals, Plants); Form (Solid, Liquid); Application (Food & Beverage, Household Care, Biofuel, Animal Feed) - Global Forecasts to 2029.’’
According to this latest publication from Meticulous Research®, the industrial enzymes market is expected to grow at a CAGR of 6.5% from 2022 to 2029 to reach $8.3 billion by 2029. The growth of the industrial enzymes market is mainly attributed to the growing environmental concerns and rising demand for bioethanol; increase in R&D activities and investments in the enzymes sector; advancements in enzyme engineering & green chemistry, the introduction of genetically-engineered enzymes; and the need for cost reduction and resource optimization in production processes.
However, stringent regulation and restricted temperature and pH levels of enzymes are expected to hinder the growth of this market to some extent.
The global industrial enzymes market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. The industrial enzymes market is segmented based on type (carbohydrases [amylases, cellulases, and others], proteases, lipases, and others), source (microorganism, plant, and animal), form (solid, liquid), application (food & beverages, household care, animal feed, biofuel, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the industrial enzymes market is segmented into carbohydrases, proteases, lipases, and others. The carbohydrases segment is expected to account for the largest share of the industrial enzymes market in 2022. The largest share of this segment is mainly attributed to wide range of applications in various industries, including food & beverages, home care, textile, leather, and biofuel, due to its cost-effectiveness, less time & space consumption, and ease of modification & optimization of the process.
The carbohydrases segment is further divided into amylases, cellulases, and others. In 2022, the amylases segment is expected to account for the largest share of the carbohydrases enzymes market. The large market share of this segment is attributed to its high thermal stability and increasing adoption in the food & beverages and biofuel industries.
Based on source, the industrial enzymes market is segmented into plant, animal, and microorganism. The plant segment is expected to grow at the highest CAGR during the forecast period of 2022- 2029. Its easy availability & convenience; surging demand for bromelain; increasing usage in various industries, including food & beverages, cosmetics, and pharmaceuticals; and its multifunctional properties, such as emulsification, water holding capacity, fat absorption, and antibacterial activity; are the factors that support the growth of the market.
Based on form, the industrial enzymes market is segmented into solid and liquid. The solid form segment is expected to grow at the highest CAGR of the industrial enzymes market. The growth of this segment is due to its higher & rising demand for enzymes in solid form, considering benefits like ease of handling, high gravity fermentation & stability, easy transportation & storage, and longer shelf life.
Based on application, the industrial enzymes market is segmented into food & beverages, household care, animal feed, biofuel, and other applications. The food and beverages segment is expected to account for the largest share of the industrial enzymes market in 2022. The largest share of this segment is mainly attributed to the growing awareness about nutritional requirements, increasing demand for processed food products, changing dietary habits, rising consumer desire for natural and customized food products, and increased application of enzymes in beverages.
The food & beverage is further segmented into bakery; dairy; beverage; meat, fish and egg processing; grain and oilseed processing; and other food applications. In 2022, the bakery segment is expected to dominate the food & beverage enzymes market. The dominant position of this segment is due to the rising demand for healthier fortified baked products, increasing bakery production, and product innovations.
Based on geography, North America accounted for the largest share of the industrial enzymes market in 2022. The major share of this regional market is mainly attributed to the technological advancements, increasing diversity in enzyme applications, higher acceptance of novel & innovative products, rapid industrialization, increasing demand for alcoholic beverages & processed foods, and growing awareness regarding green technologies addressing the environmental issues. However, Asia-Pacific is expected to register the highest CAGR during the forecast period of 2022–2029.
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The Industrial enzymes market space is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the industrial enzymes market are Novozymes A/S (Denmark), International Flavors & Fragrances Inc. (IFF) (U.S.), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), AB Enzymes GmbH (Germany), Amano Enzyme Inc. (Japan), Chr. Hansen Holding A/S (Denmark), F. Hoffmann-La Roche AG (Switzerland), Kemin Industries, Inc. (U.S.), Advanced Enzyme Technologies Limited (India), Merck KGaA (Germany), Bluestar Adisseo Company (China), AEB Africa (Pty) Ltd (South Africa), Novus International, Inc. (U.S.), Biocatalysts Limited (U.K.), Enzyme Development Corporation (U.S.), BioResource International, Inc. (U.S.), Qingdao Vland Biotech INC. (China), Aum Enzymes (India), and Nature BioScience Pvt. L.T.D. (India) among others.
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