According to the research report "Industrial Enzymes Market by Type (Lipases, Amylases, Proteases, Cellulases, and Phytases), Application (Cleaning Agents, Food & Beverages, and Animal Feed), Source (Plant, Microorganism, and Animal), and by Geography - Global Trends and Forecasts to 2022", The global market for industrial enzymes is projected to reach USD 6.30 Billion by 2022 in terms of value, at a CAGR of 5.8% from 2017.
Industrial enzymes are widely accepted in food & beverage applications, owing to their functional properties. They play an important role in determining the desired attributes such as taste, mouthfeel, texture, appearance, and flavor in food & beverage applications and are also used for the production of biofuels. Next-generation enzymes such as psychrozymes have expanded the application areas of industrial enzymes in the food & beverage, animal feed, textile & leather, and biofuel sectors, thus driving the overall market for industrial enzymes.
Proteases projected to be the largest segment
Proteases accounted for the largest market share in the industrial enzymes market due to their wide range of applications in food & beverage, detergent, and biofuel industries. Protease enzymes have been used in food processing for centuries in traditional applications such as deriving cheese, curd, and whey from milk. The use of protease in animal feed contributes significantly to the growth of the animal feed enzyme market.
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Food & beverages: The most widely preferred industrial enzymes
The food & beverages segment accounted for the largest share in the industrial enzymes market, in terms of value, in 2016. The extensive requirement of carbohydrases in food processing, brewing, baking, and biofuel manufacturing has been one of the key drivers of the industrial enzymes market. With recent developments in enzyme technology and the introduction of several enzyme blends and genetically modified enzymes, industrial manufacturers are compelled to optimize their yield and processing capabilities, to achieve the desired result. Industrial enzymes play a significant role in accelerating industrial processes and optimizing yield (5% to 8%) from the same quantity of raw materials, making them a crucial part of the food processing industry.
Asia-Pacific projected to be the most lucrative market for industrial enzymes
In 2016, the Asia-Pacific region accounted for a significant share of the global industrial enzymes market and is projected to grow at the highest CAGR during the forecast period. The rise in population, per capita income, healthcare expenditure, increase in awareness of diseases, buying power of population, and rapid growth in technologies have led to the growth in opportunities in Asia-Pacific region for industrial enzymes.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as BASF SE (Germany), E.I. DuPont de Nemours and Company (U.S.), Associated British Foods Plc (U.K.), Koninklijke DSM N.V (Netherlands), and Novozymes A/S (Denmark).
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