Governmental Support Including Subsidies and Mandates Pivotal in Ensuring Growth of the Industrial Enzymes Market
Sep 4, 2019
The global industrial enzymes market, valued at $4.97 billion in 2018, is anticipated to grow at a CAGR of 5.22% throughout the forecast period 2019-2025.
Hyderabad, India - September 4, 2019 /MarketersMedia/ —
Support from the government through subsidies and tax concessions on food items such as meat, corn, and sorghum will be the most significant factor propelling demand for the food and beverage industry in both developing economies. Changing consumer preferences towards processed organic foods in line with rising awareness pertaining to food quality, safety and security factors will be a key driver for global industrial enzymes market growth, along with the growing population. According to the United Nations Department of Economic and Social Affairs, the world population is estimated to be around 7.7 billion in 2019, and is expected to become 9.7 billion in 2050 with food demand growing by 70%. The market has also seen significant growth owing to increasing uptake of food and beverages which is attributed to changing consumer lifestyles, growing health awareness and increase in per capita income in the emerging economies such as India and China. The global industrial enzymes market, valued at $4.97 billion in 2018, is anticipated to grow at a CAGR of 5.22% throughout the forecast period 2019-2025. The report covers Industrial Enzymes Market size by type and applications, Industrial Enzymes Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Recent developments in the biotechnology sector, specifically in enzyme engineering processes, are also anticipated to drive the global industrial enzymes market growth. Amylase, an enzyme which has the ability to bear various temperatures and pH levels and is widely used in biofuel applications. Additionally, increasing emphasis on renewable energy resources and R&D activities for enzyme engineering processes are augmenting the industrial enzymes market growth. The widespread usage of carbohydrases in food processing, mainly in the baking process, has been one of the key factors helping grow the industrial enzymes market size.
Surging Industrial Enzyme Market in APAC
The APAC region held the largest share in the industrial enzyme market, accounting for 28%, in 2018. The industrial enzymes market is generating high revenues due to huge developments in food, dairy and beverages, animal feed and personal care industries. Countries such as India, South Korea, China and Japan are leading the market with remarkable growth in the industrial sector. Increase in factors such as population, per capita incomes, healthcare expenditures, awareness of diseases, purchasing power parity of the population, and rapid growth in technology have led to growth in opportunities in the Asia-Pacific region for the industrial enzymes market.
The food and beverage application segment is expected to create the most lucrative opportunities for the industrial enzyme market, and is projected to grow at a CAGR of 7.1% over the forecast period. With recent innovations in enzyme engineering processes and introduction of genetically modified enzymes, manufacturers in the food industry are optimizing processing techniques for production of enzyme-based food products. Enzymes act as a catalyst in accelerating industrial processes. Industrial enzymes enhance the quality of food products with their protein and nutrient-rich properties. Thus, increasing demand for the enzyme-enriched food products and beverages are projected to boost the segment growth.
Industrial Enzymes Market Growth Drivers
· A rise in demand for personal care products
With the superior moisturizing capability offered by industrial enzymes such as superoxide dismutase and peroxidase, the personal care and cosmetics sector is anticipated to witness high growth in the global market. Products such as mouthwashes, whiteners, toothpastes and skin repair creams are expected to boost the industrial enzymes market growth.
· Drug formulations driving the enzyme market
Industrial enzymes such as galsulfase and agalsidase are mainly used for drug formulations. Enzyme-enriched drugs are used in treatment of chronic diseases such as cancer and AIDS. Furthermore, in the diagnosis of diseases such as cardiovascular diseases and lysosomal disorders, enzymes play a major role.
· Demand for enzymes in biotechnology
Enzymes are used in genetic engineering based techniques to cut, replicate and attach DNA strands as per requirements. In the biotechnology industry, enzymes are widely utilized for research in the molecular biology field. The wide utilization of enzymes in the biotechnology field is anticipated to aid growth of the industrial enzymes market globally.
· Prospective applications in the detergent industry
Detergent market witnessing major growth with the usage of industrial enzymes mainly protease enzyme for the stain removal from clothes. Specific enzymes are used in the product compositions to enhance the efficiency of the detergent and help in removal of tough protein-based stains. For instance, the removal of plasma stains from clothes becomes very easy with use of an enzyme-based detergent.
· Demand for enzymes as nutritional supplements
Enzymes are protein-based molecules which can enhance the nutritional value of feed, and aid in the digestion process by breaking down complex molecules into simple forms. The global industrial enzymes market is expected to witness remarkable growth in the nutraceutical application, due to rising demand for digestive and nutritional enzymes. Additionally, enzymes for feed additives are seeing increased demand owing to their increasing use as supplements. The compound used in animal feed products increases the digestibility and nutritional value of the feed, and provides improved sustainability for aquaculture.
Government Promotions: Usage of Biofuel
Governments across the world are incentivizing adoption of biofuels as cleaner alternatives to fossil fuels and non-renewable sources of energy, and this has spurred the industrial enzymes market. Industrial enzymes are widely used in advanced biochemical processes for the production of biofuels.
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The major players in the Industrial Enzymes Market:
The prominent players in the industrial enzymes market include Associated British Foods (AB Enzymes), BASF SE, Chr. Hansen A/S, Danisco/DuPont (Genencor Industrial Biosciences), Royal DSM, Maps Enzymes Ltd., Novozymes, and Specialty Enzymes and Probiotics. These companies are continuously focusing on R&D investments, mergers and acquisitions, and partnership strategies to gain ground in the global market.
Mergers and acquisitions are among the key strategies adopted by players in the global industrial enzymes market to stay ahead of competitors. Netherlands-based DSM, a nutritional solutions provider, announced its acquisition of India-based SRF Ltd. Such joint ventures aid market players in growing their presence in the global industrial enzymes market.
Related Reports:
A. Food Enzymes Market
https://www.industryarc.com/Report/7431/food-enzymes-market-analysis.html
B. Protein Hydrolysis Enzymes Market
https://www.industryarc.com/Report/7494/Protein-hydrolysis-enzymes-market.html
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