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Industrial Enzymes Market to Attain Revenue of US$12.84 Bn by 2025 - TMR
ALBANY, New York, June 10, 2019 /PRNewswire/ -- The global industrial enzymes market is extensively competitive and fragmented, reflects an upcoming Transparency Market Research (TMR) report. There are several players in the market including medium and small-sized companies. Prominent players in the market are broadening their market share by entering into partnerships, merger and acquisitions to capture the competitive edge in the global industrial enzymes market. Some of these leading players include E.I. du Pont de Nemours and Company, Novus International Inc., Associated British Foods (ABF) Plc. Koninklijke DSM N.V., and AB Enzymes GmbH. These players intend to provide better and improved products by using latest technologies to upgrade their product base.
Industrial enzymes are mainly used in the production of biofuels. An increasing government's support for biofuel due to depleting fossil fuels are expected to surge the demand for industrial enzymes market. The global industrial enzymes market is expected to increase at a CAGR of 8.8% during the forecast period 2017 to 2025. Previously, in 2016, the global enzymes market was valued at US$6.06 bn and it is expected to reach at an estimated value of US$12.84 bn by the end of 2025.
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On the basis of geography, the market is currently largely dominated by North America. However, Asia Pacific is expected to dominate the global industrial enzymes market during the forecast period. The growth in this region is attributable to an ever increasing population, coupled with fast changing lifestyles. On the basis of applications, the global industrial enzymes market is segmented into food and beverages, personal and household care, animal feed, bioenergy, and others. Of these, the food and beverages segment is expected to dominate the global industrial enzymes market during the forecast period.
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Increasing Demand for Food and Beverages to Boost Industrial Enzymes Market
The demand for food and beverages has been growing continuously due to rising population across the globe. Increasing demand for food and beverages surges the demand for industrial enzymes usage in making of bakery product, fruit juices, cheese making, and wine making. Moreover, animal feed industry is also increasing the demand for industrial enzymes. Hence, the global industrial enzymes market is expected to expand in the upcoming years.
Additionally, the industrial enzymes can be used in skin care products such as skin repair creams and whiteners, etc. They are also used in personal care products such as mouthwash, toothpastes, etc. Further, industrial enzymes play a role in pharmaceutical products as well. They are used in pharmaceutical sector to produce cost effective products. Thus, the global industrial enzymes market is projected to expand substantially in the upcoming years.
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Changing Lifestyle to Augment Global Industrial Enzymes Market
Rapid urbanization has led to a change in standard of living owing to adoption of certain eating habits and personal care. This increases the demand for industrial enzymes, consequently paving a way for the market to grow during the forecast period.
However, lack of clarity on patent protection laws may hinder the global industrial enzymes market's growth. Also, industrial enzymes can perform only at a certain temperature and pH level. Strict regulations pertaining to use of industrial enzymes may hamper the growth of the global industrial enzymes market during the forecast period.
Nonetheless, despite the restraints, the demand for the industrial enzymes is expected to increase due rising disposable income among consumers. Therefore, the global industrial enzymes market is anticipated to perform well and witness a substantial growth in the upcoming years.
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This review is based upon the TMR report titled, "Industrial Enzymes Market (Type - Carbohydrases, Proteases, Polymerases & Nucleases, Lipase, and Phytase; Application - Food and Beverages, Personal and Household Care, Animal Feeds, and Bio-energy)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
The global industrial enzymes market is segmented into:
- Polymerases & Nucleases
- Food and Beverages
- Household Care
- Animal Feeds
- The U.S.
- Rest of North America
- Rest of Europe
Asia Pacific (APAC)
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Rest of Latin America
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