Industrial Enzymes Market is predicted to reach USD 6.11 billion with a CAGR of 5.8% according to Market Data Forecast report Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Industrial Enzymes Market is predicted to reach USD 6.11 billion with a CAGR of 5.8% according to Market Data Forecast report Market is estimated to be USD 4.61 billion in 2016 and predicted to rise to USD 6.11 billion by 2021 with a CAGR of 5.8%. The market is segmented by Type (Amylases, Cellulases, Proteases, Lipases, and Phytases), Application (Food & Beverages, Cleaning Agents, and Animal Feed), Source (Microorganism, Plant, and Animal). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Numerous industrial processes prefer enzymes because they accelerate chemical reactions while being selective and efficient and to some extent are environment-friendly. Industrial Enzymes industry is in a phase of emergence. Emerging and dynamic industries like pharmaceuticals, food processing and biofuels are widely using enzymes and they have been integral to innovations in household care, textiles, pulp and paper processing markets.
Rising disposable incomes in emerging economies, rise in demand for biofuel, growth in demand for consumer products, advancements in R&D activities for industrial enzymes and multi-functionality of industrial enzymes are the primary factors driving the growth of this market. Resource optimization and enhanced focus on cost reduction are the secondary factors driving the growth of this market.
Safety and quality of the product for customer acceptance, regulatory concerns in various industries and volatility in industrial production are the primary factors hindering the growth of this market.
The global Industrial Enzymes market can be categorized into three categories: by Type, by Application, and by source. If we go by Type, Industrial Enzymes market is segmented into Amylases, Cellulases, Proteases, Lipases and Phytases. Proteases is the most commonly used industrial enzymes because of its wider application areas such as beverage, food, detergents, and pharmaceuticals. The demand for cellulases is increasing, because of its increase in industrial application of biofuels. On the basis of application the market is categorized into Food & beverages, Cleaning agents and Animal feed. Last but not the least, on the basis of source market is segmented into microorganism, plant and animal. Microorganism segment commanded the largest market share in 2016. The demand for microorganism worldwide is on the rise when compared to that for plants & animals, because of their predictable and controllable enzyme content. Factors such as presence of harmful materials in plants & animals and reliable supplies of microbes also drive the demand for the microorganism segment.
By geography, the global Industrial Enzymes market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Presently, North America accounts for the largest market share closely followed by Asia-Pacific which also has the highest CAGR.
Major companies in the Industrial Enzymes market are BASF SE (Germany), E.I. du Pont de Nemours and Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (Netherlands), and Novozymes A/S (Denmark). Other players in this segment include Dyadic International Inc. (U.S.), Advanced Enzyme Technologies Ltd (India), Adisseo (China), Chr. Hansen Holding A/S (Denmark), and Amano Enzyme Inc. (Japan).
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