Enzymes Market size to exceed $10.7bn by 2024
U.S. enzymes market size, led by strong demand for processed foods & RTD beverages, generated more than USD 1 billion in sales for 2015. Positive indicators from molecular, biological and forensic research associations may also spur industry growth.
Request for a sample of this research report – https://www.gminsights.com/request-sample/detail/743
Proteases continue to be widely used across detergent, food & animal feed applications face growth expectation of more than 7% CAGR. Major proteases include serine, cysteine, threonine, aspartate, glutamic acid, papain, and metalloproteases.
In terms of applications, food & beverages continued to dominate the industry and accounted for about 35% of the enzymes market share in 2015. Rising high quality food demand coupled with increasing meat consumption across Russia, China, Canada, and Australia may escalate demand.
Bovine Spongiform Encephalopathy (BSE) and Porcine Epidemic Diarrhea virus (PEDv) are potential reasons driving lipase and carbohydrase demand in animal feed. Meeting regulatory standards for food safety along with increase in meat production output are other lucrative factors propelling industry growth.
Biofuel enzymes market was worth over USD 500 million in 2015. The application expects significant growth due to its competence to process fatty acids and glycerides by esterification and transesterification reactions. Strong government support, particularly in Brazil, Germany, and France should favor industry growth. Also, these products are biodegradable and don’t have any adverse environmental effect may give new avenues of growth.
Ambiguous EU and FDA standards about enzyme use in diverse applications due to consumer safety concerns regarding side-effects such as abdominal pain, rashes, and swelling may threaten industry growth. High initial investment cost to pass tests and acquire approval to commercialize product use in food & feed applications may impact enzymes market price trend.
Browse key industry insights spread across 150 pages with 123 market data tables & 10 figures& charts from the report, “Enzymes Market Size By Product (Proteases, Lipases, Carbohydrases, Polymerases & Nucleases), By Application (Detergents, Food & beverages, Animal Feed, Biofuels), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Sweden, Austria, Poland, Russia, China, India, Japan, Indonesia, Thailand, Malaysia, Australia, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia, Kuwait, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Europe animal feed enzymes market size was over USD 270 million in 2015. Rising beef consumption in Russia, France, and Germany along with growing cattle feed demand should fuel regional growth.
- Detergent applications may observe significant gains and surpass USD 2 billion in value by 2024. Rise in per capita income has result in increasing consumer expenditure on detergents and food products.
- Carbohydrases led the product segment and valued at over USD 2 billion in 2015. The product used to catalyze carbohydrates into fructose and glucose for food & beverages application.
- APAC may observe notable growth, increasing at over 9% CAGR. High population density along with increasing beef import particularly in China and South Korea should propel regional demand.
- Global enzymes market share is consolidated as top three companies accounted for over 60% of the overall industry demand. Novozymes, Danisco, and DSM are major industry players. Collaborations and acquisitions are among key strategies to strengthen company position. Other participants include AB Enzymes, BASF, Roche, Chr. Hansen, and ADM.