Industrial Enzymes Market value $8.7 billion by 2026 at a CAGR of 6.5%
by Mit K. SEOAccording
to MarketsandMarkets, the industrial
enzymes market is estimated to be valued at USD
5.9 billion in 2020 and is projected to reach USD 8.7 billion by 2026,
recording a CAGR of 6.5% in terms of value. Due to the growing environmental
concerns and rise in demand for bioethanol and advancement tools to optimize
industrial production, the industrial enzymes market has been witnessing a
surge. These factors are projected to drive the growth of the industrial
enzymes market during the forecast period.
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Enzymes
play an important role as a biological catalyst in the processing for several
applications, such as food beverages, feed, detergents, bioethanol, pulp paper,
textiles leather, and wastewater treatment. In addition, enzymes are
increasingly used as a substitute for synthetic chemicals, which significantly
contribute to the growth of the industrial enzymes market. Consumer inclination
toward the use of bioethanol as an alternative to gasoline in developed
countries and the changing diet consumption patterns among consumers have been
driving the use of enzymes in the bioethanol and food beverage applications,
respectively. RD activities help the industry to innovate products and meet the
demand of industries by increasing production. In addition, the usage of
enzymes in textile manufacturing helps in creating fabrics that retain their
high-quality appearance and vibrant colors even after multiple washes. The inclusion
of enzymes in detergents has benefitted the environment by reducing energy
consumption through shorter washing times, lower washing temperatures, and
reduced water consumption.
In terms of
type, the carbohydrases segment has shown significant growth in the market due
to its wide range of usage across various applications. Carbohydrases have
substituted sweeteners such as sucrose to improve the sensory properties of
juices wines and also reduce lactose in milk. This augments its usage in the
beverage industry. Additionally, carbohydrases break down plant materials, such
as fiber and starch, into simple sugars, resulting in effectively increasing
the amount of energy made available in the feed. The ability of industrial
enzymes to catalyze chemical reactions and increase its applications has
contributed to the growth of the industrial enzymes market. In addition,
enzymes have several other benefits, such as lower production costs, higher
product quality, reduced power energy consumption, and less wastage. These
factors also drive the growth of the industrial enzymes market, while the use
of industrial enzymes in food beverages is increasing due to the functional
benefits of enzymes.
Asia
Pacific is projected to witness the fastest growth in the industrial enzymes
market during the forecast period due to the globalization of business and
technological innovations. The Rest of the World (RoW) enzymes market has been
growing due to advancements in various industrial applications and rise in
demand in developed countries.
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Novozymes (Denmark) expanded its RD facilities in Brazil, which would focus on
biotechnology-based innovations and developments in new enzyme product
offerings. In addition, enzymes are used increasingly to optimize the
bioethanol industry. One of the major factors contributing to the growth of the
enzymes market in the Asia Pacific and Rest of the World (RoW) regions is the
increase in population, which drives the growth of the food beverage, feed,
textile leather, and pulp paper industries. These factors drive the market
growth for enzymes in the Asia Pacific and Rest of the World (RoW) regions for
industrial applications.
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Created on Jun 9th 2021 09:58. Viewed 191 times.