Some of the drivers behind the growing demand of global industrial enzymes market include increase in demand of consumer goods, surge in demand for bio fuel, increase research and development investment of industrial enzymes, and need of cost reduction and resource optimization in the production process of bakery products, animal feed, cleaning agents and others.
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Industrial enzymes can be used in several environmental friendly industrial purposes, as they are highly efficient, selective, accelerate and speed up reactions by forming transition state complex with their substrate, which reduces the activation energy of the reaction.
The increased government initiatives and increasing pressure for environmental sustainability are the key drivers for the growth of the biofuel market. The rapid depletion of fossil fuels and global warming caused by their usage has shifted the global interest from conventional non-renewable energy to sustainable and renewable energy.
Based on type, the global industrial enzymes market is segmented into carbohydrases, protease, non-starch polysaccharides (NSP), and others. Based on application, the global industrial enzymes market is segmented into food and beverages, cleaning agents, animal feed, and others.
Geographically, North America is the largest market for industrial enzymes. During the forecast period, the Asia-Pacific industrial enzymes market is expected to grow at the fastest rate. China, Japan, and India are expected to dominate the industrial enzymes market in Asia-Pacific.
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Some of the major competitors in the global industrial enzymes market include BASF SE, E. I. Du Pont De Nemours and Company, Koninklijke DSM N.V., Amano Enzyme Incorporated, Novozymes A/S, Chr. Hansen A/S, Codexis Incorporated. and Associated British Foods PLC.