Global Enzymes Market is Expected to Reach a Value of Over USD 7 million by 2020 | Hexa Research
“Enzymes market” is projected to show high gains in light of its extensive usage in food processing, germination in breweries, pre-digestion of baby food. Growing at a CAGR at over 8% from 2014 to 2020.
Felton, United States – June 30, 2016 /MarketersMedia/ —
Increasing global population and changing lifestyle trends has increased demand for processed food products which is expected to positively impact the enzymes market over the forecast period. Growing application scope in animal feed industry is further estimated to augment demand for enzymes over the forecast period. Global enzymes market is expected to be reach a value of over USD 7 million by 2020, growing at a CAGR at over 8% from 2014 to 2020.
Enzymes have gained prominence in the food and beverage industry primarily due to the need for superior food quality and high reaction specificity. Food enzymes such as lipase, protease and carbohydrase have softening, digestive and anti-stalling properties, which increase the shelf life of products. Enzymes are also used in detergents; small amount of enzyme can act on many substrate molecules and can provide superior cleaning benefits to consumers. Detergents application segment accounted for over 900 million of global demand in 2013.
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However, owing to the inconsistent regulations in various developed countries, the market is expected to face considerable challenges. Restriction in temperature and pH of operation is estimated to hamper market growth. Rising adoption of enzyme engineering in synthetic biology has driven enzyme market penetration. This in turn is expected to facilitate great opportunities for enzyme market in chemical and fuel applications.
Product Insights
Enzymes market is segregated into nucleases & polymerases, lipases, carbohydrase and proteases. Carbohydrase accounted for over 40% of the market revenue in 2013 and was the dominant enzyme product. This segment is expected to exhibit high growth on account of rising demand in food & beverage and pharmaceuticals industry particularly in emerging Asia Pacific market. Proteases occupied over 25% of the global market in 2013. This growth is mainly attributed to reduction in nitrogen and phosphorus pollution coupled with increased demand in protein.
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Application Insights
Biofuels, food & beverages, animal feed and detergent are the key application segments. Food and beverage industry accounted for over 37% of global revenue in 2013 and will continue being the leading segment through the forecast period. Improving food quality and increasing demand for processed food is anticipated to enhance enzyme market demand. Animal feed is estimated to exhibit high growth at a CAGR of over 8.0% from 2014 to 2020. Growing demand for animals as a source of protein is expected to drive demand for proteases enzymes. These enzymes are essential for metabolism and health of the bred animals. Therefore, manufacturers operating in animal feed industry are expected to ensure competitive costs in order to utilize full market potential.
Regional Insights
In 2013, North America accounted for marginally over 35% of the global demand and is estimated to maintain its leadership over the forecast period. Increased demand in food and beverage application is expected to drive regional market growth. Over the next six years, Asia Pacific is projected to be exhibit high growth in the regional market at an expected CAGR of over 9.0% from 2014 to 2020. This can be attributed to availability of raw material for biofuels manufacturing and increasing adoption, particularly in Japan and China. Growing demand from biofuels and animal feed is expected to further widen the application avenues and positively impact enzyme market growth.
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