Enzymes Market to cross $10.7 billion at a CAGR of 8% by 2024

North America Enzymes Market expects lucrative gains in animal feed application at over 8% CAGR. U.S., backed by food & beverages industry expansion with respect to rising demand for processed food should drive regional demand.

Ocean View, Delaware, United States – July 13, 2017 /MarketersMedia/ —

Enzymes Market size is projected to surpass USD 10.7 billion by 2024; according to a new research report by Global Market Insights, Inc. Global enzymes market is set to gain a remarkable significance over the coming years, with the increasing usage of enzymes as biocatalysts in various industrial processes and reactions. Strong application outlook of enzymes in biofuels, detergents, food & beverages, and animal feed to improve the overall quality of the product is fueling the enzymes market size in these sectors.

Rising demand for high quality meat, beef, and other protein food has fueled the penetration of enzymes in the overall food & beverage sector. Escalating demand for nutritional packaged and processed foods with extended shelf-life has propelled the growth of enzymes market.

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Accounting for more than 35% of the overall enzymes industry share in 2015, food & beverage application is expected to continue its dominance over the coming seven years. Escalating demand for nutritional diet and exceeding meat consumption in Kazakhstan, Russia, China, Canada, and Australia will foster the global enzymes market growth.

These high-quality enzymes are also witnessing a massive adoption in animal feed additives market, which is set to witness an annual growth rate of over 3.5% from 2016-2024. Enzymes industry from animal feed application is expected to witness highest annual growth of 7% over the period of 2016-2024. North America is also projected to register substantial gains at over 8% between 2016-2024 from animal feed application and soaring food & beverage industry.

Browse key industry insights spread across 150 pages with 123 market data tables & 10 figures& charts from the report, “Enzymes Market” in detail along with the table of contents:

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On the product front, enzymes market is segmented into lipases, proteases, nucleases, carbohydrates, and polymerases. Protease is the most widely used product segment across animal feed, food, and detergent applications. The proteases enzymes market share is estimated to record 7% annual growth rate over 2016-2024.

The flourishing food and beverage sector has significantly fueled the demand for carbohydrates, which are used to catalyze the starch conversion process. Asia Pacific is observing high population growth and a considerable rise in its food & beverage industry base. Japan, South Korea, India, and China are the leading countries that are driving the Asia Pacific enzymes industry trends. As per estimates, the regional market is anticipated to show a 9% rate of growth over the period of 2016-2024.

With rising research and development activities, new manufacturing techniques of enzymes are being used such as protein and genetic engineering. The industry players are expected to put massive efforts in R&D and technological advancements. The companies such as Novozymes are also likely to focus on bio-agricultural solutions of enzymes to open new commercial routes in agricultural sector. Some of the dominant enzymes industry players include Danisco, DSM, Roche Holding AG, Lonza Group, and AB Enzymes.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Release ID: 217174