The global enzymes market size is expected to reach USD 17.2 billion by 2027, registering a CAGR of 7.1% over the forecast period, according to a new report by Radiant Insights, Inc. Increasing demand for enzymes from the food and beverage industry, especially for the production of brewing and bakery products is one of the key factors driving the market growth.
Food and beverage industry includes several applications such as baking, brewing, dairy, and starch and sugar, which find extensive use in daily human life. In the baking industry, these are used to provide specific properties to the flour or dough. In biscuits and crackers, the use of enzymes helps lower the protein content of flour while their use in bread improves or standardizes the quality and ensures uniform browning of the product. The product is extensively used in the food and beverage industry to improve the quality and productivity of products, which is anticipated to fuel the market growth.
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Enzymes are also used as feed additives in the animal feed industry. Phytase, protease, and carbohydrase are used extensively in the animal feed industry. Phytase is an abundant source of phosphorus and a key ingredient required for the growth and repair of tissues and organs of animals. Carbohydrase is utilized for improving the digestion of carbohydrates present in the feed. They further breakdown starch into simple sugars such as fructose, maltose, and glucose. Increasing demand for the product in the animal feed industry due to their multi-functional attributes is anticipated to boost the enzymes market growth.
Enzymes used in industrial applications were traditionally extracted from animal organs such as calf stomach, plant materials, and microorganisms (bacteria, yeast, and fungi). With the emergence of technologies such as genetic engineering, manufacturers have a choice of producing required quantity of enzymes in selected production hosts such as microorganisms and transgenic plants. Market participants are focusing on backward integration by using suitable microorganisms such as bacteria, yeast, and fungi and further use those for the production on a commercial scale.
Further key findings from the report suggest:
• In terms of revenue, the carbohydrase product segment is projected to dominate the market while expanding at a CAGR of 7.4% over the forecast period
• The microorganisms source segment held the largest share of the market in terms of revenue and is anticipated to dominate the enzymes market in the forecast period
• Asia Pacific is projected to witness a remarkable growth rate of 8.1% in the near future, owing to increasing consumption of food and beverage products, detergents, and animal feed in the region
• The market is oligopolistic owing to the presence of three key players including Novozymes, DuPont Danisco, and BASF dominating the market
• Some of the key companies present in the industry are BASF SE, Novozymes, DuPont Danisco, DSM, Associated British Foods plc, Chr. Hansen Holding A/S, and Advanced Enzyme Technologies.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Information Procurement
1.2.1 Purchased Database
1.2.2 Radiant Insights, Inc. Internal Database
1.2.3 Secondary Sources
1.2.4 Third Party Perspective
1.2.5 Primary Research
1.2.6 Primary Sources
1.3 Information Analysis
1.3.1 Data Analysis Models
1.4 Research Scope and Assumptions
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Outlook
2.3 Competitive Insights
Chapter 3 Enzymes Market: Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Raw Material Trends
3.3.2 Manufacturing Trends
3.3.2.1 technology trends
3.4 Regulatory Framework
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Increasing demand for food & beverages
3.5.1.2 Growing demand for animal feed
3.5.1.3 Focus on research & development in biotechnology
3.5.2 Market Restraint Analysis
3.5.2.1 Presence of stringent regulations
3.5.3 Industry Challenges
Continued…
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