Industrial Enzymes Market size is likely to get a hike in its CAGR in the forecast period. Industrial enzymes are vastly used across various end-user industries including food processing, biofuels and pharmaceuticals. Industrial enzymes play a significant role in accelerating production processes across various end-user industries including food processing, cosmetics, personal care etc.in an environment friendly manner. Additionally, it makes the process efficient and improves the overall quality which is likely to make substantial contribution to industrial enzymes market size over the projected timespan. Furthermore, these enzymes break down various components like proteins, starch, cellulose etc. to quicken the food and paper processing processes.
Due to stringent environmental regulations the use various toxic chemicals are not permitted to use, however these chemicals improve the overall production processes. Yet as for customer acceptance, regulatory concerns in different industries, doubts regarding quality and safety of the industrial enzymes, volatility in production etc. are likely to obstruct the overall industrial enzymes market size over the projected timeframe. Rapid industrialization in the region primarily due to growing population coupled with rising need for methods which can influence the production in the manufacturing unit is likely to grow as a future opportunity for industrial enzymes market size by 2024.
In terms of application, the industrial enzymes market is segmented into pharmaceuticals, detergents & cleaners, cosmetics, food processing and others such as animal feed, textile and pulp & paper. Usage of these enzymes in food processing helps breaking down substances such as starch, pectin, cellulose and proteins from food items as it slowdowns the food processing process. It also helps to improve the physical properties of the food item too. Major product use in pharmaceuticals include prompting wound healing, killing disease-causing micro-organisms and diagnosing certain disease.
In terms of type, industrial enzymes market is again segmented into proteases, carbohydrase, lipases, and others (cellulases, amylases etc.). Proteases are types of enzymes that helps to digest protein element in the body and industrially it breaks the protein components in smaller chains called peptides or even smaller units called amino acids to make the food processing process quicker. Additionally, carbohydrase too has food as well as industrial uses as well. It helps in breaking down carbohydrates and simple sugars inside human body as well as in processed food items. Carbohydrase decreases the unhealthy components in the packaged food items.
Based on the end-users, the industrial enzymes market is further segmented into food & beverage, detergents, personal care and cosmetics items, textile, paper processing etc. Although, the products find an extensive application in food and beverage industry mainly in making alcohol, bread, cheese etc. Moreover, packaged food & beverages have created a high demand for these industrial enzymes. These enzymes are proving to be a better substitute for non-renewable source of energy which has been encouraged by government owing to its environmental benefits. Furthermore, rising R&D investment by the players is being carried out to improve the high-end opportunities in the industrial enzymes market in the coming years.
Based on the regions, Asia-Pacific accounted for a major chunk of the overall industrial enzyme market size in 2016. It is expected to rise at a healthy CAGR primarily due to significant rise in healthcare, food & beverage, chemical, etc. industrial enzymes market which is attributed to rapid population pace along with rising consumer spending power/socio-economic factors in the region which will help attain substantial business size over the forecast timeframe.
Some major industrial enzymes market players are DSM, DuPont, Novozymes, Associated British Foods, Dyadic International Inc., Amano Enzyme Inc., Codexis Inc. and BASF SE. Some other players in the industrial enzyme market are Advanced Enzymes, Cargill Inc., Maps Enzymes Ltd. Organizations such as DSM is going ahead with strategic acquisitions to become the market leaders in the industrial enzyme market, DSM acquired the food enzymes and its technologies from Verenium at USD 15 million in March 2012.