Industrial Enzymes market is projected to witness a CAGR of 6.92% to reach US$8.536 billion by 2022, increasing from US$6.107 billion in 2017. Booming processed food and beverage industry is augmenting the demand for industrial enzymes to enhance the product’s texture, taste, and flavor. Rising demand for cosmetics and personal care products due to growing global aging population and awareness are contributing to the global industrial enzymes market growth. Growing consciousness concerning good health and fitness is leading to the high demand for nutraceuticals which will bolster the growth of digestive and nutritional enzymes, thereby positively impacting the industrial enzymes market growth over the next five years. Furthermore, the demand for enzymes will intensify during the forecast period owing to increasing application in animal feed products to boost digestibility and nutritional value of the feed.
By End Use Industries
By end-use industries, food and beverage held the largest share of global industrial enzymes market, in terms of value, in 2016. There has been increasing demand for carbohydrase in food processing, baking, and brewing. Growing need for developing new and different flavors is also bolstering the growth of industrial enzymes market. The demand for food enzymes will remain high till 2022 due to the need for long shelf life of food products along with optimization of the production process. Cosmetics segment will witness the fastest market growth during the forecast period, with growing demand for low chemical-based cosmetics.
Geographically, North America will hold a significant share of the global industrial enzymes market throughout the forecast period due to the presence of a large number of global key players in the region, high investment in R&D activities, and early adoption of technology across various end-use industries in the region. European Industrial Enzymes market will also experience a significant growth due to stringent EU regulations concerning the use of chemicals in cosmetics and personal care products. Asia Pacific will witness the fastest regional market growth during the forecast period owing to the robust growth of food processing and pharmaceutical industries in emerging economies such as China and India. Mounting concerns over wastewater management will boost the demand for these enzymes in Asian countries. Furthermore, rapid industrialization and urbanization has led to the robust growth of various end-use industries such as cosmetics, pulp and paper, chemical and others in the region, thereby positively boosting the Asia Pacific industrial enzymes market.
Prominent key market players in Industrial Enzymes market include Novozymes, DuPont, BASF, and DSM among others. The global industrial enzymes industry is competitive owing to the presence of a considerable number of global market players. To maintain their position and gain bigger market share, key players are engaged in growth strategies including high investment in R&D, new product launches, and strategic collaborations and partnerships. In October 2016, BASF launched Lavergy™, a new enzyme product line, for detergents and cleaning industry.
In this report, Industrial Enzymes market is segmented by product, source, end use industry, and geography:
By End Use Industries
Food and Beverage
Paper and Pulp
Europe Middle East and Africa
Middle East and Africa