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Enzymes Market is set to witness substantial growth USD 10 Billion by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-22 

Asia Pacific, led by China, India, Japan, and South Korea will witness gains at over 7% up to 2024. The lifting of the ban by China on the import of frozen beef from Australia will positively impact product demand in the food & beverages segment. Furthermore, the expansion of pharmaceuticals and detergents industry is a key factor propelling regional growth. Companies are improving their capabilities to capture this emerging industry by expanding their commercial operations across high-growth markets with effective distribution systems. Enzymes Market is estimated to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights, Inc.

Shifting consumer preferences towards packaged and processed foods due to the rising awareness pertaining to food safety & security will drive the global enzymes market growth. The incorporation of enzymes in several food products promotes prolonged nutritional content and longer shelf life, thereby augmenting the product demand.

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Positive application outlook of the essential enzymes in the forage to reduce indigestion among animals will be a key impetus for livestock farming growth. The necessity for fodder additives to enhance the livestock health will fuel the enzymes market size. Rising consumer health consciousness coupled with the growing population has propelled the global meat consumption. For instance, in China, per person meat consumption is around 60 kg of meat annually and is projected to reach over 85 kg by 2024.

Continuous government support in the taxes & subsidies on numerous food items accompanied by the upgradation of trade practices between several economies across the globe will propel the industry landscape. Mass urbanization and economic & social development, particularly from emerging economies, are expected to boost the overall industry growth.

Participants of the enzymes market are globally undertaking R&D initiatives and are aiming at advancing their techniques for the expansion and development of enzyme-based products. For instance, BASF digitalized its research for the manufacturing of Spongolit aerating emulsifiers and Lamequik for feed in June 2017. Moreover, commercial feasibility and end usage of the product are the prime focus of the industry participants.

Carbohydrases dominated the overall enzymes market and accounted for over 50% share in 2017. It has wide-ranging applications across several end-use industries including food, animal feed and pharmaceuticals industries. Carbohydrase is a major ingredient in soft drinks as it catalyzes the carbohydrates breakdown into simple sugars. Increasing demand for sports drinks among young generation owing to changing lifestyle will boost enzymes market growth.

Lipase enzymes market is expected to witness a substantial growth over the projected timeframe as it is essential for the digestion of fatty substances. Hydrolyzation of fats into smaller components enables ease in absorption through intestines and provides a positive outlook for the lipases market size. Lipase also plays an important role in the biodiesel production owing to its capability of processing glycerides and fatty acids via esterification & transesterification reactions, thereby enhancing the product portfolio.

Global enzymes market from detergent applications was valued over USD 1.3 billion in 2017. Strong applications potential in the detergent industry will provide a positive outlook to the enzymes market as they are widely used to enhance stain removal. Increased effectiveness of detergents with the addition of specific enzymes helps in the removal of protein-based stains. For instance, the removal of blood stains becomes very easy with the use of a normal enzyme-based detergent.

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The global enzymes market is highly consolidated owing to the presence of a few dominating companies including Novozymes, DSM, Danisco, and BASF. Mergers & acquisitions, collaborations, supply chain agreements, and product enhancements are the crucial strategies adopted by these industry players. For instance, Danisco launched a new product Danisco YO-MIX CURD cultures to help dairy food manufacturers in developing distinguished dairy products for the Indian market in January 2017.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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