Enhanced demand for food additives owing to its ability to improve the flavor, quality, shelf-life, and appearance is predicted to promote the enzymes market growth over the next few years. Enzymes are used to reduce the flour protein proportion in crackers & biscuits, improve bread quality, and ensure symmetrical bread browning.
As per the Global Market Insights Inc. report, the global enzymes market size worth USD 5 billion, is predicted to reach USD 10.7 billion by 2024, growing at a CAGR of 8% over the period of 2016-2024. Healthy diet requirement, lifestyle changes, and demographic influences are few of the factors predicted to promote the growth of the global enzymes industry. Rising demand for high-quality meat coupled with decreasing operational expenses is predicted to boost the demand for animal feed enzymes. Furthermore, new technological breakthroughs along with market consolidation are some of the aspects influencing the enzymes market growth.
U.S. Enzymes market size, by product, 2013-2024 (USD Million)
The proteases enzymes market is predicted to grow at a CAGR of 7% over the forecast timeframe due to its applications in animal feed, food, detergent, chemical, and pharmaceutical industries. Carbohydrases enzymes market size worth USD 2 billion in 2015, is predicted to witness a significant growth over the next eight years as a result of its use to catalyze carbohydrates into glucose and fructose for food & beverages and pharmaceutical applications.
The animal feed applications segment is predicted to record a CAGR of 7% owing to growing awareness among farmers about the utility of high-quality animal feed. The detergent applications segment is predicted to cross USD 2 billion mark by 2024 due to rise in disposable income of consumers leading to an increase in their purchasing capacity. The food & beverages applications segment is predicted to witness a significant growth over the forecast timeframe due to heavy demand for high nutrient diet coupled with government policies favoring beef production in countries like Kazakhstan, Canada, China, and Australia.
The Asia Pacific enzymes market is predicted to record a CAGR of 9% over the forecast timeline owing to rise in population and growing beef import from countries like South Korea and China. Furthermore, expansion of pharmaceutical and detergents sectors in Indonesia, China, and Malaysia are predicted to contribute significantly towards the regional growth.
The Europe enzymes market worth USD 1 billion in 2015, is predicted to witness a substantial growth over the forecast period due to rise in demand for cattle feed and its hybrid variants.
The North American market is anticipated to grow at a rate of 8% over the period of 2016-2024 Rising need for processed foods coupled with the growth of food & beverages sector in the U.S. is projected to boost the regional growth.
Key market players include Roche Holding AG, Adisseo, DSM, Lonza Group, Danisco, Novozymes, BASF, and Chr. Hansen. Industry players will try to increase their market share through constant innovation and investments in R&D activities.