Global Industrial Enzymes Market to Cross USD 10.5 Billion by 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Industrial Enzymes Market was worth USD 7.6 billion in the year 2022. The market is projected to grow at a CAGR of 6.8%, earning revenue of around USD 10.5 billion by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Industrial Enzymes Market was worth USD 7.6 billion in the year 2022. The market is projected to grow at a CAGR of 6.8%, earning revenue of around USD 10.5 billion by the end of 2028. The significant growth of the Global Industrial Enzymes market is attributed to industrialization, increasing shift towards renewable sources of energy and biofuel which is environment-friendly, expanding Food and beverage industry, rapid technological innovation, increasing usage of enzymes in industries to control process time, lower the activation energy of a reaction, increase shelf-life, enrich the flavor of food, increase the reaction rate, and decline the use of food additives. All these factors increase the demand for Industrial Enzymes across the globe impacting the growth of the Global Industrial Enzymes Market during the forecast period. Furthermore, Global Industrial Enzymes market is one of the most booming markets that grow continuously owing to the fast advantages and integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, some factors like safety issues, handling factor associated with enzymes, and greater sensitivity to temperature and pH are the major restraining factors for the growth of the market. Enzymes can be contaminated by a small increase in temperature due to their highly-temperature sensitive nature which affects negatively the chemical reaction of enzymes in food and beverages. Moreover, industrial Enzymes are considered a sustainable alternative to harsh chemicals, resulting in driving the growth of the Global Industrial Enzymes Market during the forecast period. The demand for Industrial Enzymes in baking, brewing, fermented products, leather processing, and home cleaning products in general, is gaining huge popularity among consumers across the globe. Industrial Enzyme like Carbohydrase that acts as a catalyst for the conversion of complex molecules to simple molecules in pharmaceuticals and food industries has already carved a niche for itself in the market. Due to this the Global Industrial Enzymes market is anticipated to proliferate during the forecast period (2023-2028) around the globe.
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Based on Type, the Global Industrial Enzyme market is segmented into Carbohydrase, Protease, Lipase, Polymerase, and Nuclease. The Carbohydrase segment accounts for the largest market share owing to its wide usage as a catalyst for the conversion of carbohydrates into sugar syrup used in pharmaceuticals and food industries thereby accelerating the growth of the market. Based on End-User, the Global Industrial Enzymes market is segmented into Food and Beverages, Biofuel, Feed, detergents, Textiles, Pharmaceuticals & Biotechnology, Healthcare, and Others. The Food and Beverages segment dominates the market owing to the increasing demand for processed food, healthier fortified baked products in several countries, and the crucial importance of industrial enzymes in manufacturing nutritious food and beverage products. This drives the growth of the Global Industrial Enzyme Market during the forecast period.
Geographically, the Global Industrial Enzymes market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The North American segment accounts for the largest share in the market owing to technological advancements, expanding industrialization in this region, rising adoption of alcoholic beverages, rising awareness of green technology, and increasing availability of raw materials.The sudden outbreak of COVID-19 resulted negatively in the growth of the Global Industrial Enzymes Market. Initially, the sales declined due to many productions being halted during the complete lockdown. However, after the spread of the COVID-19 virus, the demand for nutritious and healthier food increased at a steady rate. But people could not go outside their houses to visit the markets due to worldwide lockdown with restricted norms. Therefore, this pandemic fueled the demand for processed food thereby increasing the growth of the Global Industrial Enzyme Market.
The leading market players in the Global Industrial Enzymes market are NOVOZYMES (US), ADVANCED ENZYME TECHNOLOGIES LTD., Associated British Food plc (UK), BASF SE, DU PONT (US), Chr. Hansen Holdings A/S (Denmark), Kerry Group (Ireland), Novus International, Amano Enzyme Inc., AB Enzymes GmbH, Lesaffre, Enzyme Development Corporation, Biocatalyst (UK), and other prominent players.The Global Industrial Enzymes market is highly consolidated with the presence of multinational Food and beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research as well as development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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