New Jersey, June 20, 2019 (GLOBE NEWSWIRE) -- Fior Market Research launched a study titled “Enzymes Market by Type (Protease, Carbohydrase, Lipase, Polymerase and Nuclease, Others), Source, Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026”.
The global enzymes market is expected to grow from USD 8.18 Billion in 2018 to USD 13.79 Billion by 2026, at a CAGR of 6.75% during the forecast period 2019-2026. The enzymes market is expected to grow at an accelerated pace due to its extensive use in food processing, paper, biofuels, rubber, photography, biological detergents, contact lens cleaners and molecular biology sectors.
The carbohydrase segment had a market value of USD 3.25 billion in 2018
The type segment includes protease, carbohydrase, lipase, polymerase nuclease and others. The carbohydrase segment led the global functional protein market with USD 3.25 billion revenue in 2018. This attributes to the fact that carbohydrase is the most prominent type of enzyme used in pharmaceutical and food industries. The carbohydrase is used to break down starch into sugar to improve feed use and animal performance. Carbohydrase has fiber, amylase, pectinase, and lactas due to these properties this type of enzyme is demanded highly in the food and beverage industry.
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The microorganisms segment is anticipated to grow at a CAGR of 8.83% in the forecast period 2019-2026
The source segment includes microorganisms, plants, and animals. The microorganisms segment is anticipated to grow at the highest CAGR of 8.83% over the forecast period. This increased growth can be attributed to their easy availability and low production cost. Furthermore, the industries are widely using the microorganisms that produce enzymes as they are used to generate products for a wide range of applications. This production of enzymes profits the manufacturers in accordance with their business objective.
The household care segment had a market value of USD 3.50 billion in 2018
The application segment includes food & beverages, household care, bioenergy, pharmaceutical and biotechnology, feed, and others. The household care segment emerged as the leader with USD 3.50 billion revenue in 2018. This increased market share can be attributed to the widespread use of enzymes in the household laundry and dishwashing detergents. However, the pharmaceutical and biotechnology segment is expected to grow at the highest CAGR of 8.97% over the forecast period due to the increasing use of enzymes as a supplement product.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Factors such as growing awareness pertaining the enzyme based pharmaceuticals and protein therapies, rising demand from the food and beverages sector led the Asia Pacific region to dominate the global enzymes market with USD 3.29 billion revenue in 2018. However, the Asia Pacific region is projected to grow at an accelerated CAGR of 9.02% over the forecast period. The rapid industrialization in Asian countries, such as China, Japan, and India has further increased the market size of the global enzymes market
Even though the factors such as rising demand from the animal feed industry, growing application scope in biofuels and pulp & paper industry as well as increasing demand for the processed food are driving the global enzymes market. The constraints about the chemical and physical properties of enzymes and handling and safety issues related to enzymes are expected to restrain the market growth over the forecast period.
Competitive Analysis:
Key players in the global enzymes market are DSM, Novozymes, Danisco, Dow, DuPont Genencor, BASF, Advanced Enzymes, Enmex, Lonza Group, AB Enzymes, Chr. Hansen, Roche, ADM, BBI Enzymes Ltd., Procter & Gamble Co., Puratos Group, and Novus International, Inc., among others.
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