Rockville, June 01, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global cellulose enzymes market is estimated at US$ 1,732.8 million in 2023 and is expected to expand at an impressive CAGR of 6.9% during the forecast years of 2023-2033.
Over the past few years, the market for cellulose enzymes has witnessed opportunistic growth due to investment by manufacturers in advancing their manufacturing technology to reduce production and end-product costs. Moreover, changes in raw material incorporation to increase durability and affordability has propelled the sales of product over the period of time.
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Further, an increasing awareness for renewable energy has significantly escalated the use of cellulose enzymes in various end use industries which includes bioethanol, agriculture, paper and pulp. The increasing demand for cellulose enzyme is growing in the agricultural sector to enhance the quality of the soil, plant cultivation period and to prevent crops from various insects harming the crops and soil fertility.
Key Takeaways from Market Study
- The global cellulose enzymes market is projected to expand at an impressive CAGR of 6.9% and be valued at US$ 3,377 million by 2033.
- The market witnessed a CAGR of 6.1% for the period of 2018-2022.
- Under the end use segment, food & beverage, pulp & paper both combinedly dominates the market with 57% market share in 2023.
- North America dominated the market with 34.4% market share in 2023.
- Based on region, the cellulose enzymes market is expected to increase at CAGRs of 6.5 % and 7.1%, respectively, in Europe and East Asia.
“Increasing awareness and need of alternative fuel cellulose enzymes market is expected to grow at faster rate,” says a Fact.MR analyst.
Key Companies Profiled This Report
- Amano Enzyme Inc
- Worthington Biochemical Corporation
- MP Biomedicals LLC
- Sigma-Aldrich Co. LLC
- Prozmix LLC
- Creative Enzymes
- Amano Enzyme USA
- Zhongbei Bio-Chem Industry Co. Ltd
- Hunan Hong Ying Biotech Co. Ltd
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Market Development
To capture the growing demand for cellulose enzymes market players are constantly focusing on investing in research and development to develop new and more efficient cellulose enzymes that can be used in a wider range of applications. This can help differentiate their products from those of competitors and capture new market segments.
To meet the growing demand for cellulose enzymes, manufacturers are expanding their production capacity through new facilities or upgrading existing ones. This can help increase their market share and capture new customers.
Key market players are also using inorganic growth strategies such as acquisition, collaboration, partnership, merger, and so on to expand their business and product reach globally. As a result, the combination of organic and inorganic growth strategies will assist manufacturers in generating the anticipated revenue during the assessment period.
Segmentation of Cellulose Enzymes Industry Research
- By Source :
- Fungi
- Bacteria
- Actinomycetes
- Plants
- Animals
- By End Use :
- Healthcare
- Industrial
- Food and Beverage
- Textile
- Pulp and Paper
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cellulose enzymes, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of source (fungi, bacteria, actinomycetes, plants, animals) by end use (healthcare, food & beverage, food and beverages, textile, pulp and paper) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania and the Middle East & Africa).
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