The industrial enzymes market is growing with increase in the applications of industrial enzymes. The industrial enzymes market was valued at USD 4.2 billion in 2014 and is projected to reach USD 6.2 billion by 2020, at a CAGR of 7.0% from 2015 to 2020. To say this is a new report published by ReportLinker, a market research company headquartered in France.
The market is driven by factors such as increase in investments in research and developments in industrial enzymes, the increase in demand of consumer goods and biofuels, and the need for cost reduction and resource optimization in production process.
Industrial enzymes are used as an alternative of synthetic chemicals. The innovations in technology and increase in the applications provides opportunities for emerging market players.
The food & beverage segment dominated the industrial enzymes market and is projected to reach a value of USD 2.0 billion by 2020. It is projected to grow at the rate of around 7.5% between 2015 and 2020. By type, the carbohydrases segment dominated the market and is projected to grow at the highest CAGR of 7.5% from 2015 to 2020.The key market players adopt strategies such as new product developments, expansions, acquisitions, partnerships, and collaborations to develop their position in the industrial enzymes market. The Asia-Pacific region is projected to grow at the highest CAGR from 2015 to 2020.
The increase in disposable incomes and change in lifestyle of the population in the Asia-Pacific region has resulted in an increase in the demand of consumer goods which has resulted the growth of the industrial enzymes market in this region.
The industrial enzymes market is segmented on the basis of applications. The applications considered for the research are food & beverage, cleaning agents, animal feed, and others that include textile & leather, water treatment, and pulp & paper among others. The types of industrial enzymes which are used to manufacture enzymes for various applications are also classified in the report. The key players in this market are BASF SE (Germany), E.I. du Pont de Nemours and Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V (The Netherlands), and Novozymes A/S (Denmark).