Enzymes are used as catalysts in chemical processes and are widely used in industrial processes. The increasing focus on reducing the emission of carbon dioxide and use of sustainable fuels in automobile sector across the globe are expected to bring extensive growth avenues for the enzyme market during the forecast period of 2019–2027.
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Growing Awareness Regarding Environmental Conservation to Bring Considerable Growth for Enzymes Market
The awareness regarding the environmental conservation has spurred new approach toward the environmental hazards such as pollution. Thus, the trend of replacing conventional processes with innovative processes to cater to environmental sustainability is gaining traction. Enzymes possess unique properties such as efficient functioning at different pH levels and acceleration of rate of reaction. These factors have promoted the use of enzymes in food and beverage processing industries. In addition, the demand for high-grade purity enzymes has increased in the beer manufacturing industry for enhancing the taste and flavors of beer. The animal feed industry has also inculcated the use of enzymes to raise the livestock by using nutrient-rich fodder. Owing to these factors, the enzymes market is expected to observe substantial growth.
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The processes of generation of electricity by burning fossil fuels such as coal, oil, gas, and others release lot of harmful emissions. A huge amount of carbon dioxide is released during this process which affects the environment adversely. Taking these aspects into consideration, the government bodies of several countries are taking initiatives in adopting renewable energy resources such as solar energy, biofuels, and wind energy. As enzymes are used in industrial processes for reducing carbon emissions, the demand is estimated to increase.
Rise in Demand for Technical Grade Segment of Enzymes to Propel Growth of Enzymes Market
The technical grade segment of enzymes operates at a lower cost and in mild conditions. Thus, they are used in industries such as personal care, household products, food and beverages, chemical production, and many others. Furthermore, these enzymes are used in manufacturing of diagnostic and pharmaceutical materials. The aforementioned factors support a robust growth of enzymes market.
Enzymes are used extensively to increase the digestibility of protein, phosphorus, and protein present in the animal feed. Carbohydrates play a vital role in breaking down the indigestible fiber. In addition, enzymes such as phytases enzymes are used in feed industry to break down the phosphorus present in animal feed which results in reduction of phosphorus excretion into the environment by almost 30%. Furthermore, consumption of meat, milk, eggs, and fish has increased due to health benefits provided by them. Hence, the demand for enzymes is increasing and fueling the growth of the global market.
North America Accounts for Substantial Market Share of Enzymes Market
The North America enzymes market is fragmented. The U.S. proved to be the prominent consumer of enzymes due to growing use of in food & beverage industry. This aspect has ultimately increased the market share of North America in enzymes market. Furthermore, the government bodies in the U.S. and Canada are making the regulatory norms stringent, which has expanded the production of enzymes.
Asia Pacific holds the second largest position in the enzymes market. Government bodies of India and China are expanding their production facilities owing to the increasing demand for enzymes in end-use industries across the globe.
North America and Europe are leading in the production of Enzymes. According to a TMR research report, prominent manufactures such as Novozyme A/S are focusing extensive development of their current portfolio and new technologies to maintain their market dominance.
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