Technical Enzymes Market to Reach USD 1.53 Billion by 2027 | Reports And Data
Increasing emphasis on quality & stability and higher efficiency of production in the technical product grade, coupled with rising consumer presence in various end-use industries, are impacting market demand
Market Size - USD 1.13 billion in 2019, Market Growth - CAGR of 3.8%, Market Trends - Growing usage of Amylases in food & feed industries
NEW YORK, Aug. 5, 2020 /PRNewswire/ -- The Global Technical Enzymes Market is projected to reach USD 1.53 billion by 2027. The industrial enzyme market is fueled by the rising demand for food and beverages due to the increase in disposable income and changing lifestyles. The introduction of bio-fuel as a substitute for fossil fuels and a conventional source of energy is also boosting the growth of the market. Governments across the world are encouraging consumers to switch to bio-fuel to encourage a clean and green environment. Another driving factor is the rising investment in food and beverages and pharmaceutical industries. Advancement in biotechnology is also encouraging the growth of the market in the field of protein engineering.
Enzyme industry, cellulase enzyme, industrial enzymes, enzymes used in industrial biotechnology, sources of industrial enzymes, industrial application of enzymes, enzyme technology, enzymes as industrial catalysts, enzyme technology in the food industry, industrial production of enzymes, properties of enzymes, characteristics, naming, properties, and applications of specialty enzymes, are some of the most crucial corresponding factors and topics that have been influencing the market growth in many ways, have been additionally discussed in details in the report.
Emerging needs of assuring desired quality & stability of the industrial & consumer-grade products maintaining high efficiency in the production capacity augment the mobility of the market primarily. Additionally, increasing consumer presence, the requirement of a higher degree of production volume, changing product portfolio, and demand for reducing the manufacturing costs & energy consumption with product wastage, the overall market is substantially being propelled.
COVID-19 Impact Analysis:
The COVID-19 pandemic has created endless disruptions for manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market's future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the distribution chains as a result of regular lockdowns. COVID-19 has influenced foreign commerce, exports, and imports, and has also contributed to a major decrease in demand in the industry. The major companies operating on the market try to clear their stock and concentrate on keeping their cash balances. The manufacturing industries have been disrupted due to reduced available human resources. The companies are incorporating different techniques to increase the production volume and trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost.
With newer innovations and advancement of technologies in the food industry, the market for industrial enzyme has found a niche in fat modification and sweetener technology, hence driving the growth of the market.
Microorganisms are the primary source for industrial enzymes as they are economical, effective, and are easily available.
Protease is an essential enzyme as it is used for digestion of protein. It can hydrolyze every type of protein as long as they are not components of living cells.
High demand for industrial enzymes in the United States is influenced by the rising awareness of the environment, better productivity, and high product value, thus leading to growth in the R&D sector.
Carbohydrase enzymes are used extensively in the baking industry for the manufacturing of wine, cheese, and fruit juices.
BioFuel, with a CAGR of 4.9%, is forecasted to be the fastest-growing among all other applications owing to the unconditional support from the government for environment-friendly products.
Key participants include DuPont de Nemours, Inc., Epygen Labs FZ LLC, Maps Enzymes, Aumgene Biosciences, BASF, Creative Enzymes, Enzymatic Deinking Technologies, Dyadic International, MetGen, and Novozymes, among others.
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