In terms of revenue, the Global Industrial Enzymes Market is expected to reach 9,276.34 USD Million by 2028, growing at a CAGR of 6.30% from 2022 to 2028. Increasing demand for bioethanol along with rising product demand from the end-use industries, such as biofuel, home cleaning, animal feed, and food and beverage are the driving factors for Industrial Enzymes Market.
- Under the type segment, the carbohydrases sub-segment is anticipated to dominate the segment for Industrial Enzymes Market and grow at a substantial CAGR. The growth is attributed to the rising demand for carbohydrates owing to a wide range of applications such as food & beverages, detergents, textiles & leather, and bioethanol.
- The food & beverages sub-segment held a market significant share in 2021 for the Application segment for Industrial Enzymes Market. The growth is attributed to the increasing application of enzymes in the food & beverage industry including meat processing, dairy products, beverages, bakery products, nutraceuticals, and other food products.
- North America is the largest regional segment. This is due to Technological advancements in the region.
Some of key players in Industrial Enzymes Market include, BASF (Germany), Novozymes (Denmark), DuPont (US), DSM (Netherlands), ABF (UK), Kerry (Ireland), Advanced Enzyme Technologies (India), CHR. Hansen (Denmark), Amano Enzyme Inc. (Japan), Aumgene Biosciences (India), Megazyme (Ireland), Enzyme Supplies (UK), Creative Enzymes (US), Enzyme Solutions (US), Enzymatic Deinking Technologies (US), Biocatalysts (UK), Sunson Industry Group (China), Metagen (Finland), Denykem (UK), Tex Biosciences (India)..
Over the past few decades, the population across the globe is increasing tremendously. Thus, increasing the demand for food supplies as well as increasing the burden for global food supplies on Research and Development (R&D). The food and beverage industries have witnessed significant growth in past decades and along with each passing day, the demand for packed food is increasing. Additionally, owing to the busy lifestyle, people are focusing on ready-to-eat foods. Thus, increasing the demand for food products such as dairy products, beverages, bakery products, nutraceuticals, and other food products. Consequently increasing the demand for industrial enzymes. Furthermore, increasing awareness regarding health is increasing the demand for food quality, safer production processing, and improved nutritional value and high-quality foods in terms of natural flavor and taste. Thus, this fact has triggered the need for the development of flavored and tasty processed foods, to achieve this requirement by using the industrial enzyme.
North America is expected to emerge as potential market for Industrial Enzymes Market. The market growth in the region is attributed to factors such as the presence of major players in the region, and increasing demand for craft beer.