Industrial Enzymes Market worth $10.2 billion by 2028 | Key Players are BASF, Novozymes, DuPont, DSM, Associated British Foods plc, Kerry Group plc., Chr. Hansen Holding A/S
According to a research report “Industrial Enzymes Market by Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases), Application (Food & Beverages, Bioethanol, Feed, Detergents, Wastewater, Soil, and Oil Treatment), Source, Formulation and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global industrial enzymes market will grow from USD 7.4 billion in 2023 to USD 10.2 billion by 2028, growing at a CAGR of 6.6% during the forecast period.
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The feed application of the industrial enzymes segment is driving the market due to improving nutrition
Feed enzymes play a pivotal role in driving the development of cutting-edge animal diets. With a deepening understanding of animal physiology and the intricate interplay between nutrients and enzymes, researchers are actively creating innovative enzyme formulations to precisely target specific dietary components. These advancements enable the formulation of highly tailored diets that cater to the distinct nutritional requirements of diverse animal species and various stages of production.
With the escalating global population, the demand for animal protein is on the rise. Nevertheless, the availability and pricing of feed ingredients are susceptible to fluctuations influenced by factors such as weather conditions, disease outbreaks, and market dynamics. According to Alltech’s 11th annual feed production survey, which gathered data from over 140 countries and more than 28,000 feed mills, the global production of feed increased by 2.3% in 2021, reaching a total of 1.235 billion metric tons. The top ten countries in terms of feed production during the past year were as follows: China produced 261.424 million metric tons, the U.S. produced 231.538 million metric tons, Brazil produced 80.094 million metric tons, India produced 44.059 million metric tons, Mexico produced 38.857 million metric tons, Spain produced 35.580 million metric tons, Russia produced 33.000 million metric tons, Turkey produced 25.300 million metric tons, Japan produced 24.797 million metric tons, and Germany produced 24.506 million metric tons. In this context, feed enzymes present a compelling cost-effective proposition by optimizing the utilization of accessible feed resources. By doing so, they effectively curtail feed costs and mitigate wastage, thereby addressing the economic challenges associated with animal protein production.
The microorganisms’ enzymes segment is driving the market in industrial enzymes in 2023
Microorganism enzymes demonstrate remarkable versatility and adaptability, rendering them highly desirable across a wide range of industries, including food and beverage, pharmaceuticals, textiles, biofuels, and agriculture. Their ability to be engineered and modified enables them to precisely target specific substrates and perform an extensive array of enzymatic reactions. This inherent flexibility allows for their application in various industrial processes, where they excel in effectively breaking down complex compounds like lignocellulosic biomass, transforming them into valuable products. Moreover, through the utilization of genetic engineering techniques, microorganism enzymes can be tailored to exhibit superior performance characteristics such as enhanced catalytic properties, increased thermostability, and improved resistance to harsh conditions. This level of specialization empowers them to meet the precise needs of specific industrial applications and processes, making them an ideal choice in the business landscape.
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South America is witnessing growth in the industrial enzymes market due to government support
The demand for industrial enzymes in South America is witnessing significant growth due to several key factors. The region boasts abundant agricultural resources, encompassing crops like corn, sugarcane, soybeans, and cassava. Industrial enzymes play a pivotal role in efficiently utilizing these raw materials by enhancing their conversion into valuable products. For instance, enzymes are extensively employed in biofuel production, facilitating the breakdown of lignocellulosic biomass into fermentable sugars. This enzymatic process maximizes resource utilization while minimizing waste generation, aligning perfectly with the region’s objectives of resource optimization and value addition.
Furthermore, governments in South America are actively supporting the adoption of sustainable technologies, including industrial enzymes, through favorable policies and regulations. Incentives, tax benefits, and initiatives are being implemented to promote the use of eco-friendly processes, compelling industries to incorporate enzymes into their operations. This robust regulatory support serves as a significant driver, further bolstering the demand for industrial enzymes in the region’s business landscape.
The key players in the industrial enzymes market include BASF (Germany), Novozymes (Denmark), DuPont (US), DSM (Netherlands), Associated British Foods plc (UK), Kerry Group plc. (Ireland), Advanced Enzyme Technologies. (India), Chr. Hansen Holding A/S (Denmark), Amano Enzyme Inc. (Japan), Aumgene Biosciences Pvt. Ltd. (India).
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