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Monday, 5 October 2015
Enzymes Market is Expected to Reach $5.4 Billion, Worldwide, by 2020
According to a new report by Allied Market Research titled,"WorldEnzymes Market-Opportunityand Forecast, 2014-2020", world enzymes market is expected to register a CAGR of 7.8% during 2015-2020. The household care segment holds about 1/3rdof the overall market share in 2014, due to large consumption of varied enzymes in detergents industry.
Presently, enzymes are witnessing high demand in various industries such as biofuels, food & beverages and detergents. The growing popularity of enzymes for production of renewable fuels such as biodiesel, preference of enzymes for manufacturing mild detergents and rising adoption of enzymes in pharmaceutical formulations are the key factors fueling the market growth. In addition, growing use of feed enzymes in animal nutrition would further boost the market growth. However, high sensitivity of enzymes to temperature and pH and risk of contamination would limit the overall market growth.
Carbohydrases enzymes segment held a dominant position in 2014 and would continue to lead over the forecast period. This is due to its wide range of applications in detergents and food & beverages industry for the degradation of carbohydrate rich compounds such as starch. However, polymerases & nucleases segment is projected to be the fastest growing segment owing to its growing utilization in biotechnology and pharmaceutical research. Based on reaction, Hydrolases enzyme segment dominated the market with around 77.9% market share in 2014. This is due to the large scale use of hydrolytic enzymes for the hydrolysis of carbohydrates and proteins. Based on source, microorganism derived enzymes was the leading revenue generating segment (due to its feasibility for large scale production and wide range of applications) in 2014, accounting for around 3/5thof the overall market.
Key findings of the study:
Pharma & biotech application is projected to deliver fastest growth during the forecast period
Plant derived enzymes segment would witness fastest adoption during the forecast period
TheAsia Pacificwould exhibit fastest growth during the forecast period
North Americadominated the global enzymes market in 2014, due to established industrial manufacturing base and large adoption of advanced enzymes such as immobilized enzymes in this region. Key players operating in this market are continuously focusing on strategies such as acquisition and product launch to increase their manufacturing capacity, expand their market presence and gain additional market share.Many companies are actively developing advanced enzymes such as immobilized enzymes to maintain the standards of end products. Key companies profiled in the report are Novozymes (Latest News), DuPont, F. Hoffmann-La Roche AG, BASF, Life technologies, Advance enzyme Technologies Ltd, Affymetrix Inc., and Codexis Inc.
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