New York City, NY, 21 April, 2020/ 24 Market Reports: It is estimated for the industrial enzymes market to reach USD 8.7 billion by 2026, recording a CAGR of 6.5% during the forecast period of 2020 to 2026. The growing environmental concerns and rise in demand for bioethanol and advancements in R&D activities are driving the growth of the market during the forecast period.
The demand for industrial enzymes is increasing significantly due to the increasing application of enzymes in the food & beverage industry. The food & beverage applications considered for this study include meat processing, dairy products, beverages, bakery products, nutraceuticals, and other food products (such as processed fruits & vegetables, processed food, and vegetable oil processing). Enzymes used in the food & beverage industry are distinguished into food additives and processing aids. However, most enzymes used in food & beverage products are considered as processing aids, and only a few are used as additives, such as lysozymes and invertases.
The carbohydrases segment is projected to dominate the market during the forecast period. They are classified into amylases, cellulases, and other carbohydrates (such as pectinases, lactases, mannanases, and pullulanase). Carbohydrases are used in industrial applications, such as food & beverages, detergents, textiles & leather, and bioethanol. They have added advantages to various industrial applications due to their cost-effectiveness, less time & space consumption, and ease in modification and optimization of the process.
North America is estimated to lead the global market during the forecast period. Technological advancements are the factor that is propelling the growth of the market during the forecast period. Due to the development of novel and superior performing products and global industrialization the region is estimated to dominate the market throughout the forecast period.