Some of the drivers behind the growing demand of global industrial enzymes market include increase in demand of consumer goods, surge in demand for biofuel, increase research and development investment of industrial enzymes, and need of cost reduction and resource optimization in the production process of bakery products, animal feed, cleaning agents and others. With the increase in disposable income, the expenditure on consumer goods has increased, which resulted in an increase in demand of industrial enzymes globally. According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,271.0 in 2008 to $3,408.5 in 2012. The overall annual disposable income in medium households in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013.
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Industrial enzymes can be used in several environmental friendly industrial purposes, as they are highly efficient, selective, accelerate and speed up reactions by forming transition state complex with their substrate, which reduces the activation energy of the reaction. Hence, industrial enzymes are utilized as a catalyst to accelerate the rate of chemical reactions and increase the production process. These enzymes are utilized for several industrial and chemical applications such as animal feed, bakery, tannery, biofuel production, brewing and others.
The increased government initiatives and increasing pressure for environmental sustainability are the key drivers for the growth of the biofuel market. The rapid depletion of fossil fuels and global warming caused by their usage has shifted the global interest from conventional non-renewable energy to sustainable and renewable energy. The different governments across the globe have initiated several projects and schemes to promote and encourage the generation of renewable energy. Moreover, the implementation of stringent environmental regulations across the globe is propelling the demand for efficient renewable energy sources, such as biofuels. Several international organizations are framing strict guidelines and standards, in order to reduce the greenhouse gases emission.
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Geographically, North America is the largest market for industrial enzymes. During the forecast period, the Asia-Pacific industrial enzymes market is expected to grow at the fastest rate. China, Japan, and India are expected to dominate the industrial enzymes market in Asia-Pacific.
Some of the major competitors in the global industrial enzymes market include BASF SE, E. I. Du Pont De Nemours and Company, Koninklijke DSM N.V., Amano Enzyme Incorporated, Novozymes A/S, Chr. Hansen A/S, Codexis Incorporated. and Associated British Foods PLC.
Global Industrial Enzymes Market Segmentation
By Industrial Enzyme Type
- Non-Starch Polysaccharides (NSP)
- Food and beverages
- Cleaning Agents
- Animal Feed
- North America
- Latin America
- Middle East and Africa
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