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.
The global Enzymes Market is expected to register a CAGR of 7.8% during the period 2015-2020. The household care segment holds about 1/3rd of the overall market share in 2014, due to the large consumption of varied enzymes in the detergents industry.
Enzymes have gathered a special attention in the recent years due to its potential application in the market such as food & animal feed, textiles and Surfactants, pharmaceuticals & biotechnology R&D and manufacturing and others (paper and pulp processing, leather processing and agriculture).
The global enzymes industry is segmented based on the application, source, type, reaction type and geography. Based on the applications, the segments covered are food and beverages, household care, bioenergy, pharmaceutical and biotechnology, feed and others. Based on the source, the sector is segmented into three types namely microorganisms, animals and plants. Microorganism segment holds the dominant share in the sector due to its easy availability, feasibility for large scale production and cost-effectiveness. Based on the product type, the industry is segmented into proteases, carbohydrases, lipases, polymerases & nucleases and others. Based on the reaction type, the is segmented into hydrolases, oxidoreductases, transferases, lyases and others.
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Key findings of Enzymes Market:
- 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
- The Asia Pacific would exhibit fastest growth during the forecast period
North America dominated 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.