Growing demand from food & beverage applications expected to drive the market.
(PRWEB) March 14, 2014
Global enzymes market is expected to reach USD 7,652 million by 2020, growing at a CAGR of 8.3% from 2014 to 2020. Growing global food demand is expected to remain a key driver for enzymes market over the next six years. In addition, technological advancement in the field of enzymes engineering is expected to serve as a great opportunity for market participants. Novel applications of enzymes, especially in synthetic biology are expected to drive the market over the next six years.
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Further Key findings from the study suggest:
- Carbohydrases emerged as the leading product segment and accounted for 46.1% of total market revenue in 2013. In addition to being the largest product segment, carbohydrase is also expected to be the fastest growing product segment at an estimated CAGR of 8.6% from 2014 to 2020.
- Food & beverages dominated the global application market for enzymes and accounted for 37.5% of total market revenue in 2013. Growing global food demand is expected to drive the market over the forecast period. However, animal feed is expected to be the fastest growing application market for enzymes at an estimated CAGR of 8.7% from 2014 to 2020.
- North America continued its dominance in the global market and accounted for 37.4% of total market revenue in 2013. However, as a result of increasing disposable income level mainly in China and India, Asia Pacific is expected to be the fastest growing market for enzymes at an estimated CAGR of 9.4% from 2014 to 2020.
- The global market is highly concentrated with top four participants including Novozymes, Danisco-Genecor and DSM catering to over 70% of total demand in 2013. Other companies operating in the global market include BASF, AB Enzymes, Chr. Hansen, Roche and ADM.
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For the purpose of this study, Grand View Research has segmented the global enzymes market on the basis of product, application and region:
- Enzymes Product Outlook (Revenue, USD Million; 2012-2020)
• Polymerases & Nucleases
- Enzymes Application Outlook (Revenue, USD Million; 2012-2020)
• Food & Beverages
• Animal Feed
Regional coverage of the database includes:
• North America
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