Surging demand for technical enzyme in animal feed industry and modern farming techniques is encouraging the growth owing to the cost-effective and environmental friendly nature.
DUBAI, UAE / ACCESSWIRE / September 10, 2020 / The technical enzymes market is expected to expand at CAGR of 6.7 % through the forecast period (2020-2030). North America dominates this market with food industry covering up to 35% of the major revenue share. With the production of superior quality food products and rapid industrialization, US stands at the top when we talk about technical enzyme market.
“Improving standards of living and inclination towards better quality food products, there has been a surge in demand technical enzyme lately. Key companies are working hard and launching unique products to grasp the opportunities that are popping-up in the animal feed industry as well as farming sectors,” states the FMI Analyst.
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Technical Enzymes Market – Important Highlights
- Improving lifestyle and rapid urbanization in the developing as well as developed region is surging the demand and supply of technical enzymes.
- On the basis of end-use, food industry is expected to hold the highest market share and covers almost 35% due to the rising interest in fancier eatables.
- North-America tops the list due to sophisticated industrial infrastructure and drives the market efficiently.
- A noticeable demand for bio-ethanol is seen in this market.
Technical Enzymes Market – Critical Factors
- Use of technical enzymes is largely noticed in pharmaceutical industries to produce cyclodextrins.
- Owing to the improvements caused in digestibility, technical enzymes are widely used in animal feed and farming industries.
- It is used in major industries like pulp and paper, textile, and detergents industries as bulk enzymes, due to which demand is likely to grow
- These enzymes find innumerable use in biofuel and synthesis of organic products.
Technical Enzymes Market – Key Restraints
- Due to intensive competition, new industries find difficult to enter the market.
- Raw material suppliers are increasing the cost of these enzymes, thereby restricting the market growth.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has surely affected production because raw materials are not available and trade was at a halt for a long time. Due to strict lockdown all across the globe there has also been a shortage of work force in this sector. Therefore, manufacturers are planning to revise the strategies to gain proper momentum.
North America still dominates the market and presents ample opportunities. The key players in this market include Koninklijke DSM N.V. (The Netherlands), E.I. du Pont de Nemours and Company (U.S.), BASF SE (Germany), Associated British Foods Plc. (U.K.), Novozymes A/S (Denmark), Advanced Enzyme Technologies Ltd. (India).
Companies are relying on ideas of product innovation and expansion of end-use and applications to help the market grow. US ranks the highest globally in the industrial enzyme market.
More on the Report
The report presents segmentation on the basis of source (plant, animals, and micro-organisms), application (bio-fuel, paper, pulp etc.), form (liquid, dry) region wise analysis (North America, Latin America, Europe, Asia)
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