Asia Pacific Enzymes Market estimated to growth at 7% CAGR by 2024
Jul 16, 2019
Animal feed enzymes market to grow exponentially with over 7% CAGR up to 2024 owing to it's vital use for improving the feed productivity & quality.
Selbyville, United States - July 16, 2019 /MarketersMedia/ —
Food & beverage industry contributed over 35% of the overall market revenue in 2017. Food enzymes are vital in breaking down various complex molecules in the food into simpler forms that can be easily digested. Shifting consumer preferences for healthy food products coupled with increasing consumer awareness associated with the health benefits of enzymes will augment the product demand over the forecast period.
Genetic engineering advancement and increasing functionality in enzymes production process will play a vital role in the industry growth. Through which, various properties of the product can be altered or improved to make the product highly resourceful for various applications. Enzymes from slow-growing plants, animal tissues, or unsafe microorganisms can be cloned into safe high-production microorganisms. Improved performance properties attained is the process, including higher yield, kinetics, safety, and ease of downstream processing will drive the market growth.
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High application scope in the pulp & paper industry will further enhance the product demand. For instance, amylase is being widely used for starch coating, de-inking, and cleaning process. Their ability to increase the smoothness of paper sheets to ease the printing process will support product penetration. Furthermore, shifting preference for paper packaging products and supportive measures taken by the government to ban plastics will provide stimulus to the global enzymes market over the projected time frame.
Carbohydrase dominates the market, accounting for over 45% of the enzymes market in 2017. The product has wide-ranging applications across several end-use industries such as detergent and textile. Its strong ability to bear different temperatures and pH levels will be a key impetus towards the increasing product adoption rate. Additionally, the growing demand for renewable energy owing to increasing petroleum costs will create a new vista of opportunities, thereby supplementing industry growth.
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The rapid replacement of chemicals with enzymes to improve the efficiency of various industrial processes in textile, food & beverage, biofuels and animal feed industry will propel the enzymes market growth. Their utilization in these processes provides significant benefits in the form of reduced energy consumption and negligible impact on the environment in the form of residues. Additionally, potential applications in the washing & detergent industry will also offer new avenues for industry participants due to their effective stain removal properties.
Animal feed enzymes emerged as the fastest growing segment with over 7% CAGR up to 2024. The product is vital for improving the feed productivity & quality. Furthermore, the growing occurrence of diseases, including bovine spongiform encephalopathy and porcine epidemic diarrhea virus has resulted in rising demand for high-quality protein feed, which will provide a positive outlook for business growth.
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Asia Pacific, led by China, India, Japan, and South Korea will witness substantial growth at over 7% CAGR till 2024. Increasing preference towards processed food owing to lifestyle changes will positively impact product demand and aid regional growth. Furthermore, the expansion of end-use industries such as textile producing facilities, tanneries, pharmaceuticals and detergents in the country will stimulate enzymes market growth.
The global industry share showcases a high degree of consolidation with Novozymes, DSM, Danisco, and BASF are among the key players shaping market development. Novozymes alone accounted for over 35% of the overall revenue share in 2017. Product innovation and development, mergers & acquisitions and long-term supply chain agreements are the strategies adopted by the industry players to strengthen industry foothold. For instance, in September 2016, Chr. Hansen acquired probiotic strain LGG from Valio OY, which is used in food and dietary supplements.
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Website: https://www.gminsights.com/industry-analysis/enzymes-market
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