Global Industrial Enzyme Market Growth Estimated at CAGR of 5.8% for the Forecast Period 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 11, 2017 /PRNewswire/ --
Enzymes are molecular compounds that regulate the rate of chemical reactions (biochemical reactions) without altering the reaction process. According to Journal of Enzyme & Technology, enzymes are 10,000 times more efficient than ordinary inorganic catalysts. Moreover, a single enzyme molecule can catalyse 10million reactions in one second. Owing to its precise, selective, reaction amplifying nature and ability to regulate chemical processing, enzymes are widely used in sustainable industrial processes. Global demand for enzymes is increasing steadily at 4.5% per annum according to Business Standard. By 2020, total revenue of global enzymes market is likely to reach up to $7.2 billion. Industrial enzymes account for the largest application in global industrial enzyme market. Global Industrial Enzyme Market is projected to have a CAGR of 5.8% for the forecasted period 2016-2023. Increasing demand for biofuel, rising demand for consumer products, multi-functional nature of industrial enzymes, advancement in the areas of genetic engineering, new technologies in large scale fermentation processing, are the factors contributing to the growth of global industrial enzyme market for the forecasted period. Stringent regulatory compliance and loop holes in patent protection laws can hamper the growth of global industrial enzyme market for the forecast period 2016-2023.
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Increasing demand for Biofuel: Growth driver
Biofuel are produced indirectly or directly from organic material (biomass) including plant & animal waste materials. Enzymes like phospholipase and lipase are commonly used for biofuel production. With the increasing demand for biofuel, the demand for industrial enzymes like lipase and phospholipase will increase simultaneously. According to Biofuel Association, using biofuel can reduce carbon emission by 85% in comparison to conventional diesel. Ethanol and biodiesel blends have the ability to reduce pollutant gas emission and improve air quality. According to OECD-FAO agricultural outlook, total production of biofuel in 2016, stood at 89,690 million litres and is expected to reach up to 92,781 million litres by 2023. Biofuel would account for nearly 4% of global road transport fuel by 2018 according to International Energy Association (IEA) estimate. Government and regulatory bodies are setting up biofuel targets keeping energy sustainability in mind. US Renewable Fuel Standard revised Energy Bill on July 2017, and set a target of 36 billion gallons of biofuel to be produced in USA by 2022. USA Department of Energy estimates biofuel to account for 25% America's transportation fuel by 2040. China is the fourth largest producer and consumer of ethanol after USA, Brazil and European Union according United States Department of Agriculture (USDA). Chinese government through 13th Five Year Plan announced on October 2016, is looking forward to expand its ethanol and biodiesel production capacity. According to 13th Five Year Plan China is looking forward to produce 8,602 million litres of biofuel by 2020. India, Indonesia, Thailand, South Africa and Zimbabwe are amongst the emerging markets for biofuel according to IEA.
Food & Beverage: Largest end user
Food & Beverage is the largest end user segment within global industrial enzyme market according to OBRC analysis. Food & beverage segment is driven by increasing consumption of fermented food products, expanding food & beverage market, increasing population, and expanding middle class population especially in India & China. United Nation Department of Economic and Social Affairs (UNDESA) estimated the world population to rise from 6.9 billion to 9.1 billion. With increasing population the demand for food is also expected to increase by 70% (by 2050). Enzymes can be used in improving food production and enhance nutritive value of food products. Through application of enzymes quality food supply issue whilst increasing population can be addressed. Fat modification and sweetener technology are some of the latest trends of enzyme application in food manufacturing. Baking, juice production, dairy and brewing, are some of the leading application of enzymes in food industry. By 2020, food & beverage segment within industrial enzyme market is expected to reach up to $2.3 billion according to NCBI.
Asia-Pacific: Fastest growing market
According to OBRC analysis Asia-Pacific has the fastest growth rate for global industrial enzyme market for the forecast period 2016-2023. Increasing population, expanding food & beverage industry, positive economic outlook, expanding middle class population, government initiatives supporting investment in biotechnology, are some of the prime factors driving Asia-Pacific industrial enzyme market for the forecasted period. According to web editorial of Asia-Pacific Food Industry, food & beverage market in Asia-Pacific rose at an average 11% in 2016. China, Japan, India, and Indonesia were the leading food and beverage producers in Asia Pacific as of 2016. Together all four regions account for three quarters of total turnover for food and beverage industry in Asia-Pacific. According to United Nations Economic and Social Commission for Asia-Pacific (ESCAP) both India and China together constitute over 55% of Asia-Pacific's total population in 2017. By 2025, India & China would together constitute roughly 60-65% of the Asia-Pacific's total population, according to UNESCAP. Both countries would have to invest significant amount for feeding (food & beverage industry) their increasing population which would indirectly drive demand for industrial enzymes market for the forecasted period.
About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:
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Global Fermentation Chemicals Market
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