The global market for enzymes is expected to reach USD 7,652.0 million by 2020, according to a new study by Grand View Research, Inc. Increased demand for applications such as food and beverage and detergents expected to drive the market over the forecast period. In addition, increasing application scope in animal feed industry is further expected to augment the demand for enzymes over the next six years.
Food and beverage was the largest application segment for the market, accounting for 37.5% of global revenue in 2013. Increasing demand for processed food coupled with improving food quality is expected to play a major role in the development of the application. Detergents were the second largest application segment, with market revenue exceeding USD 900 million in 2013.
North America enzymes market revenue by product, 2012-2020, (USD Million)
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Further Key findings from the study suggest:
- North America was the largest regional market for enzymes with market revenue of USD 1,648.6 million in 2013. The growing demand in food and beverage application is expected to be a key factor contributing to the high demand. Asia Pacific is expected to be the fastest growing market at an estimated CAGR of 9.4% from 2014 to 2020.
- Carbohydrase was the most dominant enzyme, accounting for 45% of global market revenue in 2013. Proteases followed carbohydrase in terms of revenue with a market worth USD 1,211.8 million in 2013.
- The global enzyme market is consolidated with the top three companies accounting for 75% of global revenue in 2013. The key participants in the market include DSM, Danisco, BASF and ADM among others.
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