Innovations aimed at enhancing productivity and cost efficiency of technical enzymes will stoke market growth in foreseeable future
DUBAI, UAE / ACCESSWIRE / May 13, 2020 / Enhanced emphasis on nutritional quality of food is propelling the consumption of technical enzymes in food & beverages industry. Moreover, rising per capita expenditure of consumers is complementing the growth of technical enzymes market. Growing uptake of technical enzymes by pharmaceutical industry for manufacturing cyclodextrins will contribute substantially to the revenue pool of market.
According to a new Future Market Insights (FMI) study, the global technical enzymes market will exhibit a healthy 6.7% CAGR during the projection period (2020-2030). The market is receiving tailwinds from various end-use industries such as detergents, textiles, and pulp & paper industries. Further, role of technical enzymes in synthesis of biofuels and organic products will support the market growth through 2030.
"Established manufacturers must engage in product development activities in order to diversify their end-use applications," concludes FMI.
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Key Takeaways of Technical Enzymes Market Study
- Proteases will remain top-selling category through the forecast period, accounting for majority share in the technical enzymes market.
- Use of technical enzymes in bio-ethanol segment will gain traction on the back of heightening demand from consumers.
- North America leads the global technical enzymes market in view of greater consumer awareness in the region.
- Paper & pulp segment will witness rising consumption of technical enzymes, observing an impressive CAGR through 2030.
Technical Enzymes Market - Key Growth Drivers
- Cost-competitive and environmentally-friendly nature of technical enzymes will fuel the demand through 2030.
- Sophisticated industrial infrastructure and presence of established players in North America has augured well for market growth.
- Proliferation of product launches and product innovation will boost the sales of technical enzymes over the forecast period.
- Sourcing of technical enzymes from microorganisms is gathering impetus, while plant-based enzymes will register noteworthy growth.
Technical Enzymes Market - Key Restraints
- Price fluctuations of raw materials will restrain the growth of technical enzymes market during the projection period.
- Highly competitive landscape of global technical enzymes market will pose significant challenges for emerging players to expand their revenue share.
Anticipated Impact of COVID-19 on Technical Enzymes Market
The COVID-19 outbreak has compelled manufacturers to revaluate their strategies to face the enormous challenges. The enzyme industry has been severely affected by the pandemic. The production of technical enzymes is hampered by supply chain disruption, workforce shortage, and lockdown measures amid COVID-19. Rising caseload of patients is further adding to the distress of globally leading producers. The global technical enzymes market will observe the aftermath of COVID-19 and is projected to recover through the first half of 2021. Many small and medium businesses have been shut down due to the pandemic while top players are struggling to cope with logistic challenges brought upon by COVID-19.
Explore the full technical enzymes market report with 136 illustrative figures, 160 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/covid19/rep-gb-11411
Competitive Landscape of Technical Enzymes Market
Some of the prominent players in the global technical enzymes market that are profiled in the FMI study include, but are not limited to, Megazyme Inc., BASF SE, Creative Enzymes, Tex Biosciences, Dyadic International, Maps Enzymes Limited, Epygen Labs FZ LLC, Koninklijke DSM N.V., Denykem, Associated British Foods LLC, E.I. du Pont de Nemours and Company, Advanced Enzyme Technologies Ltd., and Novozymes A/S. Mergers and acquisitions form the key inorganic growth strategy of top producers in the technical enzymes market. Moreover, leading players must prioritize research and development activities to gain competitive ascendancy during the forecast period.
More About the Report
This FMI study of 250 pages provides all-inclusive insights on the global technical enzymes market. The market analysis is based on source (microorganism, plant, and animal), application (biofuel, starch, textiles & leather, and paper & pulp), form (liquid, dry), and product type (amylases, cellulases, proteases, and lipases) across six regions (North America, Latin America, Europe, Asia, Oceania, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights