The industrial enzymes market caters to different industries such as food, feed, and cleaning agents; it also has its applications of biofuels. The type, quality and blend of industrial enzymes used to define the quality of the products. Industrial enzymes are used in the food industry for various applications such as dairy, baked goods, beverages, and processed foods. They play a significant role in meeting the desired attributes, such as taste, texture, mouthfeel, and form of the final products.
The global industrial enzymes market size is projected to reach USD 6.30 Billion by 2022 in terms of value, at a CAGR of 5.8% from 2017. Market is experiencing growth, especially in the Asia-Pacific region. This region accounted for the largest share in 2016, in terms of value. An increase in demand for consumer goods and growth in the production of biofuels has resulted in manufacturers investing in research & development (R&D) activities for developing new products.
Asia-Pacific projected to be the most lucrative market for industrial enzymes
In 2016, the Asia-Pacific region accounted for a significant share of the global industrial enzymes market and is projected to grow at the highest CAGR during the forecast period. The rise in population, per capita income, healthcare expenditure, increase in awareness of diseases, buying power of population, and rapid growth in technologies have led to the growth in opportunities in the Asia-Pacific region for industrial enzymes.
The key players in the industrial enzymes market include Novozymes A/S (Denmark), BASF SE (U.S.), E.I. DuPont de Nemours and Company (U.S.), Associated British Foods plc (U.K.), and Koninklijke DSM N.V. (Netherlands). Other players include Dyadic International Incorporated (U.S.), Advanced Enzyme Technologies Ltd (India), Adisseo (China), Chr. Hansen Holding A/S (Denmark), and Amano enzyme (Japan).
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Key strategies such as new product launches, expansions, investments, acquisitions, agreements, partnerships, and collaborations were adopted by the prominent players to meet the increase in demand for industrial enzymes by the food, feed, and cleaning agents industries. The leading players invested in R&D capabilities, to offer diversified product portfolios and strengthen their market position.
Innovative new product launches, strategic acquisitions, and organic expansions were the core strengths of the leading players of the industrial enzymes market; these strategies were adopted by the players to increase their market presence. They helped the players diversify their businesses geographically, strengthen distribution networks, and enhance their product portfolios. Market leaders such as C Novozymes A/S (Denmark), BASF SE (U.S.), E.I. DuPont de Nemours and Company (U.S.), Associated British Foods plc (U.K.), and Koninklijke DSM N.V. (Netherlands) successfully tapped the potential markets through new product launches, expansions, investments, and acquisitions.
Novozymes A/S (Denmark) manufactures a wide range of enzymes and microorganisms used in food production, animal feed, textile, and other industrial applications. The company adopted new product launches, investments, and acquisitions as its business strategies to expand its presence and operations, globally. In November 2014, Novozymes launched the new cold bleaching technology that would offer cold bleaching solutions to denim manufactures. Working with cold water and diminishing the utilization of the chemicals, the arrangement would animate the denim bleaching prepare and secure higher quality denim. This cold bleaching technology secured improved fabric stability due to its gentle bleaching solutions and helped strengthened the company’s product portfolio. In September 2016, Novozymes acquired a microbial research company, Organobalance GmbH (Germany), which specialized in developing natural microbial solutions across several industries including food, feed, and animal health.
Koninklijke DSM N.V.: A global science-based company is engaged in health, nutrition, and materials business. DSM N.V. intends to focus on growth and expansion strategies, new product launches, along with key acquisitions. The company strategizes its expansions and growth plans by incorporating innovation centers in the U.S. and Singapore. In July 2015, DSM launched a new product, Tolerase G, a digestive enzyme. This product would help in meeting the needs of consumers globally who preferred a gluten-free diet.
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