Westford, USA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Industrial Enzymes Market will attain a value of USD 12.16 billion by 2031, with a CAGR of 6.6% over the forecast period (2024-2031). Rapid growth in industrialization and rising awareness regarding the benefits of industrial enzyme use are slated to drive market growth in the future. Demand for industrial enzymes made from natural sources is slated to be high in the long run.
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Industrial Enzymes Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 7.35 billion |
| Estimated Value by 2031 | $ 12.16 billion |
| Growth Rate | Poised to grow at a CAGR of 6.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Formulation, and Source |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising demand for biofuels |
| Key Market Drivers | Growing demand for processed food and beverages |
Rising Demand for Artificial Sweeteners Helping Carbohydrase Products Lead Market Growth
Carbohydrase products are usually used as a catalyst to convert carbohydrates into sugar for the making of artificial sweeteners or prebiotic products. These products are extensively used in food & beverage and pharmaceutical industry verticals. Growing demand for processed foods and beverages with artificial sweeteners is helping this segment dominate the market.
Food and Beverages Applications Estimated to Spearhead the Demand for Industrial enzymes
The food and beverage industry is expanding at a rapid pace around the world, which is expected to greatly benefit industrial enzymes demand. Almost all kinds of industrial enzymes are extensively used in different aspects of the food & beverage industry ranging from lipases to carbohydases. Enzymes also play a vital role in improving the taste, nutrition, and functionality of food and beverages.
Strong Presence of Food & Beverage and Pharmaceutical Industries Help North America Dominate the Global Market
North America is home to some of the largest pharmaceutical and food & beverage manufacturing companies thereby making it a key user of industrial enzymes. Rising consumption of processed foods, increasing industrialization, and rising emphasis on sustainability are expected to help bolster industrial enzymes market growth in this region. The United States is forecasted to be the leader for industrial enzymes demand in this region across the study period and beyond.
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Industrial Enzymes Market Insights:
Drivers
Restraints
Prominent Players in Industrial Enzymes Market
The following are the Top Industrial Enzymes Companies
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