Growing Food and Beverage Industry Worldwide to Drive Fungal Enzymes Market Growth
Enzymes help the biotechnological, pharmaceutical, food, and beverage industries, as well as the biofuel business. Technology advancement has resulted in the development of novel enzymes with a wide variety of uses and specificity, and new application areas are being studied. Microbial enzymes are chosen over plant or animal enzymes for a variety of reasons, including ease of manufacture, low cost, and consistency. As per the report, the food and beverage industry is valued around US$281.4 Bn in 2021 and is expected to reach US$529.6 Bn by 2028. Such a rapid climb is likely to boost adoption, thereby driving the growth of fungal enzymes market in future.
Microbial enzymes are more stable than plant and animal enzymes and hence play an important role in the food business. The use of various fungal enzymes in the food and beverage industry is increasing due to the various benefits it offers such as easy breakage of various substances, increased food life, and enhanced flavours. The growing number of digestive disorders, mainly among youngsters, is propelling the use of fungal enzymes in the food industry. The growing sedentary lifestyle, hectic work schedules, and lack of physical effort are some of the factors leading to an increase in digestive problems, thus fuelling the progress of fungal enzymes market. According to Pan American Health Organization, 375,170 deaths occurred in 2019 due to digestive disorders, out of which 215,168 deaths occurred in men, and 160,002 deaths in women.
Carbohydrase Segment Dominated Market due to its Varied Range of Application in Food Industry
Carbohydrase held the largest share in fungal enzymes market in the forecast period, and this is seen to continue throughout the projection period. This is because carbohydrase is the most common type of enzyme employed in the pharmaceuticals, and food sectors. As a result, commercial uses of carbohydrase in food commodities and pharma ingredients are likely to drive the expansion of the segment over the projection period. Furthermore, technical breakthroughs in enzyme engineering are propelling global carbohydrase demand forward. Furthermore, the expansion of key players in the feed, and pharmaceutical industries in the Asia Pacific is also driving carbohydrase consumption in fungal enzymes market.
North America Acquires the Largest Revenue Share in Fungal Enzymes Market with Evolving Food Preferences
North America is projected to dominate fungal enzymes market in the coming years. This is due to a strong presence of numerous end-use enterprises in the food and beverage, pharmaceuticals, laundry detergent, and personal care and cosmetics industries, as well as a large scope for R&D operations in major regional countries. Fungal enzymes market in the region is expected to grow rapidly in the coming years as a result of the increased introduction of technologically improved products. Furthermore, regional food technology innovation, and increased awareness regarding higher-quality goods made with enzymes are boosting the market.
The United States is the market leader in North American enzyme production, and consumption. The high demand is attributable to rising consumer spending on premium-grade items in the United States, as well as a shift in preference for processed foods containing naturally sourced components. Moreover, the increased rate of digestive problems in the United States is resulting in the vast use of enzymes in order to simplify the process of digestion. As per studies, 22 million US citizens suffered from chronic digestive diseases in 2021, and annually 65 million people in the US suffer from mild to moderate digestive problems. This factor is likely to uplift the demand surge in fungal enzymes, thereby complementing the growth of fungal enzymes market.
The Asia Pacific area is likely to be a key market throughout the projection period because of rising meat output, notably in China. Carbohydrase, and protease demand is increasing rapidly in China due to increased demand from the pharmaceutical, and food and beverage industries. Polymerase and nuclease products are also expected to grow significantly during the predicted period. This is because these enzymes are widely used in molecular biology applications such as recombinant DNA and polymerase chain reactions. Moreover, China is considered the biggest hub for pharmaceutical products in the world. For instance, in China pharmaceutical industry crossed the market of US$154 Bn in 2020 and increased its pharmaceutical supply sales by around 9.3 percent in 2021. With such a large production of pharmaceutical products, fungal enzymes market is likely to be on an uptrend in the region.
Global Fungal Enzymes Market: Competitive Landscape
In April 2021, BASF SE signed an agreement with Sandoz GmbH, a Novartis affiliate, to invest in its kundl/Schaftenau Campur facility in Austria. This partnership will assist BASF SE in expanding its global manufacturing of enzymes and biotechnology goods. For instance, in February 2021, the previously announced merger between IFF, and Dupont's nutrition and biosciences business has been completed, and the united company will operate under the name IFF. This combination will assist IFF in expanding its global operations.
Few of the players in the fungal enzymes market include Novozymes A/S, DSM, Chr. Hansen, DuPont, BASF, Advanced Enzymes, and AB Enzymes.
Global Fungal Enzymes Market is Segmented as Below:
By Basis of Formulation
Key Elements Included In The Study: Global Fungal Enzymes Market
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