TMR Research has published a new report on the global enzymes market and the factors that are responsible for driving its growth
San Francisco, CA -- (SBWIRE) -- 01/13/2020 -- TMR Research has published a new report on the global enzymes market and the factors that are responsible for driving its growth. The research report expects the global enzymes market to be dominated by the regional segment of North America for the assessment period ranging from 2019 to 2029. One of the key reasons behind the rise of the regional segment is the flourishing of the food and beverages sector in developed nations such as Canada and the US. In addition to this, recent developments in the pharma sector and increasing number of pharmaceutical companies in the region are also helping to the development of the enzymes market in North America.
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On the other hand, the Asia Pacific region of the global enzymes market is expected to show a promising rate of growth in the next few years of the forecast period. The growing investments for the development of the domestic healthcare, industrial, and health research infrastructure is expected to offer a solid impetus to the development of the enzymes market in the region. Furthermore, booming pharmaceutical as well as food and beverages industry in emerging economies such as India, China, and South Korea are also expected to push the development of the enzymes market in the Asia Pacific region.
Expanding Application Sectors to Fuel Market Growth
There are multiple factors that are responsible for driving the growth of the global enzymes market. These enzymes have a vital role in the industry of processed food and beverages. These compounds ensure that the food is readily breakable after consumption. Because of the growing work load, hectic and busier lifestyles, people are more inclined towards consuming packed and processed food. This has thus prompted the growth of the processed and packed food products market. This in turn has helped in the development of the global enzymes market because of the increasing demand from the end-use industry. In addition to this, growing applications of specialty enzymatic solutions in wide range of sectors such as baking, brewing, and dairy among others are expected to drive the growth of the market to newer heights.
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Another key trend that has been emerging in the global enzymes market is of increasing demand from the bio-fuel manufacturing industry. Bio fuels such as bio gas and bio diesel are some of the most potent alternatives for the dwindling fossil fuel reserves. Since the emerging economies are concentrating on the production of bio fuels, the demand for the same have increased exponentially in recent years. During the production of these bio fuels, enzymes play a vital role. They help in breakdown of complex molecules and ease up the process of production. Thus, the growing demand for bio fuels have ultimately helped in driving the growth of the global enzymes market.
Demand for Specialty Enzymes to Open New Avenues for Market Leaders
The competitive landscape of the global enzymes market is a consolidated one because only a handful of players control the overall market. The top brands in the global enzymes market include names such as DSM, DuPont Danisco, and Novozymes. These three companies collectively account for around three quarters of the overall market share. Thus, the market's vendor landscape is highly consolidated one with high entry barriers for the emerging players. These leading companies in the global market are concentrating on the production of industrial enzymes to add to their vast product portfolio and further cement their position across the world. In recent years, there has been a growing demand for high quality specialty enzymes. This has opened up new avenues for the market players and they are expected to tap in to the segment to generate higher profits.
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