The global fungal enzymes market is set to witness significant growth in the coming years, driven by the thriving food and beverage industry, technological advancements, and the increasing demand for digestive solutions. According to a recent report, the food and beverage industry was valued at approximately US$281.4 billion in 2021 and is expected to reach US$529.6 billion by 2028, a substantial growth trajectory that is expected to boost the adoption of fungal enzymes in various applications.
Microbial enzymes, particularly fungal enzymes, have gained prominence in the food and beverage industry due to their stability, cost-effectiveness, and consistent performance. These enzymes facilitate the easy breakdown of substances, extend the shelf life of food products, and enhance flavors. With the rising prevalence of digestive disorders, especially among young individuals, the utilization of fungal enzymes in the food industry is on the rise. Sedentary lifestyles, busy work schedules, and reduced physical activity have contributed to an increase in digestive problems, a trend underscored by the Pan American Health Organization, which reported 375,170 deaths in 2019 attributed to digestive disorders.
Among the types of fungal enzymes, carbohydrase has emerged as a dominant segment in the market, with applications spanning the pharmaceutical and food sectors. Commercial utilization of carbohydrase in food products and pharmaceutical ingredients is expected to drive the growth of this segment. Additionally, advancements in enzyme engineering are fueling global demand for carbohydrase, with Asia Pacific witnessing a surge in consumption due to the expansion of key players in the feed and pharmaceutical industries.
North America is projected to lead the fungal enzymes market, primarily due to the presence of a multitude of end-use industries such as food and beverage, pharmaceuticals, laundry detergents, personal care, and cosmetics. The region also offers significant opportunities for research and development activities. In the United States, high consumer spending on premium-grade products and a preference for naturally sourced components in processed foods are driving the demand for enzymes. The prevalence of digestive issues, affecting approximately 22 million Americans in 2021, further boosts the demand for fungal enzymes.
The Asia Pacific region is expected to be a key market for fungal enzymes, driven by increased meat production, particularly in China. Carbohydrase and protease demand in China is on the rise, spurred by the pharmaceutical and food and beverage industries. Polymerase and nuclease products are also expected to experience substantial growth due to their applications in molecular biology, including recombinant DNA and polymerase chain reactions. Chinas status as a global pharmaceutical hub, with a market valued at over US$154 billion in 2020, is set to drive the growth of the fungal enzymes market in the region.
Leading players in the fungal enzymes market include Novozymes A/S, DSM, Chr. Hansen, DuPont, BASF, Advanced Enzymes, and AB Enzymes.
In recent developments, BASF SE has entered into an agreement with Sandoz GmbH to invest in its facility in Austria, expanding its global manufacturing of enzymes and biotechnology products. Additionally, the merger between IFF and Duponts nutrition and biosciences business, completed in February 2021, has created a united company operating under the name IFF, poised to expand its global operations.
As the food and beverage industry continues to flourish and digestive health remains a concern for many, the fungal enzymes market is poised for impressive growth, offering innovative solutions for various industries worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/fungal-enzymes-market
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