Rising disposable income and growing demand for a high nutritional diet will increase the use of industrial enzymes in foods and beverages over the next eight years, according to San Francisco-based Grand View Research, Inc. A report released in June forecasts a compound annual growth rate (CAGR) of 10.9% for such enzymes from 2016-24.
Increased use in sugar production, the dairy industry and meat processing will propel growth as well. Grand View forecasts significant growth for lipases, which are used in cheese, yogurt fermentation and cakes.
Besides foods and beverages, enzymes should increase in use in detergents and pharmaceuticals, too. Grand View forecasts the global enzymes market to rise to $17.5 billion in 2024 from $8.18 billion in 2015. Governmental policies in the United States, Austria, France, Germany, Italy and Sweden to promote biodiesel production should boost demand for enzymes.
Grand View Research estimated the North American enzymes market at $3.59 billion in 2015. Growing demand for animal feed and biofuels in the United States is expected to drive market growth. Europe’s enzyme market, estimated at $2.16 billion in 2015, also should grow because of biofuels and animal feed.