August 29, 2018
WELLESLEY, Mass., Aug. 29, 2018 – Due to increased demand from the food, textile, detergent, animal feed and biofuel industries, the global market for enzymes has reached an all-time high, according to a new report from BCC Research.
In 2018, the global market for enzymes within industrial applications was worth $5.5 billion. However, BCC Research estimates that it will reach a value of $7.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 4.9%, according to Global Markets for Enzymes in Industrial Applications.
Enzymes have revolutionized the research approach for various conditions and have paved the way for a new class of drugs that allow for highly specific treatment, prevention, and control of many injuries and diseases. In addition, biotechnological advances have led to the replacement of harsh chemicals by biodegradable enzymes in various industrial processes.
“Because enzymes are biodegradable by nature and are cost-effective, enzymatic processes are rapidly becoming better economic and ecological alternatives to chemical processes,” the report notes. “Globalization and the increase in research and development activity within the enzyme market are driving forces that are causing the market to rise.”
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Global Markets for Enzymes in Industrial Applications( BIO030K )
Publish Date: Aug 2018
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