July 19, 2021
As cited by the research report titled ‘Global Proteases Market Size study, by Source (Animal, Plant and Microbial), by Application (Food & beverages, Livestock feed, Soaps & detergent, Pharmaceuticals and Others), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global proteases market was worth USD 2.08 billion in 2020 and is projected to grow with a CAGR of 5.80% over 2021-2027 to accumulate USD 3.09 billion by the end of study duration.
Report findings suggest that global proteases market growth is primarily driven by environment friendly nature of the product owing to its non-pathogenic and non-toxic properties. Additionally, the expanding food sector is likely to generate lucrative prospects for the industry over the forecast duration.
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For instance, as per the China Chain Store & Franchise Association, China food & beverages sector amassed around USD 595 billion in 2019, a 7.8% increase as compared to 2018. Likewise, according to the India Brand Equity Foundation (IBEF) website, the Indian food sector accumulated USD 4.18 billion from April 2014 and March 2020 via foreign direct investments which contributed to the expansion of the food industry.
For the record, protease is an enzyme that breaks down proteins into amino acids and help in digestion. It also helps in blood clotting and is used by various end users like food & beverages, laundry, cosmetics, and others. Increasing prevalence of diseases, swift industrialization, reducing operating costs of the companies, and growing investments are augmenting the industry outlook.
On the downside, fluctuating prices of raw material and stringent regulations related to the quality standards are likely to restrain the market progression over the forecast duration.
Based on source, worldwide proteases industry is segmented into plant, animal, and microbial. Speaking of application ambit, the marketplace is divided into food & beverages, soaps & detergent, livestock feed, pharmaceuticals, and others.
Geographically, Asia Pacific, Europe, North America, and Latin America are major contributors towards the overall industry valuation. Of these, Asia Pacific market is anticipated to bolster at a strong CAGR through 2027, owing to amplifying animal feed vertical, growing demand for processed food items, and broad range of applications of enzymes.
Speaking of competitive landscape, prominent players in global proteases industry space are Specialty Enzymes & Biotechnologies Co., Amano Enzyme Inc., Biocatalysts Ltd., Advanced Enzyme Technologies Ltd., Dyadic International Inc., Novozymes A/S, Koninklijke DSM N.V., Associated British Foods plc, E. I. Du Pont De Nemours & Co., and Chr Hansen Holding A/S.