Enzyme market in US to reach $ 2.2 bn in 2019
An increasing focus on sustainability by many companies will continue to support enzyme demand in otherwise mature industries, says the new Freedonia report
BS B2B Bureau | Cleveland, USA June 8, 2015 Last Updated at 20:56 IST
Rising awareness about sustainability among companies and improved productivity are driving the demand of enzymes in the US to reach $2.2 billion in 2019 – a 3 percent annual growth, according to the new report of Freedonia Group Inc, a market research firm.
Healthcare reform and efforts to combat rising healthcare costs will lead to changes in the medical and pharmaceutical industries that in turn will result in strong gains in enzymes used in the research and biotechnology, in vitro diagnostics, and biocatalyst markets. In more mature industrial markets, efforts to reduce energy and water use will continue to have a positive impact onenzyme demand.
Strong growth in research and biotechnology enzyme demand will result from pharmaceutical companies looking to improve production processes by using biocatalysts and investing in the development of new biopharmaceuticals. “Increased diagnostic testing and genome sequencing in support of a personalised medicine approach, along with greater testing due to more insured people undergoing routine medical care and the generally increased medical care required by an aging population, will further drive enzyme demand,” said Christine O’Keefe, analyst, Freedonia.
An increasing focus on sustainability by many companies will continue to support enzyme demand in otherwise mature industries such as food and beverage processing and pulp and paper production. Sustainability and personal environmental impact are becoming increasingly important to consumers as well. “The growing popularity of high efficiency washing machines and the increasing use of cold water washes will require laundry detergents formulated with more expensive enzymes. Consumers are more frequently looking for foods with ‘clean labels’, that is, those that do not have chemical additives, benefiting enzymes that can replace these chemicals in food processing,” said Freedonia in a press release.
While the biofuels market was the primary driver of increases in US enzyme demand between 2004 and 2014, growth going forward will be limited, restrained by conflicting government policies, reluctance by vehicle manufacturers to incorporate higher levels of bioethanol into the gasoline supply, and changing consumer driving habits and attitudes toward biofuels.
Healthcare reform and efforts to combat rising healthcare costs will lead to changes in the medical and pharmaceutical industries that in turn will result in strong gains in enzymes used in the research and biotechnology, in vitro diagnostics, and biocatalyst markets. In more mature industrial markets, efforts to reduce energy and water use will continue to have a positive impact onenzyme demand.
Strong growth in research and biotechnology enzyme demand will result from pharmaceutical companies looking to improve production processes by using biocatalysts and investing in the development of new biopharmaceuticals. “Increased diagnostic testing and genome sequencing in support of a personalised medicine approach, along with greater testing due to more insured people undergoing routine medical care and the generally increased medical care required by an aging population, will further drive enzyme demand,” said Christine O’Keefe, analyst, Freedonia.
An increasing focus on sustainability by many companies will continue to support enzyme demand in otherwise mature industries such as food and beverage processing and pulp and paper production. Sustainability and personal environmental impact are becoming increasingly important to consumers as well. “The growing popularity of high efficiency washing machines and the increasing use of cold water washes will require laundry detergents formulated with more expensive enzymes. Consumers are more frequently looking for foods with ‘clean labels’, that is, those that do not have chemical additives, benefiting enzymes that can replace these chemicals in food processing,” said Freedonia in a press release.
While the biofuels market was the primary driver of increases in US enzyme demand between 2004 and 2014, growth going forward will be limited, restrained by conflicting government policies, reluctance by vehicle manufacturers to incorporate higher levels of bioethanol into the gasoline supply, and changing consumer driving habits and attitudes toward biofuels.
http://www.business-standard.com/content/b2b-chemicals/enzyme-market-in-us-to-reach-2-2-bn-in-2019-115060801174_1.html
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