Enzymes Market Expected to Reach $10,519 million, Globally, by 2024 with Novus International, AB Enzymes GmbH,F. Hoffmann-La Roche Ltd.,Puratos Group, BBI Enzymes Ltd.

According to a new report published by Allied Market Research, titled, Enzymes Market, by Type, Source, Reaction Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024," the global enzymes market was valued at $7,082 million in 2017, and is projected to reach $10,519 million in 2024, registering a CAGR of 5.7% from 2018 to 2024.

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Enzymes are biocatalysts, which accelerate various biochemical reactions. In the current scenario, enzymes serve as useful biocatalysts for several industrial processes and chemical reactions Moreover, they play an important role in chemical engineering, food technology, and agriculture. The utilization of enzymes minimizes the cost, reduces the time of manufacturing process, and provides better substrate quality for reaction.

Enzymes are widely used in detergents industry to facilitate the removal of stains from clothes. In addition, they are employed in food and beverages industry in wide range of processes such as baking and brewing. In the pharmaceutical industry, enzymes are used for drug formulation. Moreover, enzyme-based drugs are used for the treatment of chronic conditions such as cancer and AIDS. In addition, enzymes are widely utilized in the biotechnology industry for research in the field of molecular biology. They are used in genetic engineering techniques to cut, replicate, and attach the DNA strands as per requirement. Furthermore, enzymes play a major role in the diagnosis of diseases such as cancer, cardiovascular diseases, and lysosomal disorder.

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Key Findings of the Enzymes Market:

• The protease segment accounted for one-fourth share of the global enzymes market in 2017.

• The lyase segment is expected to grow at highest CAGR of 7.3% from 2018 to 2024.

• The animal source segment accounted for around one-fifth share of the global market in 2017.

• Europe accounted for around one-third share of the global market in 2017.
LAMEA is expected to provide lucrative market growth opportunities at a CAGR of 6.9% from 2018 to 2024

North America was the leading revenue contributor to the global enzymes market in 2017, and is expected to dominate the market during the forecast period. In North America, the U.S. leads the market, owing to increase in use of enzymes in pharmaceuticals and diagnostic applications. In addition, North American manufacturers are focusing on expanding the production capacity due to growing demands from the local market. Moreover, they are investing in new technologies to cater to the growing needs of the bioenergy industry. However, Asia-Pacific is expected to grow at the highest CAGR of 7.8% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards protein engineering techniques.

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