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Carbohydrases Market Size, Share & Growth Forecast 2024-2033 | Key Players & Analysis
Carbohydrases Market Size
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According to The Business Research Company's, The carbohydrases market size hasgrown strongly in recent years. It will grow from $3.30 billion in 2023 to $3.60 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increased demand for processed and convenience foods, high awareness of health and nutrition, rise in consumer preference for enzyme-enhanced products, high demand for functional foods, and the increased livestock industry.
The carbohydrases market size is expected to see strong growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to the growing population, rising prevalence of lactose intolerance, growing demand for animal feed, rising food and beverage industry, and growth of the brewing industry. Major trends in the forecast period include the development of medications and treatments, clean labels and natural products, innovations in enzyme technology, adoption in biofuel production, screening and computational biology in enzyme development, innovation in biofuels, advancements in industrial biotechnology, and agricultural developments.
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Market Drivers and Trends:
The expanding food and beverage industry is expected to propel the growth of the carbohydrases market going forward. The food and beverage industry encompasses businesses involved in producing, processing, distributing, and selling edible goods and drinks for consumption. The expansion of the food and beverage industry is due to growing consumer demand for diverse and convenient food options, driving innovation and investment in production, distribution, and marketing. The food and beverage industry utilizes carbohydrates as essential ingredients for texture, flavor, and energy in various products, including bread, pasta, beverages, and confectionery items. For instance, in October 2023, according to the Agriculture and Agri-Food Canada (AAFC), a department of the Government of Canada responsible for the federal regulation of agriculture, with sales of manufactured goods valued at $156.5 billion in 2022, the food and beverage processing sector was Canada's largest manufacturing sector in terms of production value. Further, in 2022, processed food and beverage exports reached a record $54.3 billion, a 14.1% rise from 2021. Therefore, expanding the food and beverage industry is driving the carbohydrases market.
Major companies operating in the carbohydrases market are focused on developing innovative products, such as enzymatic digestibility enhancers, to improve the digestion and absorption of carbohydrates in animal feed. An enzymatic digestibility enhancer is a feed additive designed to enhance the digestion and absorption of carbohydrates in animal feed. These products are used in livestock nutrition to break down complex carbohydrates into more straightforward, more absorbable sugars, thereby enhancing feed utilization efficiency and supporting better animal growth and health. For instance, in September 2023, Huvepharma, a Bulgaria-based pharmaceutical company, launched Huvezym neXo, an enzymatic complex designed to enhance digestibility in monogastric species such as poultry and pigs. It is a combination of enzymes, including xylanase, cellulase, and xyloglucanase, which work together to break down complex fiber structures in the animal's diet, leading to improved animal performance and health. It typically contains a blend of carbohydrases and other enzymes that help break down complex carbohydrates in animal feed, enhancing nutrient absorption and improving overall animal health and growth performance.
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Major Key Players of the Market:
Archer Daniels Midland Company, BASF SE, International Flavors & Fragrances Inc., Royal DSM N.V., Kerry Group plc, Novozymes A/S, Biocon, Chr. Hansen Holding A/S, Genencor International Inc., BBI Solutions, Advanced Enzyme Technologies, AB Enzymes, Specialty Enzymes & Probiotics, Biocatalysts Ltd., Amano Enzyme Inc., Tex Biosciences (P) Ltd., Aumgene Biosciences, Antozyme Biotech Pvt Ltd., Megazyme Ltd., Enzyme Development Corporation, Aumenzymes, BRISK Bioscience, Creative Enzymes, SUNSON Industry Group Co. Ltd., VTR BIOTECH PTY LIMITED
Carbohydrases Market 2024 Key Insights:
• The carbohydrases market size is expected to see strong growth in the next few years. It will grow to $5.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Growth In Food And Beverage Industry Drives Carbohydrases Market Expansion
• Innovative Solutions In Carbohydrase Market Enhancing Digestion Efficiency And Nutritional Profiles
• North America was the largest region in the carbohydrases market in 2023
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