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The marine enzymes market size is estimated to grow at a CAGR of 6.43% between 2023 and 2028. The market size is forecast to increase by USD 54.62 million. The growth of the market depends on several factors such as the growing demand for food enzymes, the increased production of biofuel, and the increasing demand for cosmetics and personal care products.
This marine enzymes market report extensively covers market segmentation by application (food and beverages, medicine, nutraceutical, cosmetics, and others), type (proteases, xylanases, pectinase, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the marine enzymes market growth is the growing demand for food enzymes. The shelf-life of food is increased by the extraction of food enzymes from microorganisms using advanced technologies and impart anti-stale, digestive, and softening properties to food products. In addition, enzymes such as proteases, lipases, and carbohydrates are commonly used in meat products; bakery, dairy, and frozen food products; and others to keep the nutritional content intact due to the complexities in the global food supply chain.
Moreover, the demand for processed and packaged food products is fuelled by the necessity to provide food security and safety. In addition, the global marine enzymes market is witnessing growth due to the growing awareness of consumers regarding the health and nutritional benefits of food enzymes. As a result, it led to the increased adoption of food enzymes across numerous food applications, including frozen food manufacturing industries and packaged food units. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the marine enzyme market growth is the use of marine enzymes and microorganisms for bioethanol production. The demand for ethanol is significantly impacted by the rising use of ethanol either as a chemical feedstock, an octane enhancer, or as a petrol additive. In addition, the use of sugar or starch to produce ethanol has a negative impact on the economics of the process, consequently making the ethanol-based production process more expensive than that of fossil fuels.
As a result, the focus on technological development to produce ethanol has shifted toward the use of residual lignocellulosic materials to reduce production costs. In addition, marine algae have gained attention to replace the lignocellulosic feedstock for the production of bioethanol in recent years. Furthermore, marine microorganisms create cold-active enzymes for the hydrolysis of cellulose, starch, and algal polysaccharides, which can be used in bioethanol processes. Hence, such factors are driving the market growth during the forecast period.
Various regulatory constraints associated with the use of enzymes are one of the key challenges hindering the marine enzyme market growth. In the US, it is essential for enzymes to be accredited as generally regarded as safe (GRAS) by the Food and Drug Administration (FDA) to be used as a food ingredient. In addition, the Food, Drug, and Cosmetic (FDC) Act mandates the approval of food additives prior to marketing.
Moreover, GRAS substances are not subjected to the approval of the FDA prior to marketing. In addition, the extent of toxicological testing of food additives depends on the assignment of a concerning level on the structural features and on the estimation of exposure. Furthermore, to evaluate the safety of an enzyme, the FDA compares the enzymes that require being assessed with the enzymes that are already approved or with those that have been safely consumed as a part of the diet throughout human history. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Marine Enzymes Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Air Liquide SA: The company offers marine enzymes that activate ingredients by biotechmarine under the brand SEPPIC.
The research report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The food and beverages segment is estimated to witness significant growth during the forecast period. Several kinds of enzymes are being innovated from microbes isolated from extreme marine environments, such as lipases, proteases, and carbohydrates, which are used for various applications in the food and beverage industry. In addition, carbohydrases include alpha- and beta-amylases, glucoamylases, cellulases, lactases, hemicellulases (including xylanases and others), glucose isomerases, pectinases, and other enzymes that could break down carbohydrates, such as cornstarch, into simpler units.
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The food and beverages segment was the largest segment and was valued at USD 32.32 million in 2018. Moreover, the demand for carbohydrates is witnessing a continuous increase due to the rising consumption of amylase, alpha-galactosidase, and other enzymes in the brewery and dairy industries. In addition, carbohydrates are the primary enzymes that are used in the starch and ethanol processing industries, particularly amylase, which is extensively used in the production of starch-based sweeteners and ethanol. Furthermore, protease is primarily used in baking, brewing, and dairy applications to aid in the digestion and metabolism of complex proteins. In addition, this class of enzyme is extensively used to reduce viscosity in brewing applications and aid in the cleaning of membrane filters in fruit juice processing. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main countries in North America that is contributing to the market growth in North America is the US due to the growth in the pharmaceutical and diagnostics segment is boosting the use of marine enzymes in this region. Moreover, the growing awareness regarding the applications of enzymes and rising health consciousness among consumers are fuelling the growth in the demand for enzyme-fortified consumer products.
Furthermore, the market growth in North America is fuelled by the increasing consumption of proteases and lipases in the US. In addition, extensive investments have been made by public and private players in research and development (R&D) to develop advanced products to maximize market share by introducing new and improved products to meet the requirements of consumers. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global marine enzymes market witnessed a significant slowdown due to the shutdown of different manufacturing industries, including enzyme production facilities in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in enzyme production units. Such factors are expected to drive the market during the forecast period
The marine enzymes market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Marine Enzymes Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.43% |
Market Growth 2024-2028 |
USD 54.62 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.95 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, Canada, China, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Enzyme Technologies Ltd., Air Liquide SA, Antozyme Biotech Pvt. Ltd., ArcticZymes Technologies ASA, BASF SE, BioLume Inc., Creative Enzymes, Dash Corp., Enzymatica AB, Enzyme Supplies Ltd., Kemin Industries Inc., Koninklijke DSM NV, Lallemand Inc., Nagase and Co. Ltd., Novo Nordisk AS, Novozymes AS, and Revelations Biotech Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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