The ability of enzymes to increase production is one of the major factors boosting the demand for industrial enzymes. Furthermore, the development of genetically modified enzymes has created lucrative opportunities for industrial enzymes manufacturers.
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Some of the key players in the global Industrial Enzymes Market are
The global Industrial Enzymes Market has been segmented based on type, application, source, and region.
Based on application, the global industrial enzymes market has been categorized as food & beverages, feed, detergents and cleaning, textiles, pharmaceuticals and nutraceuticals, and others. The food & beverages segment is further divided into dairy, bakery, brewery, and others. In 2018, the food & beverages segment accounted for the largest share in the market owing to the increasing application of enzymes in various food processing industries. However, the pharmaceuticals and nutraceuticals segment is expected to register the fastest growth rate during the forecast period.
Based on source, the global industrial enzymes market has been classified as plant, animal, and microorganisms. In 2018, the microorganisms segment accounted for the largest share in the market, while the animal segment is projected to register the fastest growth rate during the forecast period. The microorganisms are easily available, less expensive, and can provide a wide range of enzymes, thus gaining popularity among the industrial enzyme manufacturers.
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On the basis of region, the global industrial enzymes market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
Some of the strategies followed by the players operating in the market were product launches, acquisitions, mergers, and expansions.
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