Newark, NJ, Feb. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global proteases market is expected to grow from USD 2.12 billion in 2020 to USD 3.35 billion by 2028, at a CAGR of 5.9% during the forecast period 2021-2028.
Protease enzymes are crucial for the development of many FMCG products and helps to improve the digestibility of some foods and reduce the production costs of food products. Proteases are widely used in food applications such as bakery, they are added to improve the development of gluten and are often used in the dairy where it helps in milk coagulation; these are the factors that will boost the global proteases market.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the proteases market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Moreover, government regulations on the use of proteases, the lack of transparency found in patent protection laws, the scarcity of effective storage facilities, the absence of consumer awareness regarding proteases and their high costs are all factors that create obstacles in the market growth.
The rising demand for meat, alcoholic drinks and dairy products has driven the global market for proteases. The incorporation of protease in beer thus helps to improve its clarication and malting, thereby fuelling its demand in the market for alcoholic beverages. The non-food use of proteases in the pharmaceuticals and detergents sector, has also strengthened its market presence. The multiple uses of proteases in different industries are the main reason for the growth of this market. Because of its non-pathogenic and non-toxic characteristics, its eco-friendly nature is an added advantage that leads to market growth. However, regulations imposed by governmental bodies can restrict the market growth.
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Key players operating in the global proteases market include E.I. du Pont de Nemours and Company, Koninklijke DSM N.V., Novozymes A/S, Dyadic International Incorporated and Biocatalysts Limited, among others. To gain a significant market share in the global Proteases market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in October 2016, BASF launched a new product line of protease enzymes called Lavergy. The new Lavergy protease would set standards in liquid detergent. The new liquid detergents based on enzymes helped BASF to enter into a new product range. This enzyme-based detergent is useful in the industrial and institutional cleaning industries and home care.
The microbial segment dominated the market and held the largest market share of 38.5% in the year 2020
On the basis of source, the global market has been segmented into animal, plant, microbial. The microbial segment dominated the market and held the largest market share of 38.5% in the year 2020 because of the rising demand of producers as it is commercially viable and helps to improve yields, and the inability of plant and animal sources to satisfy the global demand for proteases.
The lyophilized powder segment held the largest market share of around 64.6% in 2020
Based on formulation, the proteases market has been divided into lyophilized powder, liquid. The lyophilized powder segment held the largest market share of around 64.6% in 2020 because of its functional properties as it increases the shelf life of the product and also because of the development & advancement of technology such as encapsulation
The soap & detergent segment held the largest market value of around 0.71 billion in 2020
The application segment includes food & beverages, soap & detergent industry, feed, pharmaceuticals, others. The soap & detergent segment held the largest market value of around 0.71 billion in 2020 as the protease enzyme is also used as an ingredient in detergents as a stain remover. The use of protease enzyme has replaced the chemicals that are used in detergents.
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Regional Segment Analysis of the Proteases Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global Proteases market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region is anticipated to grow at the highest CAGR of around 6.1% during the forecast period 2021-2028. Rising per-capita disposable income along with rapid urbanization will drive the growth of the industry. Rising demand for soap & detergent and pharmaceutical application can fuel the growth size of the APAC protease market. On the other hand, the North America region accounted for the major market share of 30.2% in the year 2020 and is anticipated to grow throughout the projected period due to the presence of several developed industries in the region.
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About the report:
The global proteases market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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