The North America Industrial Enzymes Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030).
Industrial enzymes like proteases are used in the environmental and waste management industries, especially for the bioremediation of waste streams that are high in protein. Organic products, including food waste, animal waste, and agricultural residues, benefit from their breakdown and disintegration. The increased focus on sustainable and environmentally friendly waste treatment solutions drives the need for proteases in environmental and waste management applications.
The need for industrial enzymes is anticipated to rise along with the regional demand for bread goods and fruit juices. The top three markets for US baked products exports in 2022, with total values of 2.61 billion, 416.81 million, and 89.61 million correspondingly, were Canada and Mexico according to the USDA Foreign Agricultural Service. Consequently, it is projected that this element will support industrial growth.
Due to its dominance in producing beverages and biofuels, the US has a greater demand for industrial enzymes. According to the USDA Foreign Agricultural Services, the total export value of biofuels in America in 2022 was $5.26 Billion. Additionally, the expansion of the industrial enzyme market is probably due to the rising demand for craft beer. Therefore, all of the aforementioned elements are propelling the regional market's growth.
The US market dominated the North America Industrial Enzymes Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,770.6 million by 2030. The Canada market is showcasing a CAGR of 7.8% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 6.9% during (2023 - 2030).
Based on Application, the market is segmented into Food & Beverages, Detergents, Animal Feed, Biofuels, Textiles, Pulp & Paper, Personal Care & Cosmetics, Wastewater, Agriculture, and Others. Based on Source, the market is segmented into Microorganisms, Plants, and Animals. Based on Product, the market is segmented into Carbohydrase, Proteases, Lipases, Polymerases & Nucleases, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Industrial Enzymes Market is Projected to reach USD 11.2 Billion by 2030, at a CAGR of 6.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Novozymes A/S (Novo Holdings A/S), DuPont de Nemours, Inc., Koninklijke DSM N.V., Chr. Hansen Holding A/S, Creative Enzymes, BASF SE, Kerry Group PLC, Associated British Foods PLC (Wittington Investments Limited), Amano Enzyme, Inc., and Megazyme Ltd. (Neogen Corporation)
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