WELLESLEY, Mass.--(Business Wire)--According to a new technical market research report, Enzymes for Industrial Applications (BIO030E) from BCC Research (www.bccresearch.com), the global market for industrial enzymes will be worth $2.3 billion in 2007. This is expected to increase to over $2.7 billion by 2012, a compound average annual growth rate (CAGR) of 4%.
The market is broken down into applications of technical, food and animal feed enzymes. Of these, technical enzymes have over 50% of the market. Valued at nearly $1.1 billion in 2007, this segment is expected to be worth $1.4 billion by 2012, a CAGR of 3.5%.
The second largest segment, food enzymes, was worth an estimated $830 million in 2007 and will reach $1.0 billion by 2012. This represents a CAGR of 4%.
The animal feed enzyme segment is currently worth $280 million and will be worth $375 million in 2012, a CAGR of 4%. The higher growth in this sector will be helped in part by the increased use of phytase enzymes to fight phosphate pollution.
With environmental and cost issues in conventional chemical processes being subjected to considerable scrutiny, biotechnology is gaining rapid ground as it offers several advantages over conventional technologies. Industrial enzymes represent the heart of biotechnology.
The field of industrial enzymes is now experiencing major research and development initiatives, resulting in the development of a number of new products and an improvement in the process and performance of several existing products.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research (www.bccresearch.com), 40 Washington Street, Suite 110, Wellesley, MA; Telephone: 866-285-7215, email@example.com as the source and publisher, along with report number, which can be found immediately after the report title. Thank you.
|GLOBAL ENZYMES MARKETS BASED ON APPLICATION
|Applications Sector||2005||2006||2007||2012||CAGR% (2007-2012)|
|Animal Feed Enzymes||240||260||280||375||6.0|
|Source: BCC Research|
|Target Date: December 2007|
Dawn Peters, 781-489-7301 x603