(EMAILWIRE.COM, February 04, 2020 ) The global brewing enzymes market is projected to reach USD 484.7 million by 2023, at a CAGR of 6.6% from 2018. The market, over the past few years, has been driven by the increase in demand from the beer and wine industry, the increasing popularity of craft breweries & specialty beers, and continuous R&D, resulting in product and process innovations.

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On the basis of type, the brewing enzymes market is segmented into amylase, beta-glucanase, protease, xylanase, and others which include alpha acetolactate-decarboxylase (ALDC), pectinase, hydrolase, beta-glucosidase, and amyloglucosidase. The beta-glucanase segment is projected to be the fastest-growing from 2018 to 2023. Beta-glucanase plays a major role in the brewing process by facilitating the breakdown of complex beta glucans molecules into smaller units located in the cell wall of the barley endosperm.

The major markets for brewing enzymes are Asia Pacific, Europe, and North America. The demand for brewing enzymes has been high in the Asia Pacific and African regions owing to the limited access to barley malt; hence, the use of enzymes is higher to convert non-malted sources of carbohydrates into fermentable sugars.

On the basis of application, the brewing enzymes market is segmented into beer and wine. The beer segment is projected to grow faster over the next five years. The growth can be attributed to the increase in production and consumption of beer across the globe. Further, changing lifestyles, along with an increase in the demand for craft beer among the youth population are the major factors driving the growth of the brewing industry, which facilitates the growth of the brewing enzymes market.

On the basis of source and form, the brewing enzymes market is segmented into microbial & plant and liquid & powder, respectively. The microbial source segment is expected to dominate the brewing enzymes market. The liquid form is widely used for the production of beer, and dominated the market.

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Regionally, Asia Pacific is estimated to dominate the global brewing enzymes market, owing to the large-scale beer production in this region, which, in turn, increases the demand for enzymes. According to the Kirin Beer University Report 2016, China ranks top in terms of production of beer. Other factors such as the growing population, increase in disposable income, changes in lifestyles—which increases the popularity of beer consumption among young consumers—and the rise in technological advancements drive the demand for the use of enzymes to produce craft beer in the Asia Pacific region. The market in Vietnam in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period, due to its growing economy, the popularity of beer among young consumers, and rise in disposable income in the country.

Key players such as Novozymes (Denmark), DSM (Netherlands), DowDuPont (US), Aumgene Biosciences (India), Biocatalysts (UK), Aumgene Biosciences (India), and Kerry Group (Ireland) adopted expansions & investments, new product launches, mergers & acquisitions, and partnerships & agreements with other players to strengthen their business, explore new & untapped markets, expand in local areas of emerging markets, and develop a new customer base for long-term client relationships.