Global Enzymes Market to Reach a Valuation Of ~Us$ 12.2 Bn by 2027
The global enzymes market was valued at approximately ~US$ 6.4 Bn in 2018 and is anticipated to expand at a CAGR of more than 7% from 2019 to 2027
Rise in demand for enzymes for use in the food & beverages processing application is driving the global enzymes market. North America accounted for a major share of the global enzymes market in 2018.
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In terms of demand, the U.S. held a dominant share of the North America enzymes market in 2018. The enzymes market in North America is expected to expand at a CAGR of ~7% during the forecast period.
Key Drivers of Global Enzymes Market
Innovation in the field of specialty and technical enzymes is projected to replace polluting chemical processes and provide environmental sustainability
Properties of enzymes, such as excellent ability of enzymes to function at different pH levels and accelerating rate of reaction have led to their increased demand in food & beverages processing and animal feed applications
Rise in competition among beer producers for improving the quality and flavor of alcoholic beverages is likely to drive the beverages industry to manufacture new beers with improved flavors. This, in turn, would increase the demand for high purity grade of enzymes, thus boosting the market for enzymes.
Global electricity is produced by burning fossil fuels such as coal, oil, and gas. These fuels release billions of tons of carbon dioxide and hence, lead to climate change. In order to reduce reliance on fossil-based fuels, governments of various countries are adopting renewable energy sources such as wind energy, solar energy, biofuels, etc.
Enzymes, such as carbohydrases are used in the fermentation process of cellulose into glucose in order to manufacture biofuels. This is projected to drive the demand for enzymes in the near future.
Technical Grade to Dominate Global Enzymes Market
Among grades, the technical grade segment held a major share of the enzymes market in 2018. Technical grade enzymes include carbohydrases, proteases, lipases, phytases, etc. The ability of technical enzymes to operate at mild conditions and their low cost are expected to drive the demand for these enzymes from a wide range of industries, including chemical production, biofuels, food & beverages, and personal care & household products.
Rise in demand for enzymes for its use in synthesis of intermediates, which are further used in the manufacturing of active pharmaceutical & diagnostic ingredients (APIs), is projected to propel the demand for specialty enzymes in pharmaceutical & diagnostics
North America Dominated Global Enzymes Market
In terms of revenue, North America led the global enzymes market in 2018. Rising regulations on decreasing carbon emissions has compelled government bodies across the region to find alternative fuels. Moreover, latest advancements in production technologies and production processes have the potential to make biofuel manufacturing economical. This, in turn, has led to the growth of the bioenergy sector in the region. Ability of enzymes to increase the rate of conversion of cellulose into glucose and further glucose to create ethanol is expected to boost the market for enzymes across the region.
The enzymes market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in population and middle class income has led to increased consumption of ready-to-eat food products, such as bakery and dairy products. This, in turn, is expected to increase the production of these food products across Asia Pacific in the near future. All these factors are likely to drive the demand for enzymes for use in improving food production as well as food quality, including flavor, aroma, color, texture, appearance, and nutritive value in the region during the forecast period.
China is a major consumer of food & beverages across the Asia Pacific region. The country accounted for a prominent share of the Asia Pacific enzymes market in 2018, owing to a high rate of adoption of enzymes such as carbohydrases, proteases, and lipases in food & beverages processing applications.
Prominent players, such as Novozymes A/S are focused on expanding their production facilities in Asia Pacific to cater to the rising demand for enzymes in various applications in the region. For instance, in November 2016, Novozymes A/S announced its plans to construct a manufacturing facility and a supply chain facility near Mumbai, India.
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Prominent Players in Global Enzymes Market
Prominent players operating in the global enzymes market are BASF SE, Novozymes A/S, DowDuPont Inc., AB Enzymes GmbH, Biocatalysts Ltd, Chr., Hansen Holding A/S, Koninklijke DSM N.V., and F. Hoffmann-La Roche Ltd., Advanced Enzyme Technologies Limited, Asahi Kasei Corporation, CapriEnzymes, Maps Enzymes Ltd., SUNSON INDUSTRY GROUP CO., LTD., Tex Biosciences, LUMIS BIOTECH PVT LTD., Nature BioScience Pvt. LTD., Shanghai Shingenzyme Biochemical Industry Co., Ltd., and Zaozhuang Jienuo Enzyme Co., Ltd etc.
The global enzymes market is highly competitive in nature. These companies are focusing on increasing research and development activities, and enhancing the quality of their products.
Producers of enzymes are focusing on continuous development of their existing product portfolio. Additionally, manufacturers are also expanding the use of their technology for the development of new concepts for new applications.
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