The global enzymes market size was valued at USD 12.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2027. Enzymes are used in various industrial applications such as food & beverages, bioethanol, detergents, textiles & leather, paper & pulp, wastewater treatment, feed, others (which include starch processing, cosmetics & personal care products, and oilfield & fine chemicals). Enzymes are also used in various specialty applications such as pharmaceuticals, research & biotechnology, diagnostics, and biocatalysts.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46202020
The depletion of non-renewable resources has raised the need for and importance of manufacturing biofuels, which have a negligible impact on the environment. In countries with surplus agricultural capacity, ethanol produced from biomass can be used as a substitute, extender, or octane booster as alternatives for traditional motor fuels, such as gasoline, diesel, and kerosene. The increase in demand for biofuel has resulted in more usage of enzymes, such as amylases, lipases, cellulase, and proteases, which are used for the production of biofuel. Amylase enzymes are expected to be major contributors in the biofuel enzymes market due to their ability to sustain at a comprehensive range of temperatures and pH levels. The Asia Pacific countries are launching biofuel policies which are augmenting the growth of enzymes in biofuel applications. For instance, in 2018 India has introduced a biofuel policy which aims to have blending rates of 20% ethanol and 5% biodiesel by 2030 in the country.
New technical applications of enzymes are being developed to enhance the production processes. Numerous companies in the textile industry are incorporating the use of enzymes as an alternative to chemicals, to produce mild reactions that lead to clean and chemical-free garments. Gene modification in the existing enzyme has resulted in significant developments to enable enzymes to be functional under altering temperatures and pH levels. Companies are focusing on high investments in R&D and discovering new applications, such as pulp bleaching and bio-washing.
The food & beverage segment is expected to account for the largest share during the forecast period, Consumers from developed regions such as North America and Europe have been demanding higher-quality food & beverages with natural ingredients due to the increased health conscience. This is propelling the enzymes market players to launch effective products to cater to this consumer segment. Moreover, the use of enzymes in packaged juice processing has benefitted the juice manufacturers in maximizing the amount of juice removed from the fruit, thereby reducing waste, and controlling costs. Increasing demand for beverages, especially in the soft drinks segment, has augmented enzyme application in this sector. This coupled with the increased consumption of packaged juices has been an important factor in fueling this market.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=46202020
The Asia Pacific region is projected to witness the fastest growth rate of 7.85% during the forecast period. Asia Pacific is the leading region in terms of sugar production and is projected to expand its production share by 2027 (OECD-FAO Agricultural Outlook 2018–2027). Owing to the large production of sugar, enzymes are often used to hydrolyze starch so as to enhance the sugar production process and improve the overall performance. Furthermore, the use of enzymes in the biofuel industry is expected to grow at a higher rate owing to the increase in bioethanol production and its usage in fueling automobiles and electricity and government support. The enzymes market in China, is projected to grow at a higher rate as China has advanced in adapting various new technologies for biotechnology and pharmaceutical-based research & developments. The usage of enzymes in specialty applications has been augmenting in China due to its versatile nature utilized in cell replacements and therapeutic treatments for various medical disorders & diseases. Thus, the expanding production facilities in the region and advancements in adopting technologies for biotech and pharmaceutical industry is boosting the growth of the market in the region.
The key players in this market include Novozymes (Denmark), BASF (Germany), DuPont (US), DSM (Netherlands), Associated British Foods (UK), Merck (Germany), Chr. Hansen (Denmark), Kerry Group (Ireland), Roche Holding (Switzerland), Dyadic International (US), Codexis (US), Sanofi (France), Creative Enzymes (US), Advanced Enzymes Technologies (India), and Biocatalysts (UK).
FAQs of Enzymes Market:
Q1. What is the enzyme market growth?
The global enzymes market is expected to grow at a compound annual growth rate of 6.8% from 2022 to 2027 to reach USD 16.9 billion by 2027.
Q2. How big is the enzymes market?
The global enzymes market size was estimated at USD 12.1 billion in 2022 and is expected to reach USD 16.9 billion by 2027.
Q3. What are the major revenue pockets in the enzyme market currently?
The Asia Pacific region is projected to witness the fastest growth rate of 7.85% during the forecast period. Asia Pacific is the leading region in terms of sugar production and is projected to expand its production share by 2027.