The industrial enzymes market is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 8.7 billion by 2026, recording a CAGR of 6.5% during the forecast period. The demand for enzymes is increasing significantly, as they are used across various industrial applications and as substitutes for synthetic chemicals.
Key players in this market include BASF (Germany), Novozymes (Denmark), DuPont (US), DSM (Netherlands), Kerry Group (Ireland), Dyadic International (US), Advanced Enzymes (India), Chr. Hansen (Denmark), Amano Enzymes (Japan), Megazyme (Ireland), Aumgene Biosciences (India), Biocatalysts (UK), Enzyme Supplies (UK), Creative Enzymes (US), Enzyme Solutions (US), Enzymatic Deinking Technologies (US), Sunson Industry Group (China), MetGen (Finland), Denykem (UK), and Tex Biosciences (India).
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Novozymes (Denmark) is a major bio-innovation company providing biological solutions, which involves the application of enzymes and microbes. The company offers various products, which cater to industries, such as household care, food & beverage, bioenergy, agriculture & feed, and technical & pharma. Novozymes has been introducing new products for making its product portfolio diverse. In addition, the company is focused on expanding its global presence to prosper in the industrial enzymes market. Currently, it has been catering to all the major regions, such as North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. It focuses on innovation activities to identify new opportunities in the industrial enzymes market. For instance, in May 2019, Novozymes became the first multinational company to partner with Alibaba’s 1688 platform in industrial biotechnology in China. This would boost the usage of enzymes among small- & medium-sized enterprises in China.
BASF (Germany) is a global chemical manufacturing company and specializes in catering to segments, such as chemicals, performance products, functional materials & solutions, and agricultural solutions. Along with this, the company has been investing mainly in biotechnology and large-scale production of enzymes. The strategies adopted by BASF to be a market leader in the industrial enzymes market include collaborations and expansions. In addition, to make its product portfolio diverse, the company has been focusing on launching new products and expansions. BASF has three global research divisions, which are operated from Europe, Asia Pacific, and North America. For instance, BASF had set up its enzyme-based production plant for biocatalyzed acrylamide in Nanjing, China. This was the first biocatalyzed acrylamide (BioACM) plant in Asia Pacific. This would cater to the demand for industrial enzymes in the Asia Pacific region.