PUBLISHER: Allied Market Research | PRODUCT CODE: 1139920
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139920
The global enzymes market was valued at $5,830.5 million in 2021, and is projected to reach $10,215.2 million by 2031, registering a CAGR of 6.0% from 2022 to 2031.
Enzymes act as a catalyst in several bio-chemical reactions. These enzymes are responsible for controlling or speeding up the reaction, thus, providing numerous advantages over conventional chemical processes with respect to process efficiency and sustainability. Thus, enzymes have gained an increased popularity in industrial applications. Enzyme catalysis has been scaled up for various commercial processes such as food & beverage industry, textiles, detergents, paper & pulp, waste management, leather processing, biofuel industry, pharmaceuticals & biotechnology industry, as well as agriculture. The demand for enzymes is all set to increase across all industry verticals owing to their highly efficient bio-catalysis, product selectivity, lower physiological, and environmental toxicity. Moreover, utilization of lesser energy (temperature) and overall time reduction in manufacturing process has resulted in significant cost reductions. Therefore, this is expected to amplify the adoption and use of enzymes globally.
Numerous factors are responsible for driving the growth of the global enzymes market during the analysis period. Biotechnological, pharmaceutical, and food & beverage as well as the biofuel industry are reaping the benefits offered by enzymes. The surge in demand for enzymes in pharmaceutical industry to synthesize intermediates in active pharmaceutical ingredient (API) production for effective medications is anticipated to boost the growth of the enzymes market.
Likewise, the ability of an enzyme to convert complex molecules to simpler molecules (starch to glucose) in food & beverage companies, removal of fats & oil stains in the detergent industry, bioethanol for biofuel production, and improved bleaching properties in paper & pulp industries are the factors anticipated to propel the demand for enzymes in the coming years. In addition, rise in prevalence of various chronic diseases such as digestive diseases & inflammation, and upsurge in demand for renewable energy sources such as biofuels are further supplement the market growth. Conversely, factors such as handling & safety issues associated with enzymes and higher sensitivity to temperature & pH are anticipated to hamper the market growth. On the contrary, increase in awareness about the application of enzymes in protein engineering technology and higher market potential in the untapped emerging economies are expected to provide lucrative growth opportunities for the market expansion.
Moreover, the COVID-19 crisis is anticipated to have a positive impact on the enzymes market. This is attributed to the increase in demand for enzymes in nutritional & immunity boosting products along with rise in consumer focus on household care and upsurge in in-house food consumption. However, the companies are presently fronting an obstruction due to intermittent supply chain activities and uncertain market conditions owing to trade restrictions and lockdowns. This negative impact is anticipated to be remunerated by surge in demand for enzymes in food & beverages and pharmaceutical industries. Thus, the overall impact is expected to remain positive for key market players in the industry owing to the increase in awareness about preventive health and dietary solutions & formulations that support immune health over the entire pandemic phase.
The enzymes market is segmented on the basis of type, source, reaction type, application, and region. By type, the market is fragmented into protease, carbohydrase, lipase, polymerase & nuclease, and others. On the basis of source, the global enzymes market is categorized into microorganisms, plants, and animals.
By reaction type, the global enzymes market is classified into hydrolases, oxidoreductase, transferase, lyase, and others. The applications covered in the study include food & beverages, household care, bioenergy, pharmaceutical & biotechnology, feed, and others.
By Source
By Reaction Type
By Application
By Type
By Region