Tuesday, 13 September 2022 11:03 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / September 13, 2022 / Transparency Market Research Inc. - The last decade has witnessed an increase in the health-conscious population, which has increased the demand for healthy food products among consumers. Apart from food products, some of the other end-use industries that have utilized enzymes include textiles, pharmaceuticals, animal feed, and personal care.
The global enzymes market is anticipated to expand at CAGR of 7.6% during the forecast period between 2022 and 2031.
Enzymes have been deployed in the manufacturing process of these products since they have proven beneficial in protein breakdown. New enzyme launches are helping prominent market players create revenue streams and gain a competitive edge over other players.
Leading market player DowDuPont Inc., in May 2019, launched a new enzyme that has been used to clean different medical instrument products. Well-established market players are making huge investments in research and development activities in a bid to produce enzymes that offer stronger catalytic activity during manufacturing processes in different end-use industries.
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Key Findings of Enzymes Market Study
- Rising Product Demand in Biomass Fermentation Augmenting Growth in Enzymes Market: Enzymes are increasingly deployed in fermentation of biomass, which is used in biofuel production. Biofuel is witnessing increased demand owing to its high sustainability and energy-efficiency features. Rising production of biofuel is increasing the demand for biomass which is catalyzing enzyme demand, thereby propelling overall enzymes market
- Rising Carbohydrases Demand in Food Production Units Triggering Growth in Overall Enzymes Market: Carbohydrases type of enzymes witnessed massive demand in 2021 and are projected to remain in high demand, during the forecast period, too. Carbohydrases have been used in food production units in the hydrolysis process of sucrose as well as in the manufacturing of fructose syrup. Increasing carbohydrases demand is augmenting the growth in global enzymes market
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Enzymes Market: Key Drivers
- Rising consumer demand for food and dairy products is a key growth driver of global enzymes market
- Rising enzymes demand in drug development process in biotechnology industry is propelling overall market
- Increasing need to accelerate chemical reactions in a bid to obtain improved end-products is catalyzing demand and augmenting the growth in enzymes market
Enzymes Market: Regional Market Insights
- North America emerged as the most lucrative market in 2021. Rising enzymes demand in production of dairy products and presence of numerous prominent players in countries such as the U.S. and Canada have helped North America emerge as the dominant region in global market
- Asia Pacific is projected to account for a large share in overall market during the forecast period. Factors such as rising enzymes demand in manufacturing of bakery products and increased demand for alcohol enzymes in countries such as India and China are expected to play key roles in market growth. Furthermore, manufacturers in Asia Pacific countries are expanding their output capacities for food enzymes in a bid to meet the requirements of consumers in these countries
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Enzymes Market: Key Players
Presence of fewer prominent players has ensured that the competition landscape in global enzymes market is consolidated. Entry of new players, however, could intensify the competition in global enzymes market during the forecast period.
Growth strategies such as signing collaborative agreements with smaller players are helping leading enzymes market players in expanding their market presence and increasing their revenue shares.
Some of the leading players in global market include Novozymes A/S, BASF SE., AB Enzymes GmbH, Biocatalysts Ltd., and Asahi Kasei Corporation.
The global enzymes market is segmented as follows:
By Grade
- Technical Grade
- Specialty Grade
By Type
- Carbohydrases
- Proteases
- Polymerases & Nucleases
- Lipases
- Phytases
- Others
By Application
- Food & Beverages Processing
- Dairy Products
- Bakery Products
- Personal & Household Care
- Animal Feed
- Bioenergy
- Pharmaceutical & Diagnostic
- Textiles
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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