Companies operating in the global industrial enzymes market are experimenting with various strategies to buoy growth. Amidst a highly competitive environment, the market players are investing in product innovations as a part of their expansion strategy. Besides this, they are aiming at penetrating into untapped regional markets to gain increased traction. According to Transparency Market Research (TMR), key players operating in the global industrial enzymes market include Chr. Hansen, Novozymes A/S, Codexis Inc., Novus International Inc., Associated British Foods (ABF) plc., AB Enzymes GmbH, E.I.du Pont de Nemours and Company, Advanced Enzyme Technologies Ltd., and Koninklijke DSM N.V.
Several partnership deals have taken shape in the global industrial enzymes market in the last couple of years. In July 2017, Ginkgo Bioworks announced a new partnership with Swissaustral, which is renowned for developing novel enzymatic products. This partnership was in particular intended at designing strains of microorganisms to bolster production of industrial enzymes. Spurred by various strategies that market players adopt to strengthen foothold and other factors, the global industrial enzymes market is likely to show 8.8% CAGR between 2017 and 2025. By the end of the forecast period, the market is expected to reach US$12,844.4 mn, as against its value in 2016 that stood at US$6,067.4 mn.
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In terms of application, the food and beverages segment held dominance in 2016. Huge investments in this sector will ensure that its growth run remains steady through the upcoming years. Regionally, North America held the leading share in the global industrial enzymes market in 2016. However, during the forecast period, Asia Pacific is projected to exhibit the strongest CAGR backed by the rising demand from China.
Rising Demand from Food and Beverages Industry to Boost Growth
Among the various factors supporting growth, the rising demand from the food and beverages industry has emerged as a key driver. Besides this, the global industrial enzymes market will significantly benefit from the rising disposable income and changing lifestyle of people across the globe. Also the market is likely to gain traction in response to government initiatives aimed at encouraging the use of biofuels. In addition, recent advancements in biotechnology, particularly in protein engineering, will enable the market exhibit strong growth. Considering that food and beverages and pharmaceutical industries make key end users, spike in investment witnessed in these countries will in turn fuel prospects for the industrial enzymes application.
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Concerns Linked to Consumer Perception Pose Threat to Market
Among factors that are adversely impacting the global industrial enzymes market, concerns liked to consumer perception has emerged as a key threat. Existing concerns with regards to the safety of using enzymes still haunt the market players. This does not bear good news for the market. In addition, research and development involving digestive enzymes may incur huge expense, which often deters players from making further investments. This is regarded as a key bottleneck, inhibiting the launch of novel products. In addition, fluctuation in industrial production, various regulatory restrictions, inadequate knowledge about patent protection laws, and concerns pertaining to the product safety and efficacy are a few obstacles that pose threat to the global industrial enzymes market.
Nonetheless, the market is likely to benefit from developments in protein engineering and biotechnology. These developments will provide the market a platform to experiment on producing new enzymes with improved properties. Such experiments will fuel prospects for technical applications of industrial enzymes in textile, biofuel, pharmaceutical, detergent, and other sectors, thus fuelling prospects for the market's growth in the forthcoming years.
This review is based on a TMR report, titled "Industrial Enzymes Market (Type - Carbohydrases, Proteases, Polymerases & Nucleases, Lipase, and Phytase; Application - Food and Beverages, Personal and Household Care, Animal Feeds, and Bio-energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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The report segments the global industrial enzymes market as:
Industrial Enzymes Market: Type Analysis
- Polymerases & Nucleases
Industrial Enzymes Market: Application Analysis
- Foods & Beverages
- Personal & household care
- Animal feeds
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