- Widespread utilization of enzymes in food & beverage processing and manufacture of personal care products and pharmaceuticals propelling revenue prospects of enzymes market; commercialization of carbohydrases and agricultural enzymes pivot enormous profitable avenues
- Growing application of enzymes in food production offering incremental avenues particularly in Europe and Asia Pacific
ALBANY, N.Y., May 20, 2022 /PRNewswire/ -- Diverse range of applications of enzymes increasingly in food & dairy products, personal & household care products, animal feed, textile, and pharmaceutical have steadily propelled revenue generation for manufacturers in the enzymes market. Ongoing R&D on improving the characteristics of enzymes have led to prevention of reverse functionalities, thus extending horizon for players in the enzymes market. The enzymes market valuation is projected to surpass US$ 16.3 Bn by 2031.
Extensive use of enzymes in several fermentation procedures have spurred profitable opportunities for companies in the enzymes market. Players vying for a competitive edge are expanding research activities to develop biofuel enzymes, finds enzymes market demand analysis. The bioenergy sector is expected to create incremental avenues, notes the TMR study.
Rising utilization of carbohydrases in animal feed and rise in demand for agricultural enzymes will likely enrich future market outlook for enzymes. The products in the enzymes market have been variously used for bolstering crop yield, supporting food protection, and improving soil fertility. Growing research on formulating regenerative medicine in the biopharmaceutical industry has expanded the canvas for players in the enzymes market.
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Key Findings of Enzymes Market Study
- Versatile Applications Pivot Massive Revenue Opportunities: Myriad applications of enzymes in industrial processes stem from several salient properties of these in controlling the rates of reactions. The food & dairy products, personal care products, animal feed, textile, and pharmaceutical are leveraging these characteristics in order to control the rate of chemical processes in various stages, thus fueling the enzymes market growth.
- Extensive Demand in Food & Beverage Processing to Expand Profitable Avenues: The TMR study has found enzymes find enormous uptake in the food & beverages industry has spurred growth of the enzymes market. The revenue possibilities are being fueled by increasing emphasis on expansion of product portfolio as well as augmenting the production capacity. Food enzyme-producing companies are expected to tap into the latent potential. Rise in demand for the product in alcohol enzymes is expanding the revenue potential in the enzymes market.
- Technical Enzymes Offer Value-grab Opportunities; Carbohydrases Account for Leading Share: An assortment of industrial enzymes have been commercialized in baking, detergents, and yeast processing applications. On the other hand, technical enzymes have attracted the attention of biopharmaceuticals industry. This is a key trend offering value-grab opportunities. Rise in demand for carbohydrases in the hydrolysis of sucrose, production of fructose syrup, and lactose hydrolysis in milk is fueling the prospects. Carbohydrase accounted for largest revenue share in enzymes market in 2020.
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Enzymes Market: Key Drivers
- Need for promoting environmentally friendly production processes in numerous has been a key underpinning for the commercialization of products in enzymes market. Enzymes are being viewed as an essential ingredient in the sustainable production of textile and pulp & paper.
- Strides being made in bioenergy industry have opened up new frontiers in the use of enzymes in the production of biofuels. A spate of intense research studies have been conducted to tap into the revenue potential, and will boost future market outlook for enzymes.
Enzymes Market: Regional Growth Dynamics
- Currently, Europe and Asia Pacific jointly accounted for a major share of the global enzymes market. Asia Pacific held 27.8% share globally in 2021. Abundant utilization of products in the production of dairy and bakery products has bolstered lucrative opportunities in the Asia Pacific enzymes market.
- North America alone held a leading share of 38.4% of the global market in 2021. Massive consumption of enzymes in various applications has fueled the revenue growth of the North America enzymes market.
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Enzymes Market: Key Players
Some of the key players in the enzymes market are Specialty Enzymes & Probiotics, BioResource International, Inc., Asahi Kasei Corporation, Advanced Enzyme Technologies Limited, Koninklijke DSM N.V., Codexis, Biocatalysts Ltd., AB Enzymes GmbH, BASF SE, and Novozymes A/S.
Global Enzymes Market: Segmentation
Global Enzymes Market, by Grade
- Technical Grade
- Specialty Grade
Global Enzymes Market, by Type
- Polymerases & Nucleases
Global Enzymes Market, by Application
- Food & Beverages Processing
- Dairy Products
- Bakery Products
- Personal & Household Care
- Animal Feed
- Pharmaceutical & Diagnostic
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