According to a new report by Reports and Data, the Global Enzymes Market size was valued at USD 7.49 Billion in 2019 and is forecast to reach USD 11.63 Billion, delivering a CAGR of 5.5% through 2027. The market growth is driven by an extensive field of applications in food and animal feed, textiles, detergents, manufacturing industries, biotechnology R&D, leathers, pharmaceuticals, and others. Manufacturing process applications are the major revenue pocket for the enzymes industry as the product is largely used to reduce energy consumption, costs, and better substrate activity.
High demand for effective enzymes based pharmaceuticals will contribute significantly to the market share. Moreover, increased demand for renewable energy sources such as biofuels and wide applications of industrial enzymes in various industries will foster market size through 2027.
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Enzymes Market: Dynamics
The increasing popularity of industrial enzymes in protein engineering technology will be offering high market potential in emerging economies. Rapid urbanization, changing lifestyles, and rising health concern will provide major growth avenues for the industry. Technological advancement in automation is significantly improving production efficiency as well as equipment & machine costs. The initial investment in equipment for enzymes is generally quite high. However, advancement in automation will reduce the costs, offering major opportunities to the industry players.
Enzymes Market: Regional Outlook
In the regional landscape, North America has witnessed a surging demand for enzymes due to the increasing awareness of green technologies, improved production value, and higher productivity, resulting in the growth of research and development and the industrial sector. The Asia Pacific held a market share of around 21% in 2019 and is projected to garner a 24% share in the market by the end of the forecast period. The increasing scope of application of enzymes in the food and beverage and pharmaceutical industries is boosting the growth of the enzymes market in the Asia Pacific region.
In October 2017, China lifted the ban on frozen beef coming in from Australia, easing trade across the border, which impelled market demand further. Europe controlled around 25% of the market in 2019 and is expected to hold a market share of 26% by 2027, growing at a CAGR of 6.0% through the forecast years.
Major players in the Enzymes Market:
- Advanced Enzyme Technologies Ltd.
- AB Enzymes GmbH
- Amano Enzyme Inc., BASF SE (BASF Corporation)
- DowDuPont Inc.
- Codexis, Inc.
- Hoffmann-La Roche Ltd.
- Novozymes A/S
- Koninklijke DSM N.V.
- Thermo Fisher Scientific Inc. (Affymetrix, Inc.)
Impact of COVID-19 on Enzymes Market
The impact of the COVID-19 pandemic is expected to be high in the food ingredients sector. This sector accounts for a major share of the enzymes market. The market growth has significantly slowed down since the pandemic. However, after the COVID pandemic, there will be increased demand from emerging countries, which, in turn, will provide a good business opportunity for companies to invest in the coming years.
Regional analysis includes
- North America
- Latin America
- Asia Pacific
- Middle East & Africa (MEA)
- Detailed overview of the parent market
- Changing positive Enzymes market dynamics in the industry
- In-depth enzymes market segmentation
- Historical, present, and projected positive enzymes market size in terms of volume and value
- Recent positive market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on the enzymes market
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Enzymes Market: Segmentation
This report shows the revenue growth at global, regional, and country levels to provide an analysis of the market trends in each segment and sub-segment from 2017 to 2027. For this study, Reports and Data has segmented the Enzymes Market based on type, source, reaction type, formulation, application, and region.
Type Outlook (Revenue, USD Billion; 2017-2027)
- Polymerases and Nucleases
- Other Types
Source Outlook (Revenue, USD Billion; 2017-2027)
Reaction Type Outlook (Revenue, USD Billion; 2017-2027)
- Other Enzymes
Formulation Outlook (Revenue, USD Billion; 2017-2027)
- Lyophilized powder
- Other (gel and granular forms)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Food & Beverage
- Household Care
- Pharmaceuticals and biotechnology
Read News About “Enzymes Market Information by Type (Protease, Carbohydrase, Lipase, Polymerases and Nucleases, and Other Types), Source, Reaction Type, Formulation, Application and Segment Forecast 2017-2026” @ https://www.globenewswire.com/news-release/2019/04/10/1802216/0/en/Enzymes-Market-To-Reach-USD-11-03-Billion-By-2026-Reports-And-Data.html