As per the report published by Fior Markets, the global enzymes market is expected to grow from USD 8.18 Billion in 2018 to USD 13.79 Billion by 2026, at a CAGR of 6.75% during the forecast period 2019-2026.Growing awareness pertaining to the enzyme-based pharmaceuticals and protein therapies and rising demand from the food and beverages sector were some of the factors that led the North America region to dominate the global enzymes market. However, the Asia Pacific region is projected to grow at an accelerated CAGR of 9.02% over the forecast period.
“Enzymes Market by Type (Protease, Carbohydrase, Lipase, Polymerase and Nuclease, Others), Source,Application, Regions”,and Global Forecast 2019-2026.
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Key players in the global enzymesmarket are DSM, Novozymes, Danisco, DowDuPontGenencor, BASF, Advanced Enzymes, Enmex, Lonza Group, AB Enzymes, Chr. Hansen, Roche, ADM, BBI Enzymes Ltd., Procter & Gamble Co., Puratos Group, and Novus International, Inc.,and among others. The DSM, Novozymes, DowDuPontGenencor, and BASF are the leading companies in the global enzymesmarket. The animal feed sector is generating robust demand for the enzymes. In order to fulfil this burgeoning demand, major players are focusing on launching new products. For instance, in 2018, Novozymes announced the launch of BalanciusTM, a new feed additive for broiler chickens. This is a microbial muramidaseproduct that works in the intestine with the aim to improve feed efficiency and increase sustainable product yield. In addition, it also improves the feed conversion ratio and weight gain that further enhances poultry production.
The type segment includes protease, carbohydrase, lipase, polymerase and nuclease, and others. The carbohydrase segment led the global functional protein market with a 39.76% share of market revenue in 2018. This attributes to the fact that carbohydrase is the most prominent type of enzyme used in pharmaceutical and food industries. The carbohydraseis used to break down starch into sugar in order to improve feed use and animal performance. Carbohydrase contains fiber, amylase, pectinase, and lactas due to these properties this type of enzyme is demanded highly in the food and beverage industry. The source segment includes microorganisms, plants, and animals. The microorganisms segment is anticipated to grow at the highest CAGR of 8.83% over the forecast period. This increased growth can be attributed to their easy availability and low production cost. Furthermore, the industries are widely using the microorganisms that produce enzymes as they are used to generate products for a wide range of applications. This production of enzymes profits the manufacturers in accordance with their business objective.The application segment includesfood & beverages, household care, bioenergy, pharmaceutical and biotechnology, feed, and others. The household care segment emerged as the leader with a 42.78% share of market revenue in 2018. This increased market share can be attributed to the widespread use of enzymes in the household laundry and dishwashing detergents.However, the pharmaceutical and biotechnology segment is expected to grow at the highest CAGR of 8.97% over the forecast period due to the increasing use of enzymes as a supplement product.
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The major drivers that stimulate the market demand are rising demand from the animal feed industry, growing application scope in biofuels and pulp & paper industry, as well as increasing demand for the processed food are driving the global enzymes market. However, the constraints pertaining to the chemical and physical properties of enzymes and handling and safety issues related to enzymes may limit the market growth.Growing utilization in the forensic and molecular biological research and growing application in the food processing industry is expected to create new opportunities for the market in upcoming years.
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