The Global Enzymes Market - Growth, COVID-19 impact and Forecast (2021-2025)
The Enzymes market is segmented by Product type (Carbohydrases, Proteases, Lipases, Polymerases and Nucleases and Others);Source (Micro-organisms, Animal And Plant); Industrial Enzymes Application; Specialty Enzymes Application; Geography (North America, Europe, APAC and ROW).
Introduction
Macromolecular biological catalysts are popularly known as enzymes. Enzyme helps in various metabolic activities which sustain life.
Enzymes are classified into two grade namely industrial enzymes and specialty enzymes. Industrial enzymes are largely used in food & beverage industry and cleaning agents industry. Specialty enzymes play a significant role in drug development and drug delivery in the pharmaceutical industry
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global enzymes market is expected to grow to $14,303.80 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 7.21% CAGR.
Rising product demand from the end-use industries, such as biofuel, home cleaning, animal feed, and food and beverage, pharmaceutical is projected to fuel the growth.
North America is a prominent regional market for enzymes due to the strong presence of several end-use industries along with wide scope for R&D activities
Key Trends
Advancements in the nutraceutical sector is expected to boost the growth of the market
High demand for an alternative to synthetic chemicals along with technological innovations
Increasing focus on developing accurate diagnostic tools is expected to boost the growth of the market
Launching enzymes with long shelf life is expected to drive the future market
Key Market Players
Some of the key players in the market are BASF, DSM, DuPont Danisco, Associated British Foods, Novozymes, Codexis.
The key players are dominating the market by adopting modern and environmentally safe technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
With growing environmental concerns for non-renewable fossil fuel alternative, these enzymes are also used in the production of bio-fuel. Thus, increasing demand for bioethanol is driving the market.
Advancement in the biotechnology, especially in the field of protein engineering has brought in new industrial enzymes products in the market. This is driving enzymes market
Development of global pharmaceutical industry, growing number of biotechnology R&D and development in green chemistry and enzyme engineering are anticipated to drive the global enzymes market
Rise in demand for non-harmful biological catalysts in pharmaceuticals and diagnostics is driving the market.
The high sensitivity of enzymes to temperature and pH and product handling security problems are challenging the enzyme market
High raw material costs and high maintenance costs of enzymes product are limiting the usage of enzymes.