Key Highlights:
·
The
global enzymes market was valued at
approximately ~US$ 6.4 Bn in 2018 and is
anticipated to expand at a CAGR of more than 7% from 2019 to 2027
·
Rise in
demand for enzymes for use in the food & beverages processing application
is driving the global enzymes market. North America accounted for a major share
of the global enzymes market in 2018.
·
In terms
of demand, the U.S. held a dominant share of the North America enzymes market
in 2018. The enzymes market in North America is expected to expand
at a CAGR of ~7% during the forecast period.
Key Drivers of Global Enzymes Market
·
Innovation
in the field of specialty and technical enzymes is projected to replace
polluting chemical processes and provide environmental sustainability
·
Properties
of enzymes, such as excellent ability of enzymes to function at different pH
levels and accelerating rate of reaction have led to their increased demand in
food & beverages processing and animal feed applications
·
Rise in
competition among beer producers for improving the quality and flavor of
alcoholic beverages is likely to drive the beverages industry to manufacture
new beers with improved flavors. This, in turn, would increase the demand for
high purity grade of enzymes, thus boosting the market for enzymes.
·
Global
electricity is produced by burning fossil fuels such as coal, oil, and gas.
These fuels release billions of tons of carbon dioxide and hence, lead to
climate change. In order to reduce reliance on fossil-based fuels, governments
of various countries are adopting renewable energy sources such as wind energy,
solar energy, biofuels, etc.
·
Enzymes,
such as carbohydrases are used in the fermentation process of cellulose into
glucose in order to manufacture biofuels. This is projected to drive the demand
for enzymes in the near future.
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Technical Grade to Dominate Global Enzymes Market
·
Among grades,
the technical grade segment held a major share of the enzymes market in 2018.
Technical grade enzymes include carbohydrases, proteases, lipases, phytases,
etc. The ability of technical enzymes to operate at mild conditions and their
low cost are expected to drive the demand for these enzymes from a wide range
of industries, including chemical production, biofuels, food & beverages,
and personal care & household products.
·
Rise in
demand for enzymes for its use in synthesis of intermediates, which are further
used in the manufacturing of active pharmaceutical & diagnostic ingredients
(APIs), is projected to propel the demand for specialty enzymes in
pharmaceutical & diagnostics
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North America Dominated Global Enzymes Market
·
In terms
of revenue, North America led the global enzymes market in 2018.
Rising regulations on decreasing carbon emissions has compelled government
bodies across the region to find alternative fuels. Moreover, latest
advancements in production technologies and production processes have the
potential to make biofuel manufacturing economical. This, in turn, has led to
the growth of the bioenergy sector in the region. Ability of enzymes to
increase the rate of conversion of cellulose into glucose and further glucose
to create ethanol is expected to boost the market for enzymes across the
region.
·
The
enzymes market in Asia Pacific is projected to expand at a rapid pace during
the forecast period. Rise in population and middle class income has led to
increased consumption of ready-to-eat food products, such as bakery and dairy
products. This, in turn, is expected to increase the production of these food
products across Asia Pacific in the near future. All these factors are likely
to drive the demand for enzymes for use in improving food production as well as
food quality, including flavor, aroma, color, texture, appearance, and
nutritive value in the region during the forecast period.
·
China is
a major consumer of food & beverages across the Asia Pacific region. The
country accounted for a prominent share of the Asia Pacific enzymes market
in 2018, owing to a high rate of adoption of enzymes such as
carbohydrases, proteases, and lipases in food & beverages processing
applications.
·
Prominent
players, such as Novozymes A/S are focused on expanding their production
facilities in Asia Pacific to cater to the rising demand for enzymes in various
applications in the region. For instance, in November 2016,
Novozymes A/S announced its plans to construct a manufacturing facility and a
supply chain facility near Mumbai, India.
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Prominent Players in Global Enzymes Market
·
Prominent
players operating in the global enzymes market are BASF SE, Novozymes
A/S, DowDuPont Inc., AB Enzymes GmbH, Biocatalysts Ltd, Chr., Hansen Holding
A/S, Koninklijke DSM N.V., and F. Hoffmann-La Roche Ltd., Advanced Enzyme
Technologies Limited, Asahi Kasei Corporation, CapriEnzymes, Maps Enzymes Ltd.,
SUNSON INDUSTRY GROUP CO., LTD., Tex Biosciences, LUMIS BIOTECH PVT LTD.,
Nature BioScience Pvt. LTD., Shanghai Shingenzyme Biochemical Industry Co.,
Ltd., and Zaozhuang Jienuo Enzyme Co., Ltd etc.
·
The
global enzymes market is highly competitive in nature. These companies are
focusing on increasing research and development activities, and enhancing the
quality of their products.
·
Producers
of enzymes are focusing on continuous development of their existing product
portfolio. Additionally, manufacturers are also expanding the use of their
technology for the development of new concepts for new applications.
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