Rise in prevalence of digestive disorders, increase in demand for biofuels, and high prevalence of chronic diseases drive the growth of the global enzymes market.
Rise in prevalence of digestive disorders, increase in demand for biofuels, and high prevalence of chronic diseases drive the growth of the global enzymes market. The market across North America dominated in 2019, accounting for around one-third of the market.
According to a new report published by Allied Market Research, titled, “Enzymes Market by Type, Source, Reaction Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global enzymes market was valued at $8.63 billion in 2019, and is projected to reach $14.5 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027
Enzymes have gained a substantial market share in the recent years, due to high adoption of enzymes-based pharmaceuticals required for the treatment of several chronic disorders and digestive diseases. Improvements in pharmaceutical and biotechnology field such as advent of protein engineering have led to widening of applications of enzymes, which have further supplemented the market growth. Furthermore, improvement in healthcare infrastructure and high demand for better healthcare services in emerging economies is anticipated to fuel the market growth in near future.
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Covid-19 scenario:
- The rise in demand for enzymes in nutritional & immunity boosting products and increase in consumer focus on household care has boosted the growth of the market.
- However, the companies have been witnessing obstruction due to intermittent supply chain activities and uncertain market conditions due to lockdown and trade restrictions.
- Moreover, the increase in awareness regarding preventive health and dietary solutions & formulations that support immune health over the entire pandemic phase has boosted the demand for enzymes.
The factors that drive the growth of the enzymes market include upsurge in demand for cellulosic- & amylase-based biofuels, rise in need for effective pharmaceuticals & cosmetics, upsurge in usage of functional food & beverages (that contain enzymes), and increase in usage of enzyme-based techniques for detection & treatment of various chronic diseases. However, restrictions related to chemical properties of enzymes and safety issues arising due to the contamination of enzymes impede the market growth. On the contrary, surge in adoption of enzyme-based technology such as protein engineering and high untapped potential in the emerging economies are expected to provide lucrative growth opportunities for the market expansion.
The global enzymes market is segmented on the basis of type, source, reaction type, application, and region. Based on type, the carbohydrate segment held the lion’s share in 2019, accounting for more than two-fifths of the market. However, the polymerase & nuclease segment is estimated to manifest the highest CAGR of 10.2% from 2020 to 2027.
On the basis of reaction type, the hydrolase segment held the largest share in 2019, contributing to nearly three-fourths of the market. However, the transferees segment is estimated to portray the highest CAGR of 9.0% from 2020 to 2027.
The global enzymes market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2019, accounting for around one-third of the market. However, the market across Asia-Pacific is estimated to register the highest CAGR of 8.2% from 2020 to 2027.
The global enzymes market report includes an in-depth analysis of the prime market players such as Koninklijke DSM N.V., Novozymes A/S, BASF SE, DuPont de Nemours, Inc., AB Enzymes GmbH, Advanced Enzyme Technologies Ltd., Amano Enzyme, Inc., Codexis, Inc., Thermo Fisher Scientific Inc., and F. Hoffmann-La Roche Ltd.
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