Global Enzymes Market Sizeto Grow at a CAGR of 6.70% During the Forecast Period of 2023-2028
The ‘Global Enzymes Market Research and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global enzymes market, assessing the market on the basis of its segments like type, industry type, application, and region.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 10.2 billion
- Forecast CAGR (2023-2028): 6.70%
- Forecast Market Size (2028): USD 15.05 billion
Enzymes are widely used in applications ranging from cleaning products and food and beverages to biofuel production and animal feed. Many additional applications are being explored for enzymes, which is encouraging the enzymes market to expand. Throughout the forecast period, an increase in demand for enzymes is likely to be witnessed all over the world. Future development prospects for the market for industrial enzymes are anticipated to come from increased awareness of the use of enzymes in protein engineering technologies and the significant potential for market growth for enzymes in untapped emerging economies.
A key factor fuelling the market’s revenue growth is the increase in demand for biofuels. Enzymes effectively convert biomass into sugars, increasing yields and lowering costs of production. They are economical and aid in lowering the total cost of producing biofuel, which stimulates the enzymes market growth. Increasing applications of enzymes in the healthcare sector, due to their role in aiding breathing, gaining strength, detoxifying the body of poisons, and other processes, is further propelling the growth of the market for enzymes.
Industry Definition and Major Segments
Enzymes act as biological catalysts or biocatalysts, accelerating biological reactions to specific chemicals to be able to produce the desired results. They have a proteinaceous composition and are used in a variety of industries, as they support chemical reactions without themselves being changed, resulting in versatile applications.
Based on type, the market is segmented into:
On the basis of industry type, the market is bifurcated into:
The market, on the basis of application, is segmented into:
- Cleaning Product
- Food and Beverage
- Biofuel Production
- Animal Feed
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The global enzymes market is expanding as a result of the increasing use of enzymes in food and animal feed, cleaning products, and manufacturing. The growing consumer awareness of health issues is attributable to the increased demand for functional food and beverage items, which is anticipated to have a favourable effect on demand for enzymes over the forecast period.
Demand for functional foods and beverages has increased due to rising consumer awareness of health issues, and it is anticipated that this will soon trigger an increase in demand for enzymes. The food and beverage industry is expanding, which is having a favourable impact on the enzymes market development. The escalating demand for bakery goods and brewing applications is responsible for the market’s growth on a global scale.
Another significant factor in the expansion of the market for enzymes is the rising need for swine and poultry feed on a global scale. Animal feed fortified with enzymes contributes to swine and poultry animals general health and wellbeing. Throughout the projection period, it is expected that the rapidly expanding global market for animal feed will accelerate the growth of the market for enzymes.
Key Market Players
The major players in the global enzymes market report are Koninklijke DSM N.V., Amano Enzyme Inc., Advanced Enzyme Technologies, AB Enzymes GmbH, Novozymes A/S, MetGen Oy. Cooperation, Aum Enzymes, F. Hoffmann-La Roche Ltd, BASF SE, ABF Ingredients Limited, Codexis, Inc., Creative Enzymes, Chr. Hansen Holding A/S, Enzyme Solutions, Inc., and International Flavors & Fragrances Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players. The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.