Enzymes Market is Anticipated to Expand at a CAGR of more than 7% from 2019 to 2027

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.

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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

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.