Global Enzymes Market is anticipated to reach USD 17.50 billion by 2024. Enzymes are fundamental protein molecules that act as a biological catalyst in the metabolic reaction. Enzymes have several properties such as ability to react with a particular reactant and it increases the rate of reaction. Market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Enzymes Market may be explored by product type, type, industrial enzyme application, Specialty enzyme application and geography. The market may be explored by product type as Protease, Carbohydras, Lipase, Polymerase, Nuclease and other Types. The “Carbohydrase” segment led the Enzymes Market in 2016 and is anticipated to maintain its dominance by 2024. The Enzymes Market could be explored based on type as Specialty enzymes, and Industrial enzymes. The “Industrial enzymes” segment led the Enzymes Market in 2016 and is anticipated to maintain its dominance by 2024 owing to increasing application of digestive and nutritional enzymes in nutraceutical segment.
The key industrial enzyme applications that could be explored in the Enzymes Market include Detergents, Food & Beverages, Animal Feed, Paper & Pulp, Textile, Nutraceutical, Wastewater, and Personal Care & Cosmetics. The “Food & Beverages” segment led the Enzymes Market in 2016 and is anticipated to maintain its dominance by 2024. The factors that may be attributed to the development include increasing disposable income of consumers, rising demand for a high nutritious diet, growing procedure in sugar production, meat processing, and dairy industry.
The market may be analyzed by specialty enzyme as Research & biotechnology, Pharmaceuticals, Biocatalyst, and Diagnostics. The “Pharmaceuticals” segment led the Enzymes Market in 2016 and is anticipated to maintain its dominance by 2024 owing to rising importance of enzyme-based pharmaceutical formulations in the treatment of chronic situations such as Cancer and AIDS.
Asia-Pacific accounted for the major share of the Enzymes Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include development of the pharmaceutical and food & beverage segments along with the accessibility of raw materials for biofuel manufacturing. In addition, rising food consumption, growing need for effective health solutions, and development and rising sensitivity to food protection is anticipated to create immense manufacturing likely in the forecast period.
Some of the key players that fuel the growth of the Enzymes Market comprise Koninklijke DSM N.V., Novozymes A/S, DowDuPont Inc., Advanced Enzyme Technologies Ltd., BASF SE, AB Enzymes GmbH, Amano Enzyme, Inc., Codexis, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Chr. Hansen A/S, Procter & Gamble Co., BBI Enzymes Ltd., Novus International, Inc., and Puratos Group. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Global Enzymes Type Outlook (Revenue, USD Million, 2013 - 2024)
• Industrial enzymes
• Specialty enzymes
Global Enzymes Product Outlook (USD Million, 2013 - 2024)
• Polymerases & nucleases
Global Industrial Enzymes Application Outlook (Revenue, USD Million; 2012 - 2022)
• Food & Beverages
• Animal Feed
• Paper & Pulp
• Personal Care & Cosmetics
Global Specialty Enzymes Application Outlook (Revenue, USD Million; 2012 - 2022)
• Research & biotechnology
Global Enzymes Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
Research Support Specialist, USA