5 Key Insights on US$16 Bn Opportunity in Global Enzymes Market: Ken Research
Driven by Rising Demand for Enzymes for the production of Functional Food Products along with Advancement in Enzyme Engineering and other Technologies, the Global Enzymes Market is Forecasted to reach nearly US$ 16 Bn by 2028 says Ken Research Study.
Enzymes are proteins that help speed up the chemical reaction and improve the quality of the end products. It is used in various end-user industries namely food and beverages, animal feed, biofuel, diagnostics, pharmaceuticals, research and biotechnology, and others. Enzymes are increasingly gaining popularity globally to improve the quality of the end-product in various consumer product industries. The rising adoption of specialty enzymes for the production of medicines, biotherapeutic products, and others coupled with the growing need for medicines to treat various diseases including cardiovascular disease, digestive disease, cancer, and others is anticipated to propel the growth of the enzymes market. Ken Research shares 5 key insights on this high opportunity market from its latest research study.
1. Enzymes Market has Seen Steady Growth Owing to Advancement in Enzyme Engineering and other Technologies.
According to Ken Research estimates, the Global Enzymes Market – valued at around US$ 8 Bn in 2017 grew to reach nearly US$ 10 Bn in 2021 – is expected to grow further into around US$ 16 Bn opportunity by 2028. The market is expected to witness strong growth during the forecast period owing to the growing demand for innovative enzymes among various end-use industries coupled with advancements in enzyme engineering technologies. The development of new enzyme engineering technologies is increasing for making effective functional changes in enzymes and producing innovative enzymes efficiently, which has further fueled market growth. The manufacturers are also involved in strategic developments like partnerships, investments, and others for enzyme engineering which is further expected to create immense growth opportunities for the global enzymes market.
In April 2022, Enzymit Inc. secured US$ 5 million investment to develop a computational design platform to engineer innovative enzymes for bio-production. The new designer enzyme could help replace chemical reactions in modern production methods that are inefficient, unsustainable, and polluting.
In July 2021, Unilever partnered with Arzeda, a protein design company to harness its digital biology technique for designing and discovering new enzymes for the cleaning and laundry industry. The partnership aimed to enhance the company’s product portfolio.
2. Increasing importance of Enzymes for Biofuel Production is the Major Growth Driver for the Global Enzymes market.
Enzymes are gaining significant importance for the production of biofuels as the non-renewable sources are getting depleted which has led to an increase in environmental concerns and increasing demand for renewable energy sources such as biofuels. According to the National Geographic Society, globally approximately 80% of the total amount of energy comes from fossil fuels, but the major problem is the limited availability of non-renewable sources and it also releases carbon dioxide which is harmful to the environment. With the growing population, the need for energy is increasing and constant dependence on non-renewable sources such as coal, oil, natural gas, and nuclear energy will eventually lead to depletion.
Biofuels are derived from the conversion of biomass including bioethanol, biodiesel, biogas, and biohydrogen. They are sustainable and renewable sources of energy and when burnt releases reduce the level of carbon oxides, sulfur oxides, and particulates compared to fossil fuels. Lipase and phospholipase are the major enzymes used for the production of biodiesel. The increasing demand for biofuels has led to intensive research and development activities on manufacturing low-cost enzymes which can efficiently produce biofuels. The aforementioned factor is anticipated to propel the growth of the market.
In August 2020, according to Technology Networks, researchers at the Brazilian Center for Research in Energy and Materials (CNPEM) genetically engineered low-cost enzyme cocktails from a fungus that helped break down the carbohydrates in biomass, like sugarcane (tops and leaves) and bagasse into fermentable sugar. The low-cost enzyme cocktails can be used efficiently to produce biofuels from sugarcane residues.
3. High Cost Associated with Enzyme Production is the Most Significant Barrier to the Growth of the Enzymes Market.
The cost of enzyme products is on the higher side, especially those that are manufactured from microorganisms, which can create a major hindrance to the growth of the market. The cost of enzyme isolation and purification is comparatively higher than that of any other catalyst. In addition, the production of enzymes requires highly advanced techniques in steps like purification, which ultimately increases the cost of the enzymes. Highly expensive enzymes will ultimately result in the high cost of end-product which is expected to impact the demand for products and will pose a most significant barrier to the growth of the market.
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According to National Center for Biotechnology Information (NCBI), the main challenge for enzyme utilization in industrial applications is its high cost. The enzyme cost is expensive as the process for isolation and purification of enzymes is many times higher in comparison to the ordinary catalyst. In addition, enzymes are highly sensitive to various denaturing conditions during the isolation process and thus require careful handling.
4. Food and Beverages holds the major share in the Applications segment and are Expected to Maintain Dominance during the forecast period.
Among the applications segments, food and beverages remained the dominant segment during the 2019-2021 period contributing to maximum market revenue share. Further, the Research Study found that this segment is likely to retain dominance even by 2028. Its dominance is owing to the rising population and increased disposable income that has boosted the demand for food and dairy products. In addition, the demand for immunity-enhancing food products is increasing among consumers which has increased the demand for enzymes in food & beverage products to enhance the nutritional value as well as to improve the quality, taste, and texture of the end-product. The growing demand for enzymes in the food and beverages industry has enabled manufacturers to launch new products in the market.
In June 2021, IFF launched an all-in-one enzyme solution called Nurica, which helps dairy manufacturers to produce high-fiber, low sugar, and lactose-free dairy products. It harnesses the lactose to generate a high yield of prebiotic galactooligosaccharides (GOS) fibers naturally. The company aimed to offer an enzyme for the dairy industry which helps maintain the quality of the products while fulfilling the demand for lactose-free products of consumers.
5. North America Region Dominates the Market with the Majority of the Market Revenue Share
North America region holds maximum market share and dominates the industry owing to a strong foothold in various end-use industries such as animal feed, food and beverages, pharmaceutical, cleaning, and others. Moreover, manufacturers of enzymes are actively involved in strategic partnerships and players are also planning to expand their business in the region, which is further expected to augment the growth of the region in the enzymes market.
In June 2022, Enzyme Innovation partnered with Sumitomo Chemical America to sell their line of animal feed enzymes and probiotics in the U.S. The partnership aimed to offer its product line to livestock and poultry producers in the U.S.
In March 2022, Meteoric Biopharmaceuticals planned to expand its enzymes business into the U.S. and are looking for opportunities for strengthening its research and development activity.
The Research study shows that surging demand for enzymes in various end-use industries coupled with early adoption of advanced technologies in biotechnology and pharmaceutical industries in the region is anticipated to augment the growth of the enzymes market in North America.
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