Global Enzymes Market Revenue is expected to reach approximately US$ 16 billion by 2028: Ken Research
Global Enzymes Market By Application
The Global Enzymes market is segmented by Application into Food & Beverages, Animal Feed, Cleaning Products, Biofuel, Research & Biotechnology, Diagnostic, Pharmaceuticals and Others. Food and Beverages segment accounts for the largest share in 2022 of the global enzymes market owing to the growing demand for enzymes to modify the properties of food and beverage products including bread, juices, wine, beer, dairy products, and others. Enzymes are widely used in the formulation of fruit juices as it helps improve the quality by clarifying fruit juices and in the dairy industry to improve the taste, texture, and quality of dairy products.
Global Enzymes Market By Geography
The Global Enzymes market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. The North America region accounted for the largest share in 2022 of the global enzymes market owing to the presence of a large number of end-use industries including personal care & cosmetics, food and beverages, pharmaceutical, laundry detergent, and other industries. In addition, an increase in strategic initiatives such as partnerships by enzyme manufacturers to grow the enzyme business is expected to fuel the growth of the 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.
Competition Scenario In Global Enzymes Market
The enzymes market is highly competitive with ~150 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in enzymes. Large global players control over 40% of the market, while regional players hold the second largest share. Some of the major players in the market include BASF SE, Novozymes A/S, IFF, DSM, Codexis, Inc., Merck KGaA, Chr. Hansen Holding A/S, Advanced Enzyme Technologies, AB Enzymes, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Creative Enzymes, and among others.
The leading global enzymes companies such as Novozymes A/S, IFF, and F. Hoffmann-La Roche Ltd, are highly focused on providing a broad category of enzymes suitable for various end-use industries.
What is the Expected Future Outlook for the Overall Global Enzymes Market Across the Globe?
The Global Enzymes market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Enzymes market is driven by increase in technological advancements for the manufacturing of enzymes along with the growing demand for enzymes in various industries including food and beverages, bioenergy, animal feed, pharmaceuticals, and others. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The rising research and development of enzymes for the production of biofuel are likely to create immense opportunities for the growth of the enzymes market in the forthcoming years. 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.
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With the increasing innovation and emergence of new products, the Global Enzymes market is changing rapidly. For instance, In July 2022, Codexis, Inc., an enzyme engineering company, announced an agreement with Pfizer for the supply of an enzyme called PAXLOVID, an active pharmaceutical ingredient, authorized for emergency use by the U.S. Food and Drug Administration (FDA). It is used for the treatment of mild-to-moderate COVID-19 in patients who are at high risk of developing severe illness.
Furthermore, In January 2022, BASF SE expanded the production capacity for its feed enzyme plant in Germany. The larger production capacity enabled the company to increase the annual number of feasible fermentations runs and fulfill the growing demand for high-quality enzymes.
The Global enzymes market is forecasted to continue a significant growth that is witnessed since 2020, during the forecast period also, primarily driven by rising demand for the growing use of enzymes in various industries including food and beverages, animal feed, pharmaceuticals, diagnostics, and others. Moreover, technological advancement in the production process and increased awareness regarding environmental issues are expected to escalate the growth of the market. Though the market is highly competitive with about 150 participants, few global players control the dominant share and regional players also hold a significant share.
Key Topics Covered in the Report:-
Snapshot of Global Enzymes Market
Industry Value Chain and Ecosystem Analysis of Enzymes Market
Market size and Segmentation of Global Enzymes Market
Historic Growth of Overall Global Enzymes Market and Segments
Competition Scenario of the Enzymes Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of Global Enzymes Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Enzymes Market
Future Market Forecast and Growth Rates of the Global Enzymes Market and by Segments
Market Size of Application/End-Users Segments with Historical CAGR and Future Forecasts
Analysis of Enzymes Market in Major Regions
Major Production / Consumption Hubs in the Major Regions
Major Production/Supply and Consumption/Demand Hubs in Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Enzymes Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Country
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Major Companies Profiled in the Report
BASF SE
Novozymes A/S
IFF
DSM
Codexis, Inc.
Merck KGaA
Chr. Hansen Holding A/S
Advanced Enzyme Technologies
AB Enzymes
F. Hoffmann-La Roche Ltd
Thermo Fisher Scientific
Creative Enzymes
Notable Emerging Companies Mentioned in the Report
Associated British Foods Plc
BBI Enzymes Ltd.
Dyadic International
CapriEnzymes
Aumgene Biosciences
Amano Enzymes
Enzyme Solutions
Biocatalysts Ltd
Enzymatic Deinking Technologies
Novus International
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
Enzymes Manufacturers
Food and Beverages Manufacturers
Pharmaceutical Companies
Biotechnology Association
Biotechnology Companies
Diagnostic Companies
Biofuel Producers
Animal Feed Manufacturers
Detergent Manufacturers
Cleaning Products Companies
Cosmetics Manufacturers
Agriculture Companies
Bakery Producers
Suppliers to Enzyme Manufacturers
Food Regulatory Authorities
Government Ministries of Food
Government Ministries of Health
Food Research Institutes
Specialty Chemicals Manufacturers
Period Captured in the Report:-
Historical Period: 2017-2021
Forecast Period: 2022-2028F
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