According to a report by Grand View Research, Inc.; the global enzymes market is predicted to value USD 17.50 billion by 2024. Growing necessity for quality food among consumers and pharmaceutical formulations to cure chronic diseases can stimulate demand for enzymes. Being present in all living things, enzymes can target and expedite chemical reactions by a million times. They are helpful in metabolic processes, digestion, and removal of waste in humans and animals.
Rising applications of enzymes in food and beverage products to eradicate deficiencies and improve quality can stimulate market growth in the coming years. Supportive government policies to produce biodiesel and bioethanol are likely to fuel demand for enzymes. Growing adoption of processed food owing to increase in population can stimulate market growth over the forecast period (2013 to 2024). Continuous forensic and biological research on enzymes is projected to propel the market in near future.
For instance, a new filtration system based on natural enzymes can remove harmful chemicals from wastewater. Endocrine disruptors are chemicals, which can interfere with hormone system in human beings and wildlife to produce adverse effects. Such chemicals originate from plants and chemicals synthesized from household and industrial products such as flame retardants and pesticides. Long-term exposure to these chemicals can lead to cancer and birth defects. This new system is likely to use enzymes from microbes and fungi to react with endocrine disruptors and break them into harmless pieces.
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North America specialty enzymes market, by application, 2013 – 2024 (USD Million)
Limitation of carbohydrases to work under controlled temperature and pH is anticipated to hinder growth of the enzymes market. In addition, uncertain regulations against use of enzymes as additives can obstruct market growth in the coming years. Propelling inexpensive DNA sequencing technology coupled with developing protein design algorithms can create worthwhile opportunities for multiple end-use industries over the forecast period.
The worldwide enzymes market can be segregated on the basis of type, product, application, and regions. Based on type, the market can be segmented into industrial and specialty enzymes. Based on product, the market can be divided into proteases, carbohydrases, lipases, polymerases & nucleases, and others. Based on application, the market can be split into animal feed, textile, food & beverages, detergents, nutraceutical, personal care & cosmetics, paper & pulp, and wastewater.
Regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the market is expected to grow in the next few years owing to rising food & beverage industry and high disposable income. In addition, penetration of retail business coupled with development of genetically engineered products can propel demand for enzymes in the region.
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In Europe, the enzymes market is predicted to display profitable growth in the coming years owing to increasing production of biofuel in the region. In 2015, it was the second largest market with a valuation of USD 2.16 billion. In addition, rising demand for cattle feed and its hybrid variants can propel market growth in the region.
In Asia Pacific, the market is anticipated to witness substantial growth at a CAGR of 10.5% in the next few years. This expansion can be attributed to rise in food & beverage and pharmaceutical sectors in the region. In addition, supportive government initiatives like “Make in India” and Foreign Direct Investment (FDI) can further impel market growth.
In Latin America, the market is estimated to grow owing to high demand for processed food, bakery, and confectionery in the region. In addition, huge untapped consumer base can impel market growth in the next few years.
In MEA, the market is predicted to grow at slow pace owing to constant warfare in the region. However, investment of large organizations in the region can bode well for the market. Backwardness in healthcare sector can impel market growth in this region.
Some of the prominent companies operating in the market for enzymes are Danisco, DuPont Genencor,DSM, Novozymes, and BASF.
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