Enzyme market is projected to grow from USD 10.0 billion in 2019 to USD 14.7 billion by 2025, recording a compound annual growth rate (CAGR) of 6.7% during the forecast period. Increasing disposable income in emerging economies combined with global health concerns related to chronic diseases, such as cancer, diabetes, and cardiac disorders, has created significant demand for pharmaceuticals and diagnostic solutions, which has exponentially increased the demand for specialty enzymes.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46202020
Some of the prominent key players are:
• DuPont (US)
• BASF (Germany)
• Associated British Foods (UK)
• Novozymes (Denmark)
• DSM (Netherlands)
• Dyadic International (US)
The North American market accounted for the largest share in 2018 and to account for the largest share even during forecast period. This dominance is attributed to the factors such as the inclination of the adult population towards an alternative to gasoline for the reduction in harmful auto & industrial emissions, has augmented the usage of bioethanol in the North American region.
Key application areas of specialty enzymes are pharmaceuticals, biocatalysts, diagnostics, and enzymes used research & biotechnology. The diagnostic industry is increasingly using specialty enzymes in food and clinical diagnostic industry. The clinical in-vitro diagnostic industry uses specialty enzymes for diagnostic procedures in hospital laboratories for routine urine analysis, blood chemistry determinations, along with immunological and microbiological testing. Growing applications of specialty enzymes in clinical in-vitro diagnostic has significantly fueled the market growth.
The carbohydrases dominated the market for enzymes, by type, in terms of value, in 2018. The usage of enzymes is on a surge, including applications such as food & beverages, bioethanol, paper & pulp, textiles & leather, pharmaceutical, and research & biotechnology. The usage of enzymes helps in higher product quality, lower manufacturing cost, and less waste, and reduced energy consumption. They are often being used as an alternative to mitigate the usage of chemicals in various applications. Therefore, this forms a driving factor to boost the usage of enzymes in the various applications globally.
Make an Inquiry:The enzymes market, by source, was dominated by the microorganism source in 2018. Microorganisms are the primary source of enzymes, as they are cultured in large quantities in a short span of time and genetic manipulations can be done on bacterial cells to enhance the enzyme production for usage in various industrial and specialty enzymes such as food & beverages, bioethanol, pulp & paper, textiles & leather, pharmaceutical, and biocatalysts. The enzymes from microorganisms have been exploited for various applications for their special characteristics such as thermo-tolerance, thermophilic nature, tolerance to a varied range of pH, and other biochemical properties. Therefore, these are the factors that largely fuel the demand for microorganisms as a source of enzymes.