Meticulous Research®—a leading global market research company, published a research report titled ‘Enzymes Market by Product Type (Industrial Enzymes, Specialty Enzymes), Source (Microorganism, Plant, Animal), Type (Carbohydrases, Protease, Lipase), Form, Application (Food & Beverages, Personal & Household Care, Animal Feed) - Forecast to 2029’.
According to this latest publication from Meticulous Research®, in terms of value, the enzymes market is projected to reach $18.38 billion by 2029, at a CAGR of 6.2% from 2022–2029. The key factors driving the growth in this market are the advancements in enzyme engineering & green chemistry, the introduction of genetically-engineered enzymes, the growing environmental concerns driving the demand for biofuel, the increasing investments in R&D activities in the enzymes sector, the rising prevalence of chronic ailments, and the need for cost reduction and resource optimization in production processes. However, stringent regulations and restricted temperature & pH levels of enzymes are expected to restrain the growth of this market.
The enzymes market is segmented based on product type (industrial enzymes and specialty enzymes), source (microorganism, animal, and plant), type (carbohydrases, protease, lipase, polymerases & nucleases, and other enzymes), form (liquid and solid), and application (food & beverages, personal & household care, biofuel, animal feed, pharmaceuticals & diagnostics, textiles, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, in 2022, the industrial enzymes segment is expected to account for the largest share of the enzymes market. The large market share of this segment is mainly attributed to the rising environmental concerns and growing demand for biofuels, the growing demand from various industries such as food & beverage, animal feed, personal & household care, and textiles, and the increase in R&D activities and investments in the enzymes sector.
Based on source, the plant segment is projected to register the fastest growth rate during the forecast period of 2022–2029. The growth of this segment is attributed to the easy availability and convenience of plant sources, the growing demand for proteases such as papain, ficin, and bromelain, the increasing usage of plant-based enzymes in various industries, including food & beverages, personal & household care, and pharmaceuticals, and the benefits offered by plant-based enzymes in digestive health and their fat absorption & antibacterial properties.
Based on type, in 2022, the carbohydrases segment is expected to account for the largest share of the enzymes market. The large market share of this segment is mainly attributed to their high thermal stability and the increasing application in the food & beverage sector, such as in the production of fructose syrup, hydrolysis of sucrose, and reducing lactose in milk and the biofuel industry due to its cost-effectiveness.
Based on form, the solid segment is projected to register the faster growth rate during the forecast period of 2022–2029. The growth of this segment is attributed to the higher demand for solid enzymes due to their benefits, such as stability & high shelf life and ease of handling, transportation, and storage.
Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the enzymes market. The large market share of this segment is mainly attributed to the increasing health consciousness among consumers driving the demand for clean & natural food products, the high demand for processed food products, changing dietary habits, and the increased application of enzymes in beverages.
This research report also analyzes major geographies and provides a comprehensive analysis of the market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this regional market is attributed to the shift of manufacturing from North America & Europe to the Asia-Pacific region and the rise in the demand for food enzymes from food manufacturers. Furthermore, the increasing technological advancements in the food & beverages and pharmaceutical industries, rapid industrialization & economic growth, and wide availability of raw materials are the key factors propelling the growth of this market.
The key players operating in the enzymes market include AB Enzymes GmbH (Germany), Advanced Enzyme Technologies Limited (India), Amano Enzyme Inc. (Japan), Aum Enzymes (India), BASF SE (Germany), Biocatalysts Limited (A Part of Brain Biotech AG) (U.K.), Chr. Hansen Holding A/S (Denmark), Codexis, Inc. (U.S.), Enzyme Development Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), International Flavors & Fragrances Inc. (IFF) (U.S.), Kerry Group plc (Ireland), Koninklijke DSM N.V. (Netherlands), Merck KGaA (Germany), Novozymes A/S (Denmark), Novus International, Inc. (A Part of Mitsui & Co., Ltd.) (U.S.), and Sanofi (France).
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