Enzymes Market to Reach USD 10.59 Billion with 5.7% CAGR: AMR
Enzymes have gained a substantial market share in the recent years, due to high adoption of enzymes based pharmaceuticals required for the treatment of several chronic disorders and digestive diseases. Improvements in pharmaceutical and biotechnology field such as advent of protein engineering have led to widening of applications of enzymes, which have further supplemented the market growth.
Portland, OR, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Enzymes Market *by Type (Protease, Carbohydrase, Lipase, Polymerase and Nuclease, and Other Types), Source (Microorganisms, Plants, and Animals), Reaction Type (Hydrolase, Oxidoreductase, Transferase, Lyase, and Other Reaction Types), and Application (Food and Beverages, Household Care, Bioenergy, Pharmaceutical and Biotechnology, Feed, and Other Applications): Global Opportunity Analysis and Industry Forecast, 2020–2024".* According to the report, the global Enzymes Market was valued at $7,082 million in 2017, and is projected to reach $10,519 million in 2024 at a CAGR of 5.7% from 2018 to 2024.
Enzymes are biocatalysts, which accelerate various biochemical reactions. In the current scenario, enzymes serve as useful biocatalysts for several industrial processes and chemical reactions Moreover, they play an important role in chemical engineering, food technology, and agriculture. The utilization of enzymes minimizes the cost, reduces the time of manufacturing process, and provides better substrate quality for reaction.
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*Covid-19 scenario:*
· The economic crisis would not affect the industry much as the enzymes have not been stopped due to coronavirus pandemic
· The demand of enzymes has not affected by lockdown as it comes under the category of essential goods.
Enzymes are widely used in detergents industry to facilitate the removal of stains from clothes. In addition, they are employed in food and beverages industry in wide range of processes such as baking and brewing. In the pharmaceutical industry, enzymes are used for drug formulation. Moreover, enzyme-based drugs are used for the treatment of chronic conditions such as cancer and AIDS. In addition, enzymes are widely utilized in the biotechnology industry for research in the field of molecular biology. They are used in genetic engineering techniques to cut, replicate, and attach the DNA strands as per requirement. Furthermore, enzymes play a major role in the diagnosis of diseases such as cancer, cardiovascular diseases, and lysosomal disorder.
The global enzymes market is segmented based on type into carbohydrase, protease, lipase, polymerase & nucleases, and others. The carbohydrase enzymes segments accounted for around two-thirds of market share in 2017. This is attributes to the fact that carbohydrase is the most prominent type of enzyme used in pharmaceutical and food industries. Moreover, commercial applications of carbohydrase in food products and detergents are expected to fuel the growth of the segment throughout the forecast period.
Protease enzyme is the second largest revenue generator, as it is widely used for processing the proteins. Moreover, protease enzymes are used in DNA replications & transcription, cell proliferation & differentiation, ovulation, fertilization, and others. Polymerase and nuclease enzymes possess highest growth potential in the global enzymes market, and is expected to grow at a CAGR of 9.8% during analysis period.
Enzymes are obtained from three different sources, namely, plant source, animal source, and microorganisms. Microorganisms are the major source of enzymes, owing to the easy availability and low production cost.
North America was the leading revenue contributor to the global enzymes market in 2017, and is expected to dominate the market during the forecast period. In North America, the U.S. leads the market, owing to increase in use of enzymes in pharmaceuticals and diagnostic applications. In addition, North American manufacturers are focusing on expanding the production capacity due to growing demands from the local market002E
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The key players of this market include Novozymes A/S, Koninklijke DSM N.V., DowDuPont Inc., BASF SE, Advanced Enzyme Technologies Ltd., AB Enzymes GmbH, Codexis, Inc., Amano Enzyme, Inc., F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.
Other players (these players are not profiled in the report and the same can be included on request) in the value chain include BBI Enzymes Ltd., Procter & Gamble Co., Puratos Group, Novus International, Inc., and Chr. Hansen A/S.
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