Enzymes Market Forthcoming Developments in Pandemic Outbreak 2020 to 2027 By: Novozymes, DowDuPont, BASF SE, Advanced Enzyme Technologies, Amano Enzyme
Pune,Maharashtra, India,Nov 17 2020 (WiredRelease) Allied Analytics–: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. Furthermore, improvement in healthcare infrastructure and high demand of for better healthcare services in emerging economies is anticipated to fuel the market growth in the near future.
“Enzymes Market, by Type, Source, Reaction Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024,” the global enzymes market was valued at $7,082 million in 2017, and is projected to reach $10,519 million in 2024, registering a CAGR of 5.7% from 2018 to 2024.
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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.
Global enzymes market is segmented based on reaction type into hydrolase, oxidoreductase, transferase, lyase and others reaction types. Hydrolase is the most prominent type of enzymes used in the food and beverages, and detergents industries. Globally, hydrolase enzymes hold approximately two-third share in the total market share. Commercial applications of carbohydrase and protease enzymes in food products and detergents are expected to help hydrolases to maintain their dominance in the market throughout the forecast period. Oxidoreductase enzymes are the second largest revenue generators. Transferases possesses highest potential in global enzymes market, and is expected to grow at a high CAGR during analysis period.
Based on application, the global enzyme market is segmented into food & beverages, household care, bioenergy, pharmaceutical and biotechnology, feed, and other such as agriculture, paper & pulp processing, and leather processing. Enzymes are used in food processing as food additives for the purpose of modifying the properties of food such as shelf life, digestibility, texture, taste, and nutritional content. The enzymes used in laundry and dishwashing detergents are known as household care enzymes.
Enzymes play a major role in disease diagnostic such as pancreatic diseases. Increase in use of enzymes in advanced biotechnological processes such DNA diagnostics and protein engineering has fueled the growth of the global market. Moreover, increase in applications of enzymes in paper & pulp processing, leather processing, detergent production, and textile processing has boosted the demand for enzymes, thereby supplementing the market growth.
Key Findings of the Enzymes Market:
The protease segment accounted for one-fourth share of the global enzymes market in 2017. The lyase segment is expected to grow at highest CAGR of 7.3% from 2018 to 2024. The animal source segment accounted for around one-fifth share of the global market in 2017. Europe accounted for around one-third share of the global market in 2017. LAMEA is expected to provide lucrative market growth opportunities at a CAGR of 6.9% from 2018 to 2024.
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 market. Moreover, they are investing in new technologies to cater to the growing needs of the bioenergy industry. However, Asia-Pacific is expected to grow at the highest CAGR of 7.8% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards protein engineering techniques.
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