Enzymes Market Expected to Reach $10,519 million by 2024, Latest Innovation by DowDuPont, BASF, Amano Enzyme, Novus International and others
Pune, Maharashtra, India, December 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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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.
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.
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 factors that drive the growth of the enzymes market include upsurge in demand for cellulosic- & amylase-based biofuels, rise in need for effective pharmaceuticals & cosmetics, upsurge in usage of functional food & beverages (that contain enzymes), and increase in usage of enzyme-based techniques for detection & treatment of various chronic diseases. However, restrictions related to chemical properties of enzymes and safety issues arising due to the contamination of enzymes impede the market growth. On the contrary, surge in adoption of enzyme-based technology such as protein engineering and high untapped potential in the emerging economies are expected to provide lucrative growth opportunities for the market expansion.
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.
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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.
Microorganisms, as a source of enzymes, held a dominant share in the global enzymes market, accounting for about two-thirds of market share in 2017. The purification of microorganism-derived enzymes is cumbersome as compared to the plant enzymes. This would lead to rapid growth of the plant-derived enzymes segment. However, microorganism-derived enzymes are anticipated to dominate the market in 2024, owing to their large-scale production, emergence of genetically engineered microorganisms, and vast applications. Enzymes derived from microorganism are more expensive than enzymes derived from plant sources, owing to the use of highly advanced techniques for the purification of enzymes form microorganism. This results in increased production cost. Enzymes derived from plant sources possess one of the highest growth potential, owing to the emergence of advance purification technologies that require less investments. Hence, enzymes derived from plant resources are expected grow at a CAGR of 6.4% during the forecast period.
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