The growth in biofuel production is directly contributing to the growth of industrial enzymes market
According to the latest Arizton's market research report, the industrial enzymes market size to cross USD 8 billion by 2025, growing at a CAGR of 5.5% during the forecast period.
Industrial Enzymes Market Growth
The growth in biofuel production is directly contributing to the growth of industrial enzymes market. Enzymes like immobilized lipases are a promising contribution to the biodiesel production. The proven benefits of enzymes in the cosmetics industry with respect to its effectiveness in skin aging acne conditions, pigmentation, and congestion is expected to be a major growth prospect during the next 5 years. The consumers also foresee the enzymatic formulations as an alternative to common allergic reactions happening in chemical catalysts. The volume and variety of enzymes used in the industry has increased dramatically over the past decade signifying the growth prospects. As the demand for tasty, authentic, and convenient products is surging among the consumers, the application of enzymes is witnessing new heights of growth in newer categories.
Impact of COVID-19
The impact of COVID-19 in 2020 greatly affected the industrial enzymes market as the major end-user industries like food and beverage, animal nutrition, biofuels, and cleaning agents were halted with respect to their production and distribution. The disruption in the supply chain of the industries resulted in low demand for the enzymes to be processed. Players like BASF was highly committed to sustain its operations through the available workforce in uncertain market conditions as per the guidance of government. The market for the industrial enzymes is expected to revive in early 2021 with the full-fledged operations beginning in the end-user industries. Vendors are also recommended to cater to the sudden onset of demands especially in the cosmetics, biofuel, and leather industries. The rise in health concerns and the upcoming demand for enzymes can be more inclined towards plant-based sources thereby, promoting the health of the consumers with reduced side effects.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by type, source, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 18 Other Prominent Vendors
Industrial Enzymes – Geographic Analysis
The growth in middle class population, rising urbanization, increase in disposable income, consumption of packaged and convenience foods, and change in consumer lifestyle are the major factors influencing the growth of enzyme adoption in APAC. The plant-based foods and beverages are booming in consumption that can eventually drive the market for plant-based enzymes which are also supported by the growth of flexitarians and vegans in the region. Latin America is expected to pose an absolute growth of 34% during the forecast period signifying the growth prospects in the region for enzymes across the industries. The awareness of nutrition and functional food, the change in consumer lifestyle, and the rise of meat consumption in the region is stimulating the food enzymes market.
The global industrial enzymes market is considerably fragmented with a significant number of global and domestic vendors in each geography. The competitiveness of the industry is inclined towards new formulations in enzyme technology, extending the product line to cater the existing demand supply gap. The protein engineering, mergers, and acquisitions to enable vendor to expand their global footprint and other strategies to counter the global challenges through the concept of sustainability. Players like DuPont have been focusing on the upcoming industries with market potential for enzyme applications. Strong growth opportunity expected in power cold water washing and biofuel production to offer $1 billion worth of market opportunities respectively, and the key strengths are leveraged towards the areas to gain competitive advantage.
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