Global enzymes market is projected to exceed a valuation of $21,760 million by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the carbohydrase segment gained maximum revenue in the global enzymes market in 2017. In the coming years, based on regional contribution, North America market is anticipated to be the top contributor to the worldwide revenue.
Speaking of the application outlook, enzymes are used across a plethora of applications in the healthcare and medical sector. In the healthcare sector, they are used for assisting the treatment of process, cleaning wounds, drug manufacturing, analytical testing for disease detection, and disease diagnosis among others. Enzymes are also widely used in the food industry in the production of alcohol, fruit juices, preserved food, and baked goods among others.
Some key driving factors of the enzymes market highlighted in the report include:
- The varied applications of enzymes in industries like healthcare, pharmaceutical, food and beverages, personal care, animal feed, and textile are anticipated to fuel the growth of this market.
- Introduction of genetically-engineered enzymes along with stringent government regulations concerning the use of chemicals is expected to drive market growth over the forecast timeframe.
- The market is likely to witness numerous growth opportunities over the forecast duration owing to the use of enzymes as alternatives for synthetic chemicals, increasing demand from emerging economies, and technological advancements.
According to the report, the diverse applications of enzymes comprise of food and beverages, textile, cosmetics and personal care, animal feed, medical & pharmaceutical, paper and pulp, and others. In the year 2017, the food and beverage sector captured the highest share in the global enzymes market. The growing need to provide tastier and premium quality processed food has boosted the demand for enzymes within this sector. For the uninitiated, enzymes are commonly used in baked goods for controlling the rate of chemical reactions in the baking processes. The increasing demand for nutritional diet and supportive government regulations are likely to propel market growth in the foreseeable period.
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With regards to regional advancements, North America enzymes market garnered maximum revenue in the market in 2017 and is estimated to dominate the global market over the forecast period. The existence of flourishing industries such as pharmaceutical, healthcare, and food & beverages, favorable regulatory landscape, and considerable research and development efforts are responsible for the high product demand in the region. Moreover, Asia-Pacific is projected to emerge as a strong regional contender growing at the highest CAGR over the estimated period due to the rising adoption of enzymes in consumer goods and food and beverages, cites the report.
The competitive sphere of the global enzymes market includes well-established companies such as AB Enzymes, Roche Holding AG, Advanced Enzyme Technology Ltd., BBI Enzymes Ltd., BASF SE, Sanofi S.A., DuPont, Novozymes A/S, Novus International Inc., Associated British Foods PLC, Danisco A/S, and CHR Hansen Holding A/S among others. The noteworthy growth strategies frequently practiced by these companies involve launching new products and collaborating with other market leaders to innovate and introduce new products that suffice the increasing consumer needs and requirements, thereby boosting market size over the forecast timeframe.