Enzyme Market Size Expected to Reach USD 11.03 Billion at a CAGR of 5.5% by 2028 | Reports and data
The driving factor of the food enzymes market is the improvement in the quality of processed foods and the high specificity of the reactions.
NEW YORK CITY, NEW YORK, USA, September 15, 2022 /EINPresswire.com/ — The Global Enzyme market is expected to reach $11.03 billion by 2028, according to a new report from Reports and Data. Enzyme market has attracted significant attention in recent years due to its wide applications. They are used in food and feed, detergents and textiles, manufacturing industries, pharmaceutical and biotechnology R&D, leathers and others. Enzyme applications in the manufacturing process result in lower costs due to lower energy consumption and better substrate activity.
The growth of the enzymes market is mainly driven by the high demand for effective enzyme-based pharmaceuticals. Other driving forces include an increase in demand for renewable energy sources such as biofuels, wide applications of enzymes in various industries, and an increase in the prevalence of various chronic diseases such as inflammation and digestive diseases.
North America dominates the market, followed by Europe. Asia-Pacific has the highest growth rate throughout the forecast period, due to high prevalence of chronic disorders, increasing disposable incomes, increased awareness of herbal pharmaceuticals enzymes and protein engineering techniques.
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Main companies: AB Enzymes GmbH, Advanced Enzyme Technologies Ltd., Amano Enzyme Inc., BASF SE (BASF Corporation), Codexis, Inc., DowDuPont Inc., F. Hoffmann-La Roche Ltd., Koninklijke DSM NV, Novozymes A/ S, and Thermo Fisher Scientific Inc. (Affymetrix, Inc.) among others.
Other key findings from the report suggest
With the growing popularity of processed foods, the demand for enzymes is increasing. It adds longevity to the shelf life of food.
Food and Beverages held a 24% market share in 2018 and is expected to hold a 25% market share in 2028 with an annual growth rate of 6.0%
Enzymes find their application in consumer products such as detergents. Even one molecule of the enzyme in the detergent can increase its ability to act on substrate molecules such as soil.
Households occupy a 22% market share in 2018 and are expected to hold a 23% market share in 2028 with the highest annual growth rate of 6.1%.
Based on source, the market is segmented into microorganisms, plants, and animals. Microorganisms hold the bulk as they are readily available and have low production costs.
Microorganisms has a market share of 37% in 2018 and is expected to hold a market share of 38% in 2028 with an annual growth rate of 5.8% throughout the forecast period.
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For the purposes of this report, Reports and Data has segmented the global enzymes market based on type, application and region:
Type Outlook (Volume, Kilo tons; 2018-2028 and Revenue, USD Billion; 2018-2028)
Polymerases and nucleases
Source Outlook (Volume, Kilotons; 2018-2028 and Revenue, USD Billion; 2018-2028)
Key Regional Markets Covered in the Report:
North America (United States, Canada, Mexico)
Europe (Italy, UK, Germany, France, Rest of Europe)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)
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Key questions answered by the report:
What is the expected year-over-year growth of enzymes over the forecast period?
What key trends are expected to influence market revenue growth in the future?
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