New York, United States , June 13, 2023 (GLOBE NEWSWIRE) -- The Global Enzymes Market Size is to grow from USD 11.9 Billion in 2022 to USD 23.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.9% during the projected period. The global enzymes market has been steadily growing as a result of factors such as rising demand for processed and convenience foods, rising healthcare expenditures, and growing environmental concerns. Because of their functional benefits, enzymes are increasingly being used in pulp and paper products, and producers are more inclined to reduce their use of chlorine.
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Enzymes are biocatalysts that accelerate chemical reactions. They have numerous applications in a variety of industries, including food and beverages, pharmaceuticals, the agricultural sector, animal feed, and biofuels. The global enzymes market is expanding rapidly across multiple industries. The market is being driven by rising demand for environmentally friendly and sustainable solutions, advancements in enzyme technology, and the expanding food and pharmaceutical sectors. With ongoing R&D activities and the adoption of novel enzyme solutions, the market is poised for significant growth in the coming years.
Enzymes are important in the production of biofuels such as ethanol and biodiesel because they convert biomass into usable forms of energy. The bioenergy sector is seeing an increase in demand for enzymes as the focus shifts to reducing greenhouse gas emissions and finding sustainable alternatives to fossil fuels. However, alternative technologies, such as chemical catalysts or synthetic additives, compete with enzymes. While enzymes have advantages in terms of sustainability and selectivity, alternative technologies may provide cost-effective or readily available solutions in some cases.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Enzymes Market Size, Share, and COVID-19 Impact Analysis, By Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases, and Other Enzymes), By Product Type (Industrial Enzymes and Specialty Enzymes), By Source (Microorganism, Plant, and Animal), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The carbohydrases segment is expected to hold the largest share of the global enzymes market during the forecast period.
The global enzymes market is classified into carbohydrases, proteases, lipases, polymerases & nucleases, and other enzymes. Among these, the carbohydrases segment is projected to account for the largest share of the global enzymes market over the forecast period. The expansion can be attributed to their wide-ranging applications across multiple industries, particularly in the food and beverage sector.
The industrial enzymes segment is expected to hold the largest share of the global enzymes market during the forecast period.
The global enzymes market is classified into two categories: industrial enzymes and specialty enzymes. The industrial enzymes segment will likely account for the majority share of the global enzymes market over the forecast period. The increase can be attributed to the fact that industrial enzymes are more generic in nature and are widely used in a variety of industries such as food and beverages, detergents, textiles, and biofuels.
The microorganism segment is expected to dominate the largest share of the global enzymes market during the forecast period.
According to the source, the global enzymes market is divided into three segments: microorganism, plant, and animal. The microorganism segment is projected to account for the majority share of the global enzymes market throughout the forecast period. The reason for this expansion is that their widespread availability, scalability, and versatility make them the preferred choice for a wide range of industrial applications.
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North America is estimated to hold the largest share of the global enzymes market over the predicted timeframe.
North America is projected to dominate the largest share of the global enzymes market throughout the period of forecasting. In terms of market share, North America dominates the global enzymes market. The region is distinguished by advanced industrial infrastructure, a strong presence of enzyme manufacturers, and high adoption rates across a wide range of industries.
Asia Pacific is expected to grow at the highest pace in the global enzymes market over the projected period.
Asia Pacific is projected to expand at the highest pace in the global enzymes market over the forecast period. The Asia Pacific region's enzymes market is expanding rapidly, owing to rising demand from industries such as food and beverages, pharmaceuticals, and textiles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Enzymes Market include Novozymes, BASF, DuPont, DSM, Associated British Foods, Merck, Chr. Hansen, Kerry Group, Roche Holding, Dyadic International, Codexis, Sanofi, Creative Enzymes, Advanced Enzymes Technologies, Biocatalysts, and Others.
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Recent Developments
In March 2023, Enveric Biosciences has Announced Bioproduction Platform utilizing Novel Cane Toad Enzyme for Psychedelic-Inspired Drug Discovery.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Enzymes Market based on the below-mentioned segments:
Global Enzymes Market, By Type
- Carbohydrases
- Proteases
- Lipases
- Polymerases & Nucleases
- Other Enzymes
Global Enzymes Market, By Product Type
- Industrial enzymes
- Specialty Enzymes
Global Enzymes Market, By Source
- Microorganism
- Plant
- Animal
Global Enzymes Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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