Portland, OR, April 28, 2020 (GLOBE NEWSWIRE) -- According to a new report published by Allied Market Research, titled, "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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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.
Global enzymes market is segmented based on reaction type into hydrolase, oxidoreductase, transferase, lyase and others reaction types. Hydrolase is the most prominent type of enzymes used in the food and beverages, and detergents industries. Globally, hydrolase enzymes hold approximately two-third share in the total market share. Commercial applications of carbohydrase and protease enzymes in food products and detergents are expected to help hydrolases to maintain their dominance in the market throughout the forecast period. Oxidoreductase enzymes are the second largest revenue generators. Transferases possesses highest potential in global enzymes market, and is expected to grow at a high CAGR during analysis period.
Based on application, the global enzyme market is segmented into food & beverages, household care, bioenergy, pharmaceutical and biotechnology, feed, and other such as agriculture, paper & pulp processing, and leather processing. Enzymes are used in food processing as food additives for the purpose of modifying the properties of food such as shelf life, digestibility, texture, taste, and nutritional content. The enzymes used in laundry and dishwashing detergents are known as household care enzymes.
Enzymes boost the performance of detergents by improving the stain removal properties, garment care, and wash efficiency. Enzymes are widely used in pharmaceutical industry for drug formulation and in food industry for food processing and nutraceuticals. In addition, they have been widely used in the cosmetic industry for the formulation of beauty products.
Enzymes play a major role in disease diagnostic such as pancreatic diseases. Increase in use of enzymes in advanced biotechnological processes such DNA diagnostics and protein engineering has fueled the growth of the global market. Moreover, increase in applications of enzymes in paper & pulp processing, leather processing, detergent production, and textile processing has boosted the demand for enzymes, thereby supplementing the market growth.
Key Findings of the Enzymes Market:
- The protease segment accounted for one-fourth share of the global enzymes market in 2017.
- The lyase segment is expected to grow at highest CAGR of 7.3% from 2018 to 2024.
- The animal source segment accounted for around one-fifth share of the global market in 2017.
- Europe accounted for around one-third share of the global market in 2017.
- LAMEA is expected to provide lucrative market growth opportunities at a CAGR of 6.9% from 2018 to 2024.
North America was the leading revenue contributor to the global enzymes market in 2017, and is expected to dominate the market during the forecast period. In North America, the U.S. leads the market, owing to increase in use of enzymes in pharmaceuticals and diagnostic applications. In addition, North American manufacturers are focusing on expanding the production capacity due to growing demands from the local market. Moreover, they are investing in new technologies to cater to the growing needs of the bioenergy industry. However, Asia-Pacific is expected to grow at the highest CAGR of 7.8% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards protein engineering techniques.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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