Chicago, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Enzymes Market by Product Type (Industrial enzymes and Specialty Enzymes), Source (Microorganism, Plant, and Animal), Type, Industrial Enzyme Application, Specialty Enzymes Application and Region - Global Forecast to 2027”, published by MarketsandMarkets, the global enzymes market is projected to reach USD 16.9 billion by 2027, growing at a CAGR of 6.8% from 2022 to 2027.
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Enzymes can be used as individual enzymes or enzyme preparations containing additives, such as stabilizers, and the desired enzyme blend. The primary property of an enzyme is its reaction specificity. Enzymes are used as catalysts in chemical reactions. Of the many thermodynamically feasible reactions, only the desirable one occurs without unwanted reactions. It gives the user high control over the process, resulting in low wastage and reduced costs.
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Industrial enzymes find applications in the production of biofuels, food & beverages, pulp & paper, textile manufacturing, leather, and other technical applications, such as toiletries, oilfields, chemicals, and waste & wastewater treatment. Typically, industrial enzymes are manufactured and used as bulk enzymes in high volumes than in other areas of enzyme applications. Commercially available enzymes for industrial applications mainly include proteases, lipases, amylases, carbohydrases, pectinases, and cellulases.
By type, the carbohydrases segment dominates the enzymes market in terms of value
The carbohydrases segment dominated the market for enzymes, by type, in terms of value, in 2022. The usage of enzymes is on a surge, including applications such as food & beverages, bioethanol, paper & pulp, textiles & leather, pharmaceutical, and research & biotechnology. Enzymes help in higher product quality, lower manufacturing cost, less waste, and reduced energy consumption. They are often used as an alternative to mitigate the usage of chemicals in various applications. Therefore, this forms a driving factor in boosting the usage of enzymes in various applications globally.
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By product type, the industrial enzymes segment is identified to be the fastest growing during the forecast period
Industrial enzymes dominated the enzymes market in 2022. Technological advancements have expanded the application of enzymes in various industrial and specialty applications. The ability of industrial enzymes to catalyze chemical reactions and the increase in the number of applications has led to the growth of the enzymes market. The demand for specialty enzymes in the research & biotechnology end market would benefit from the reduction in DNA sequencing costs and the increase in new sequencing techniques.
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Asia Pacific is expected to register the fastest growth during the forecast period
A majority of the global population resides in the Asia Pacific region, which has become a major driver for the pharmaceutical industry. It is attributed to factors such as the aging population and the impending expiry of patented drugs. Enzyme usage in pharmaceutical products acts as targets for drugs, which provide the desired therapeutic effect and are considered biological targets. They are involved in the pharmaceutical research and development of drugs and modification of drugs resulting in a specific effect, which could be of significant therapeutic effect or mitigate unwanted adverse effects. Therefore, these factors have been boosting the market for enzymes in the Asia Pacific for industrial and specialty applications.
Key players in this market include Novozymes (Denmark), DuPont (US), DSM (Netherlands), Associated British Foods (UK), Merck KGaA (Germany), Chr. Hansen (Denmark), Kerry Group (Ireland), Roche Holding (Switzerland), Dyadic International (US), Codexis (US), Sanofi (France), Creative Enzymes (US), Advanced Enzymes (India), and Biocatalysts (UK).
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