The global Enzymes Market accounted for $7.08 billion in 2017 and is estimated to reach $10.52 billion in 2024, registering a CAGR of 5.7% from 2018 to 2024.
Surge in demand for cellulosic & amylase-based biofuels, rise in need for effective pharmaceuticals & cosmetics, increased usage of functional food & beverages, and rise in usage of enzyme-based techniques for detection & treatment of chronic diseases drive the global enzyme market. However, restrictions related to chemical properties of enzymes and safety issues owing to contamination of enzymes hamper the market growth. On the contrary, surge in adoption of enzyme-based technology such as protein engineering and high untapped potential in emerging economies are expected to create lucrative opportunities for the market players in the near future.
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The report segments the global enzymes market into type, source, reaction type, application, and region. On the basis of type, the report is divided into protease, carbohydrase, lipase, polymerase and nuclease, and other types. The carbohydrase enzymes segment contributed about two-thirds of market share in 2017, owing to high usages in pharmaceutical and food industries.
According to the report, enzymes are obtained from microorganisms, plants, and animals. The microorganisms segment manifested high demand, about two-thirds of market share in 2017, owing to easy availability and low production cost. However, enzymes derived from plant sources are expected to grow at a CAGR of 6.4% during the forecast period.
Based on the reaction type, the report is bifurcated into hydrolase, oxidoreductase, transferase, lyase, and other reaction types. According to the report, the hydrolase is considered as the most prominent type enzyme used in food & beverage and detergent industries, contributing about two-thirds share of the market. However, the transferase segment is expected to portray the fastest CAGR during the forecast period.
On the basis of application, the report is divided into food and beverages, household care, bioenergy, pharmaceutical and biotechnology, feed, and other applications. The pharmaceutical segment is expected to manifest gradual growth during the study period.
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According to the region, the global enzymes market is divided into Asia-Pacific, LAMEA, North America, and Europe. North America region held the largest share in the market, owing to increase in use of enzymes in pharmaceuticals and diagnostic applications and growing demands from the local market. However, the Asia-Pacific is estimated to register at the fastest CAGR of 7.8% during the forecast period.
The major market players are analyzed in the report including
- Novozymes A/S,
- DowDuPont Inc.,
- Advanced Enzyme Technologies Ltd.,
- AB Enzymes GmbH,
- Amano Enzyme, Inc.,
- Thermo Fisher Scientific Inc.,
- Koninklijke DSM N.V.,
- BASF SE,
- Codexis, Inc.,
- F. Hoffmann-La Roche Ltd
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.
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