Enzymes Market Size, Share, Trends & Growth Report, 2027 |
Posted: June 30, 2023 |
The global enzymes market size was valued at USD 12.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2027. Enzymes are used in various industrial applications such as food & beverages, bioethanol, detergents, textiles & leather, paper & pulp, wastewater treatment, feed, others (which include starch processing, cosmetics & personal care products, and oilfield & fine chemicals). Enzymes are also used in various specialty applications such as pharmaceuticals, research & biotechnology, diagnostics, and biocatalysts. The use of enzymes in paper & pulp is growing at a higher rate, owing to its functional benefits, and manufacturers are more inclined toward a reduction in usage of chlorine. Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46202020 Market Dynamics Driver: Growing environmental concerns and increasing demand for biofuel The depletion of non-renewable resources has raised the need for and importance of manufacturing biofuels, which have a negligible impact on the environment. In countries with surplus agricultural capacity, ethanol produced from biomass can be used as a substitute, extender, or octane booster as alternatives for traditional motor fuels, such as gasoline, diesel, and kerosene. The increase in demand for biofuel has resulted in more usage of enzymes, such as amylases, lipases, cellulase, and proteases, which are used for the production of biofuel. Amylase enzymes are expected to be major contributors in the biofuel enzymes market due to their ability to sustain at a comprehensive range of temperatures and pH levels. The Asia Pacific countries are launching biofuel policies which are augmenting the growth of enzymes in biofuel applications. For instance, in 2018 India has introduced a biofuel policy which aims to have blending rates of 20% ethanol and 5% biodiesel by 2030 in the country. Restraints: Stringent regulatory framework Manufacturers of enzymes need to comply with the regulations imposed by different governing agencies, such as the Enzyme Technical Association (ETA), Association of Manufacturers & Formulators of Enzyme Products (AMFEP), and EU REACH (Registration, Evaluation, and Authorization of Chemicals) Regulation. The use of enzymes in the food industry is required to adhere to the guidelines defined by the Food Chemicals Codex. There is a lack of a uniform regulatory structure for the use of industrial enzymes, even though stringent regulations are imposed for their use in industries in the UK, Canada, and the European Union. Different regulatory structures affect international trade, which is a restraining factor for the growth of the enzymes market. Opportunities: Technological innovations and wide industry scope New technical applications of enzymes are being developed to enhance the production processes. Numerous companies in the textile industry are incorporating the use of enzymes as an alternative to chemicals, to produce mild reactions that lead to clean and chemical-free garments. Gene modification in the existing enzyme has resulted in significant developments to enable enzymes to be functional under altering temperatures and pH levels. Companies are focusing on high investments in R&D and discovering new applications, such as pulp bleaching and bio-washing. For instance, in June 2019, DSM (Netherlands) launched low-glycerol yeast technology for the biofuels industry with the introduction of eBOOST GT and a new enzyme for fiber conversion, eBREAK 1000F, to tackle environmental pollution and boost the usage of substitutes to traditional gasoline. The companies are also expanding their existing product portfolio of enzymes. For instance, in April 2021, Biocatalysts has launched new enzyme Promod 517MDP with the objective to expand their range of Kosher and Halal certified enzymes which can be used in the dairy applications. Challenges: Concerns over quality, safety, and consumer perception toward enzymes The safety and quality of products are major concerns for manufacturers. Therefore, manufacturers need to get approval for enzymes that are to be used. Also, the final product needs to be evaluated for safety and quality before it is launched in the enzymes market. Toxic substances such as bacterial toxins and mycotoxins pose risks to consumers. Bacteria toxins and mycotoxins contaminate the food and are harmful to consumer health. Therefore, risks involved with enzymes affect the perception of consumers toward enzyme-based products. Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=46202020 North America dominated the enzymes market, and is projected to grow with a CAGR of 6.14% during the forecast period (2022 - 2027) The North American industrial enzymes market is led by their wide industrial applications. Technological advancements have made enzymes available for a wide range of applications such as in food & beverages, detergents, textile, paper and pulp, and feed among others The increasing obesity issues in the region has resulted in the health-conscious consumers and rise in demand for natural and clean label ingredients in food applications. With major companies producing new products in the market, food manufacturers are adopting new enzyme technologies for food & beverage applications to address the needs of their consumers. For instance, in December 2020, DuPont Nutrition & Biosciences launched Versilk in North America, which is a clean-label native enzyme designed to optimize texture and taste in yogurts, drinkable dairy products, and other drinkable fermented products. The North American region is the largest market for enzymes, globally, owing to the development of novel and superior performing products, developed technologies, and global industrialization. The US is the dominating country in the North American enzymes market; however, the market in this region has reached maturity, and the use of enzymes has become standard practice.
|
|||||||||||||||||||||||||||||||||||||||||||
|