Deep Analysis of Impact of COVID-19 on “Enzymes Market 2022-2030” Growth Worldwide….

Posted by Mrudula Anil Karmarkar on March 4th, 2024

San Francisco, 04 March 2024: The ReportEnzymes MarketSize, Share & Trends Analysis Report By Product (Carbohydrase, Proteases, Polymerases & Nucleases), By Type (Industrial, Specialty), By Source (Plants, Animals), By Region, And Segment Forecasts, 2023 - 2030

The global enzymes market size is expected to reach USD 20.31 billion by 2030, according to a new study by Grand View Research, Inc. The market is estimated to reach a CAGR of 6.5% during the forecast years. The rising consumption of functional food products on the account of the increasing awareness regarding an individual’s health is likely to positively influence the product demand over the forecast period.

Carbohydrase is bifurcated as cellulose, amylase, pectinase, xylanase, and lactase. It is widely used as an ingredient in the formulation of carbonated drinks. The growing usage of different kinds of carbohydrases in the animal feed and pharmaceutical industry is further projected to boost the overall industry demand in the coming years.

In North America, the U.S. is dominating the market for enzymes across the region on the account of the changing consumer preferences and rising demand for organic and nutritional food items from the food & beverage industry. Furthermore, the escalating market growth from the pharmaceutical and nutraceutical industry is anticipated to fuel the industry growth over the forecast period.

The market is an oligopolistic market with major players dominating the marketspace such as DSM, Novozymes, and DuPont Danisco among others. There is a significant rise in the demand for high-quality specialty enzymes across the globe. Thus, raw material distributors and manufacturers are witnessing a spike in lucrative opportunities to offer uniform and superior quality products via a systematic supply chain network.

The rising demand for food & beverage products is attributable to the increasing consumer awareness related to one’s health and is expected to positively impact product demand over the forecast period. Enzymes are extracted from the different parts of animals including calf stomach, microorganisms, and plant materials, among others. with the emergence of advanced technologies, product manufacturers can choose their required host for production such as transgenic plants or microorganisms. The key companies are often using microorganisms as a host including fungi, enzyme-producing yeast, and bacteria at a commercial level.

Request sample report of Enzymes Market@https://www.grandviewresearch.com/industry-analysis/enzymes-industry/request/rs1

The key players are now using eco-friendly technologies for different uses such as product modification and enhancement of product properties. The global enzymes market is likely to expand at a significant rate in the coming years. Technological advancements across the industry are considered one of the key driving factors.

Enzymes Market Report Highlights

  • Food & Beverages segment accounted for more than 22.9% in 2022of the industrial type share due to the rising usage of enzymes in bakery and functional food products
  • Industrial emerged as the largest type segment in 2022 and is estimated to generate revenue of over USD 11.42 billion by 2030
  • Microorganisms emerged as the largest source segment in 2022 and are estimated to generate revenue over USD 17.47 billion by 2030
  • North America is projected to witness the fastest growth rate of 6.6% from 2023 to 2030 due to the rising R&D activities across the developed countries coupled with the presence of numerous end-use application manufacturers in the pharmaceuticals, food & beverage, and personal care & cosmetics sector
  • Pharmaceutical emerged as the largest specialty type segment with a revenue share of 40.6% in 2022, due to the increasing usage of the product in different applications including wound healing, diagnosing diseases, and killing disease-causing bacteria

The product growth across the world can be attributed to the growing demand for bakery and brewing applications. They are used in the formulation of fruit juices to enhance the quality and yield of fruits. In wine processing, they are used to maintain the clarity, color, and organoleptic attributes of wine. The rising level of urbanization and a global population largely contribute to the overall growth of the food & beverage industry. Thus, positively influencing the industry growth over the forecast period.

The growing demand for poultry and swine feed worldwide plays a key role in the market growth of the overall feed industry. Animal feed helps in improving the health and well-being of swine and poultry animals. The increasing animal feed market at a global level is anticipated to boost the overall industry growth over the forecast period.

Enzymes Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 13.11 billion

Revenue forecast in 2030

USD 20.31 billion

Growth rate

CAGR of 6.5% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

The industrial type dominated the market with a revenue share of over 56.7% in 2022. This is attributed to rising demand in various end-use industries such as food & beverage, detergent, animal feed, textile, paper & pulp, and wastewater among others. the growing use of detergents in industrial and household applications in the emerging economies of Brazil, China, and India are expected to drive the product inclusion in detergents.

Recent Developments

  • In May 2023 dsm-firmenich launched MaxilactNext – the quickest pure lactase enzyme in the industry for enhanced and lactose-free dairy production.
  • In January 2023, Novus International, Inc., an international animal health & nutrition company announced the acquisition of Agrivida Inc., a biotech company. With this acquisition, Novus took ownership of the flagship INTERIUS™ technology developed by Agrivida to implant feed additives in grain.
  • In December 2022, Adisseo announced its participation in the Chinese First Agri-food closing round. This investment focuses on activities emphasizing the modern agricultural & livestock revolution. 
  • In November 2022 Chr. Hansen collaborated with CP Kelco for co-developing an ambient, breakthrough, plant-based ‘vegurts’.
  • In August 2022, BASF entered into a strategic binding agreement with Danstar Ferment AG (a subsidiary of Lallemand Inc.) for divesting the company’s baking enzymes portfolio and business – Nutrilife. Nutrilife assists food suppliers to produce healthy, cost-efficient, and appealing food products while supporting the optimum use of resources. 

List of Key Players in the Enzymes Market

  • BASF SE
  • Novozymes
  • DuPont Danisco
  • DSM
  • Novus International
  • Adisseo
  • Associated British Foods Plc
  • Chr. Hansen Holding A/S
  • Advanced Enzyme Technologies
  • Lesaffre
  • Enzyme Development Corporation

Like it? Share it!


Mrudula Anil Karmarkar

About the Author

Mrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,982

More by this author