The enzymes market was valued at USD 10.0 billion in 2019 and is projected to reach USD 14.7 billion by 2025, recording a CAGR of 6.7% during the forecast period. The demand for enzymes is increasing significantly, as it is being used across various industries and as a substitute for chemicals.
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Market Dynamics:
Drivers:
- Growing environmental concerns and increasing demand for biofuel
- Advancements in R&D activities for technical enzymes
- Advancements in enzyme engineering & green chemistry and the introduction of genetically engineered enzymes
- Multifunctionalities of enzymes
Restraints:
- Stringent regulatory framework
Opportunities:
- Demand for an alternative to synthetic chemicals
Challenges:
- Concerns over quality, safety, and consumer perception toward enzymes
Target Audience:
- Enzyme manufacturing companies and government organizations
- Service providing company officials
- Government and research organizations
- Research officers
- CEOs and vice presidents
- Marketing directors
- Product innovation directors and related key executives from manufacturing companies and organizations operating in the market
- Manufacturing and marketing companies
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Geographical Prominence:
The enzymes market in Asia Pacific is expected to witness the highest growth due to the increasing demand for enzymes in industrial and specialty applications. Technological innovations in machinery, synthetic fibers, logistics, and globalization of business have made the textile & leather industry one of the essential sectors in the Asia Pacific region. Furthermore, the shift of industrial operations from developed regions, such as North America and Europe to Asia Pacific, has further contributed to the growth of the enzymes market in this region. The use of enzymes in the biofuel industry will grow further due to the increase in bioethanol production and its usage in fueling automobiles and electricity. In addition, the majority of the population resides in the Asia Pacific region, which is contributing to the growth of the pharmaceutical industry. Enzyme usage in pharmaceutical products will further drive the enzymes market in the Asia Pacific region.
Key Players:
- BASF (Germany)
- DuPont (US)
- Associated British Foods (UK)
- Novozymes (Denmark)
- DSM (Netherlands)
- Dyadic International (US)
- Advanced Enzymes Technologies (India)
- Aumgene Biosciences (India)
