USD 6.53 billion
Report ID:
SQMIG35J2114 |
Region:
Global |
Published Date: June, 2024
Pages:
247
|Tables:
69
|Figures:
75
Industrial Enzymes Market size was valued at around USD 6.9 billion in 2022 and is poised to grow from USD 7.35 billion in 2023 to USD 12.16 billion by 2031, at a CAGR of 6.6% over the forecast period (2024–2031).
The increasing demand for bioethanol and growing environmental concerns is the key aspect of the rise in the market revenue of Industrial Enzymes. As well as the multiple functions of enzymes will substitute for Industrial Enzymes Market growth. The Global Industrial Enzymes Market report provides a general assessment of the Industrial Enzymes Market.
Industrial Enzymes are used for preparing cheese, alcohol, bread, and fruit beverages Enzymes are complex proteins, which help exaggerate biochemical reactions. These enzymes are largely used in the food beverage industry and in cleaning machinery in the industry. They are extracted from plant tissue, animal tissue, and microorganisms cells. Industrial Enzymes are largely created by the fermentation process. These are authorized by numerous industries to ensure the standards and stability of their products with improved production efficiency. They also help provide eco-friendly products to consumers owing to using less energy, water, and raw materials and generating less waste.
COVID-19 has emphasized the importance of consuming healthy and nutritious food. with a balanced consumption of enzymes and other carbohydrate sources. Fortified foods beverages infused with nutritional enzymes and other healthy ingredients are seeing an increase in demand. The Industrial Enzymes Market for meat products is expected to record a much inferior growth rate due to the dislike of meat products among consumers. However, the demand for bakery sweet products, dairy products, and juices is projected to surge with the rise in health concerns and increase in awareness regarding enzyme-mixed products.
US Industrial Enzymes Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.53 billion
Largest Segment
Carbohydrates
Fastest Growth
Carbohydrates
Growth Rate
6.4% CAGR
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Global Industrial Enzymes Market is segmented based on product, formulation, application, source and region. Based on Product the market is segmented into carbohydrase (amylases, cellulases and others), proteases, lipases, polymerases & nucleases, and others. Based on Application the market is segmented into food & beverages, detergents, animal feed, biofuels, textiles, pulp & paper, nutraceutical, personal care & cosmetics, wastewater, agriculture and others. Based on Source the market is segmented into plants, animals and microorganisms. Based on formulation, the market is segmented into lyophilized powder, liquid and dry. Based on region the global Industrial Enzymes Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Industrial Enzymes Market Analysis by Product
The carbohydrase product segment dominated the market in 2022 with a 48.2% revenue share. This is a result of its increased application in a variety of industries, including, among others, animal feed, pharmaceuticals, and food & drinks. In order to convert carbohydrates into sugar syrups like fructose and glucose, which are then used in the pharmaceutical and food and beverage sectors, it is primarily employed as a catalyst. Artificial sweeteners and prebiotic products like isomaltose for juices and wines are made with it.
The demand for protease enzymes is the fastest growing segment due to their various applications in the food and beverages sector. They are used for tenderization of meat, dairy processing, and flavor enhancement. Additionally, the growing demand for processed and convenient food items along with improved taste and nutritional values further fuels the protease use hence driving the segment growth. Hence, the companies in these sectors are continuously trying to utilize proteases to enhance product quality as well as enhanced production process, which fuels the segment’s faster growth.
Industrial Enzymes Market Analysis by Application
The food and beverage application segment dominated the market in 2022 with the largest revenue share of 20.9%. The increased usage of enzymes in the production of food and drink goods is the cause of this. In the baking, dairy, and brewing industries, cheese, vegetables, fruits, oils and fats, grains, and a variety of other food products are treated to use both specialized enzyme solutions and distinct enzyme products. In the food and beverage industry, proteases, lipases, and carbohydrase are most frequently used. The demand for the product in animal feed is therefore expected to rise throughout the projection period.
Oil treatment is the fastest growing segment by application in the Industrial Enzymes Market. Enzymes help in various processes like emulsification and demulsification. Here enzymes act as a catalyst in these processes for improving the efficiency of oil-water separation. Therefore, enzymes help in enhancing the quality of the extracted oil leading to a higher value and purity. As a result, companies can gain a better and higher production value along with increased profitability. These processes are part of the functions that make oil treatment operations more efficient and cost-effective, hence delivering competitive advantages for business operators in the oil and gas industry through the use of enzymes.
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The North American region dominated the market in 2022, accounting for 37.6% of total sales. There is a sizable market for industrial enzymes because of the substantial number of end-use businesses in the food and beverage, laundry detergent, pharmaceutical, and personal care & cosmetics industries, as well as the significant potential for R&D activities in the region's major economies. For instance, genetically modified organism strains are remanufactured by food enzymes from bacteria because of advances in technology. When used in food goods, these strains improve the product's effectiveness.
Asia-Pacific is expected to have the fastest market development during 2022 and 2030. Due to the significant expansion in the chemical, food and beverage, and healthcare sectors, it is predicted to grow at the highest CAGR throughout the forecast period. Due to rising consumer expenditure and speedy population growth, the region's market is rapidly growing. The area's market is expanding since the leading enzyme companies are there, yeast enzyme sales are rising, and the textile industry has an increasing requirement for enzymes. especially in countries like China and Japan. The increased industrialization of the areas is another reason why enzymes are being used in manufacturing processes more often. To meet increasing market demands, businesses are also creating new enzymes and manufacturing techniques. China's marketplace is growing as a result of rising demand for protease and carbohydrase enzymes in food and pharmaceutical applications.
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Industrial Enzymes Market Driver
Growing industry demand for food and beverages
Increasing use in the production of biofuels
Growing awareness of the benefits of enzyme in various applications
Industrial Enzymes Market Restraints
Cost of production are high
A limited shelf life and limited stability:
Regulatory barriers
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The supply from BASF SE, Novozymes, DuPont Danisco, and DSM dominates the market for industrial enzymes. Key product producers' long, expensive enzyme development cycles are a defining feature of the market. As a result, producers and suppliers of raw materials have excellent potential to deliver consistent and high-quality enzymes via a scrutinised supply chain.
Participants in the market typically engage in merger and acquisition activities to increase their global reach and product portfolios. For instance, Novozymes bought Microbiome Laboratories, a company that offers probiotic and microbiome solutions, to expand its line of products. Businesses like BASF SE increased the enzyme production capacity at their German factory to meet the growing demand.
Industrial Enzymes Market Top Player’s Company Profiles
Industrial Enzymes Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Industrial Enzymes market is the demands for industrial enzymes are anticipated to rise along with the global demand for bakery products and fruit juices. The sector is projected to increase as a result of this factor in the coming years. The food and beverage sector frequently uses industrial enzymes to improve product quality and shelf life. They are used in the brewing and baking processes in the food and beverage industry, as well as in the dairy, starch, and sugar goods that customers regularly consume in large amounts. To provide flour or dough specific qualities, they are used in baking applications. In biscuits and crackers, they assist in reducing the protein level of the flour, while their being used in bread improves or systematizes the quality and guarantees uniform browning. The industrial enzymes market is dominated by food and beverage segment. The ever-expanding global population and its rising spending power are the key drivers of this fastest-growing application category. People's growing demand for higher-quality foods, better manufacturing and processing practices, and improved nutritional value is also influenced by health awareness. Industrial enzymes have found extensive applications in fat modification and sweetener technology, pushing the industrial enzymes market as a result of the increased innovation and development of technologies in the food industry. So over forecast period, all of the aforementioned factors are expected to increase market demand for industrial enzymes.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.9 billion |
Market size value in 2031 | USD 12.16 billion |
Growth Rate | 6.6% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Enzymes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Enzymes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35J2114