According to a new report published by Allied Market Research, titled, “Enzymes Market by Type, Source, Reaction Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027," the global enzymes market was valued at $8.63 billion in 2019, and is projected to reach $14.5 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
Enzymes are biocatalysts, which alter the rate of various biochemical reactions. In the current scenario, enzymes serve as useful biocatalysts for several industrial processes and chemical reactions. Moreover, they play an important role in chemical engineering, food technology, and agriculture. The utilization of enzymes minimizes the cost, reduces the time of manufacturing process, and provides better substrate quality for reaction. Thus, they are widely used in detergents industry to facilitate the removal of stains from clothes. In addition, they are employed in the food & beverages industry in wide range of processes such as baking and brewing. In the pharmaceutical industry, enzymes are used for drug formulation. Moreover, enzyme-based drugs are used for the treatment of chronic conditions such as cancer and AIDS. In addition, enzymes are widely utilized in the biotechnology industry for research in the field of molecular biology. They are used in genetic engineering techniques to cut, replicate, and attach the DNA strands as per requirement. Furthermore, enzymes play a major role in the diagnosis of diseases such as cancer, cardiovascular diseases, and lysosomal disorder.
The factors that drive the growth of the global enzymes market include upsurge in demand for cellulosic- & amylase-based biofuels, rise in need for effective pharmaceuticals & cosmetics, upsurge in usage of functional food & beverages (that contain enzymes), and increase in usage of enzyme-based techniques for detection & treatment of various chronic diseases. However, restrictions related to chemical properties of enzymes and safety issues arising due to the contamination of enzymes impede the market growth. On the contrary, surge in adoption of enzyme-based technology such as protein engineering and high untapped potential in the emerging economies are expected to provide lucrative growth opportunities for the global enzymes market expansion.
The global enzymes market is segmented on the basis of type into carbohydrase, protease, lipase, polymerase & nucleases, and others. The carbohydrase enzymes segment held approximately 44.56% of market share in 2019, and is expected to reach $5,852.62 million by 2027. This is attributes to the fact that carbohydrase is the most prominent type of enzyme used in pharmaceutical and food industries. Therefore, commercial applications of carbohydrase in food products and detergents are expected to fuel the growth of the segment throughout the forecast period. Protease enzyme segment is the second largest revenue generator, as it is widely used for processing the proteins. Moreover, protease enzymes are used in DNA replications & transcription, cell proliferation & differentiation, ovulation, fertilization, and others. Polymerase and nuclease enzymes possess highest growth potential in the global enzymes market, and is expected to grow at a CAGR of 10.2% during analysis period.
Enzymes are obtained from three different sources, namely, plant source, animal source, and microorganisms. Microorganisms are the major source of enzymes, owing to the easy availability and low production cost. Microorganisms, as a source of enzymes, held a dominant share in the global enzymes market, accounting for about $4,807.52 million in 2019. This is attributed to their large-scale production, emergence of genetically engineered microorganisms, and vast applications. Enzymes derived from microorganism are more expensive than enzymes derived from plant sources, owing to the use of highly advanced techniques for the purification of enzymes form microorganism. This results in increased production cost. In addition, enzymes derived from plant sources possess one of the highest growth potentials, owing to the emergence of advance purification technologies that require less investments. Furthermore, the purification of microorganism-derived enzymes is cumbersome as compared to the plant enzymes. This would lead to rapid growth of the plant-derived enzymes segment. Hence, enzymes derived from plant resources are expected grow at a CAGR of 7.5% during the forecast period.
The global enzymes market is segmented on the basis of reaction type into hydrolases, oxidoreductases, transferases, leases, and others. Hydrolase is the mostly used in the food and beverages, and detergents industries. Globally, hydrolase enzymes hold approximately 71.88% of the total market share, and are expected to reach $9,839.3 million by 2027. In addition, commercial applications of carbohydrase and protease enzymes in food products and detergents are expected to help hydrolases to maintain their dominance in the market throughout the forecast period. Oxidoreductase reaction type segment is the second largest revenue contributor to the market. Transferases possesses highest potential in global enzymes market, and is expected to grow at a CAGR of 9.0% during the analysis period. By application, the global enzyme market is segmented into food & beverages, household care, bioenergy, pharmaceutical & biotechnology, feed, and other such as agriculture, paper & pulp processing, and leather processing. Enzymes are most widely used in food processing as food additives for the purpose of modifying the properties of food such as shelf life, digestibility, texture, taste, and nutritional content. Hence, the food & beverage segment is anticipated to dominate the application segment over the analysis period. Likewise, the enzymes are used in laundry and dishwashing detergents (household care enzymes) to boost the performance of detergents by improving the stain removal properties, garment care, and wash efficiency. Furthermore, enzymes are widely used in pharmaceutical industry for drug formulation and in cosmetic industry for the formulation of beauty products. Moreover, they play a major role in disease diagnostic such as pancreatic diseases. Increase in use of enzymes in advanced biotechnological processes such DNA diagnostics and protein engineering has fueled the growth of the global market. Likewise, increase in applications of enzymes in paper & pulp processing, leather processing, detergent production, and textile processing is anticipated to boost the demand for enzymes in near future, thereby supplementing the market growth.
Key Findings Of The Study
- The protease segment accounted for 26.8% share of the global enzymes market in 2019.
- The lyases segment is expected to grow at highest CAGR of 8.6% from 2020 to 2027.
- The animal source segment accounted for around one-fifth share of the global market in 2019.
- Europe accounted for around 29.22% share of the global market in 2019.
- LAMEA is expected to provide lucrative market growth opportunities at a CAGR of 7.6% from 2020 to 2027.
North America was the leading revenue contributor to the enzymes market in 2019, and is expected to dominate the market during the forecast period. In North America, the U.S. leads the market, owing to increase in use of enzymes in pharmaceuticals and diagnostic applications. Moreover, the manufacturers are investing in newer technologies to cater to the growing needs of the bioenergy industry. However, Asia-Pacific is expected to grow at the highest CAGR of 8.2% during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in adoption of protein engineering techniques in R&D.