The global enzymes market size is expected to reach USD 19.09 billion by 2025, as per a new report by Radiant Insights Inc. It is projected to register a CAGR of 8.9% during the forecast period. Rising demand for industrial enzymes in detergent, animal feed, food and beverage, and wastewater treatment industries is expected to drive the growth.
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Enzymes are used as additives in the food and beverage industry to enhance the product quality and eradicate deficiencies in food items. The rapid growth of food processing industry on account of rising population coupled with increasing consumer spending on processed food products is expected to drive product demand over the projected period.
Enzymes are expected to witness high demand from detergent manufacturing on account of their ability to remove protein-based stains and dirt. In the pulp and paper industry, the product is used for deinking and fiber modification applications. Rising demand for superior quality paper for medical packaging industry is expected to drive growth of the enzymes market.
High cost associated with enzyme manufacturing equipment and machinery makes it a capital intensive industry, which is expected to be a barrier for the new entrants. A strong foothold of the major players on account of their established buyer base and wide distribution network is expected to offer them a competitive edge over the projected period.
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Further key findings from the report suggest:
• In 2018, demand for specialty enzymes in U.S. was valued at USD 1.88 billion and is expected to witness significant growth in near future on account of the strong presence of pharmaceutical manufacturing in the region
• Carbohydrase led the product segment with a market share of 48.2%, as the product has a high demand for producing sugar syrups in the food processing industry
• Pharmaceutical was the largest application segment for specialty enzymes in China, accounting for 48.49% of the overall market share owing to the high volume production of generic drugs in the country
• Demand for industrial enzymes in Brazil is expected to expand at a CAGR of 8.4% over the projected period on account of expansion of FMCG and nutraceutical companies in the country
• Rising focus of animal feed manufacturers on improving nutritional values of the end-products is expected to propel the industrial enzymes segment with a CAGR of 9.0% over the projected period
• The optimum business growth for the manufacturers in the enzymes market is likely to depend on the strategies including backward integration, capacity expansion, new product development, and significant investments in R&D
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