According to MarketsandMarkets, the enzymes market is estimated to be 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% in terms of value. Due to the increasing environmental concerns among people, the importance of manufacturing biofuels is increasing. These factors are projected to drive the growth for the enzymes market during the forecast period.
Enzymes play an important role as a catalyst in the processing for several industries, pharmaceutical, and biotechnology products. In addition, enzymes are increasingly used as a substitute for chemicals, which is significantly contributing to the growth of the enzymes market. These enzymes are specifically used in industries such as food & beverage and pharmaceutical. The feed industry is also witnessing significant growth in the usage of enzymes as ingredients in the production process.
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Developments such as protein engineering and genetic engineering provide scope for research & development in enzymes. The research and development activities help the industry to innovate products and meet the demand of industries by increasing production.In addition, biotechnology will help in increasing the efficiency of enzyme production and enhance its properties.Along with this, the increase in demand for biofuels is also contributing to the growth of the enzymes market. Enzymes, such as amylase, lipases, cellulases, and protease, are used for the production of biofuels.
In terms of product type, the industrial enzymes segment has shown significant growth in the market due to its wide range of applications across various industries. With technological advancements, the application of enzymes has expanded in various industrial and specialty applications. The ability of industrial enzymes to catalyze chemical reactions and increase its applications hascontributed to the growth of the enzymes market.In addition, enzymes have several other benefits,such as lower production costs, higher product quality, reduced power energy consumption, and less wastage. These factors also drive the growth of the enzymes market, while the use of specialty enzymes in pharmaceuticals is increasing for the production of drugs.
Asia Pacific is projected to witness the fastest growth in the enzymes market during the forecast period due to the globalization of business and technological innovations. The reason that Asia Pacific is the fastest-growing market in the enzymes market is that it is the leading region in terms of production of sugar as the production of sugar enzymes are used to hydrolyze starch to convert it into sugar.In addition, enzymes are being used increasingly in the production of bioethanol with the growth of the biofuel industry. One of the major factors contributing to the growth of the enzymes market in the Asia Pacific region is the increase in population in this region, which is driving the growth of the pharmaceutical industry.These factors are the major factors driving the market growth for enzymes in the Asia Pacific region for industrial and specialty applications.