An extensive study of the product application and services conducted by subject matter experts assessing the Enzymes Market will help product owners to make a wise decision.
New York, United States – May 28, 2020 /MarketersMedia/ —
The global Enzymes Market is forecasted to reach USD 11.03 Billion by 2026, according to a new report by Reports and Data. Enzyme market has gathered special attention in the past few years owing to its vast applications. They are utilized in food and animal feed, detergents and textiles, manufacturing industries, pharmaceuticals and biotechnology R&D, leathers and others. Applications of enzymes in the manufacturing process result in cost reduction due to less energy consumption, and better substrate activity.
The growth of the enzyme market is mainly due to the high demand for effective enzymes based pharmaceuticals. Other driving forces include an increase in demand for renewable energy sources such as biofuels, wide applications of enzymes in various industries, and a rise in prevalence of various chronic diseases such as inflammation & digestive diseases.
This report covers the recent COVID-19 incidence and its impact on Enzymes Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Key participants include AB Enzymes GmbH, Advanced Enzyme Technologies Ltd., Amano Enzyme Inc., BASF SE (BASF Corporation), Codexis, Inc., DowDuPont Inc., F. Hoffmann-La Roche Ltd., Koninklijke DSM N.V., Novozymes A/S, and Thermo Fisher Scientific Inc. (Affymetrix, Inc.) among others.
North America dominates the market, followed by Europe. Asia-Pacific has the highest growth rate throughout the forecast period, owing to the high prevalence of chronic disorders, increase in disposable incomes, an increase in awareness regarding enzymes based pharmaceuticals and protein engineering techniques.
For the purpose of this report, Reports and Data have segmented global Enzymes market on the basis of Type, Source, Reaction Type, Formulation, Application, and Region:
Type Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
• Polymerases and Nucleases
• Other Types
Source Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
Reaction Type Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
• Other Enzymes
Formulation Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
• Lyophilized powder
• Other (gel and granular forms)
Application Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
• Food & Beverage
• Household Care
• Pharmaceuticals and biotechnology
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Regional Outlook (Volume, Kilo tons; 2018-2026 And Revenue, USD Billion; 2018-2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• With processed food gaining popularity, demand for enzymes is increasing. It adds longevity to food’s shelf life.
• Food and Beverages hold a market share of 24% in the year 2018 and is forecasted to hold a market share of 25% in the year 2026 with an annual growth rate of 6.0%
• Enzymes find its application in consumer products such as detergents. Even a molecule of the enzyme in the detergent can boost its ability to act on substrate molecules such as soil.
• On the basis of source, the market is segmented into microorganisms, plants, and animals. Microorganisms hold the major share as they are easily available and have low production costs.
• Microorganisms have a market share of 37% in the year 2018 and are forecasted to hold a market share of 38% in the year 2026 with 5.8% annual growth rate throughout the forecast period.
• Hydrolase has the largest market share of 24% in the year 2018 and is forecasted to hold a market share of 25% in the year 2026 with an annual growth rate of 6.0% throughout the forecast period.
• The U.S. is the major contributor in enzymes market owing to high demand in the food and beverage industry and a rising concern for health, coupled with a high preference for processed food will drive the market in this region.
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Data Sources & Methodology:
Primary research is carried out through Email interactions, telephonic interviews, and one-on-one interviews and discussions to gain a crisp, clear, and accurate understanding of each market, category, segment, and sub-segment across geographies. Reports and Data has a strong global database comprising experts, participants, and veterans across a range of industries, verticals, sectors, and markets, through whom we validate our information/data and analysis results. A typical research interview fulfills the following functions: Provides competitive landscape, consumer trends, market growth trends, first-hand information, and analysis on market size, opportunities, outlook, etc.
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