With 6.4% CAGR, Enzymes Market Size worth USD 13,815.2 Million by 2027
The global “enzymes market” size is projected to reach USD 13,815.2 million by 2027 owing to the increasing applications of the latest technologies for enzyme development, states Fortune Business Insights™ in its report, titled “Enzymes Market, 2020-2027”. The report further states that the global market value was USD 9,008.7 million in 2019 and the market is expected to register a CAGR of 6.4% from 2020 to 2027.
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Increasing Applications of Latest Technologies to Drive Growth
The advent of the latest technologies is estimated to help manufacturers find unique and effective applications of these biocatalysts in numerous end-user industries. Their extensive utilization is projected to drive the global enzymes market growth during the forecast period. Leading Enterprises operating in the market are aiming at expanding their businesses in order to meet the exceeding demand from end users. In October 2017, BASF SE, a prominent multinational chemical company based in Germany, opened a new production unit in Nanjing Chemical Industrial Park, Nanjing, China. The new plant is aimed to develop biocatalyzed acrylamide for the company.
Plants Segment to Showcase Eminent Growth
We have categorized the market on the basis of type, source, product type, and geography. In terms of type, the market is divided into industrial and specialty enzymes. Based on the source, it is fragmented into plants, animals, and microorganisms. The plants segment is showcasing eminent growth with a market share of 19.3% in 2019.
On the basis of product type, it is bifurcated into protease, lipase, carbohydrates, nuclease & polymerase, and others. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
In December 2020, Advanced Enzyme Technologies, a leading developer in India, announced the acquisition of SciTech Specialties, one of the leading specialty products manufacturing enterprises. Under the acquisition agreement, the company will get hold of 51% stakes of the acquired party, securing a total shareholding of 520,408 equity shares. As per the company, the acquisition will help the company expand its business on B2B scale. In addition, the applications owned by SciTech in several verticals including human health, food, and animal nutrition will ensure better delivery of the existing products. The acquisition cost the company a total of INR 316.26 million.
Booming Healthcare Sector in the U.S. to Propel Demand in North America
North America is anticipated to lead the global enzymes market share during the forecast period. In 2019, the market value stood at USD 3,584.0 million in this region. Key factors propelling the demand in the region are the booming healthcare sector coupled with industry-leading medical research facilities in the U.S. In addition, the evident presence of prominent organizations developing innovative procedures is estimated to further strengthen the market growth.
The market in Europe is predicted to showcase significant growth. Growing investments for research and development of enzyme-related diagnostics from several countries including Germany are expected to drive the market in the region.
Expansion Strategies to Help Key Players Meet the Rising Demand
Key players operating in the global market are embarking upon market expansion strategies in order to meet the demand for such products from their customers. For instance, in June 2019, Novozymes, a global biotechnology company headquartered in Denmark, announced the expansion of its business in East Africa. Presence in the new location will help the company meet the need for these products in the region.
List of Key Players Profiled in the Global Enzymes Market:
- BASF SE (Ludwigshafen, Germany)
- DuPont (Delaware, U.S)
- DSM (Heerlen, Netherlands)
- Novozyme (Bagsværd, Denmark)
- Roche Holding (Basel, Switzerland)
- Codeix (California, U.S.)
- Sanofi (Paris, France)
- Advanced Enzymes (Maharashtra, India)
- Other Prominent Players