According to a recent report by Reports and Data, the global enzymes market was valued at USD 11.08 billion in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period. The primary driver of the market's revenue growth is the increased demand for biofuels, as enzymes play a crucial role in the production of biofuels by breaking down complex biomolecules into simpler sugars that can be fermented. Enzymes are also economical and aid in lowering the total cost of producing biofuels, which stimulates market growth. The market's revenue growth is also being driven by changing diet and lifestyle patterns among consumers, rising awareness of chronic diseases, and the use of enzymes in various industrial processes and products.
The report identifies the industrial enzymes and specialty enzymes product categories as the major segments of the global enzymes market. The industrial enzymes segment is expected to contribute the largest revenue share during the projection period. North America dominated the market in terms of revenue share in 2021, owing to the increased usage of industrial enzymes in various end-use sectors such as food processing, pharmaceuticals, and other industries, as well as the rising incidence of digestive and gut health disorders among the elderly.
Carbios, a French company, opened an industrial demonstration plant in Clermont-Ferrand, France, for their unique enzymatic recycling process on July 15, 2021. The demonstration plant is the latest iteration of C-ZYME technology, which allows for the validation of the enzymatic PET recycling process's technical, environmental, and economical performance as well as the design of future industrial units. Companies profiled in the report include BASF SE, AB Enzymes, Amano Enzyme Inc., Codexis, Inc., DuPont de Nemours, Inc., F. Hoffmann-La Roche Ltd, Koninklijke DSM N.V., Chr. Hansen Holding A/S, and Lesaffre, Adisseo. The report also provides a detailed segmentation of the global enzymes industry into various categories such as Product Type, Source, Type, Application, and Regional Outlook.
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Enzymes Market: Drive factors
The enzymes market is being driven by several key factors, including the increase in demand for biofuels. Enzymes play a crucial role in the generation of biofuels by accelerating the breakdown of complex biomolecules into simpler sugars that can be fermented to make ethanol or other biofuels. Enzymes effectively convert biomass into sugars, which increases yields and lowers the costs of production.
In addition, changing diet and lifestyle patterns among consumers and rising awareness of chronic diseases are also driving the market's revenue growth. Enzymes have various applications, including cancer treatment and diagnostics, as they accelerate specific chemical reactions in cells.
The industrial enzymes and specialty enzymes product categories make up the global enzymes market. Over the projection period, the industrial enzymes segment is anticipated to contribute the biggest revenue share. Enzyme technology has an effect on nearly every element of industrial activities, from the technological sector to the food, feed, and healthcare industries. The use of enzymes in a number of industrial processes and products has been promoted because of their efficient and extremely precise catalytic properties.
Moreover, North America's market dominated in 2021 in terms of revenue share. The market in the region is experiencing revenue growth as a result of an increase in the usage of industrial enzymes in a variety of end-use sectors, including food processing, pharmaceuticals, and other industries. Additionally, the presence of major competitors in the area is somewhat assisting the market's revenue growth.
Overall, the enzymes market is expected to register a revenue CAGR of 6.8% over the forecast period, according to the latest report by Reports and Data.
Enzymes Market: Notable Innovation
The enzymes market has witnessed several notable innovations in recent years. One such innovation is the use of enzymes in the recycling of plastics. For instance, in July 2021, French company Carbios opened an industrial demonstration plant in Clermont-Ferrand for their unique enzymatic recycling process called C-ZYME technology. The technology involves using enzymes to break down polyethylene terephthalate (PET) plastic waste into its constituent monomers, which can be used to produce new plastic products without the need for fossil fuels.
Another notable innovation in the enzymes market is the development of enzymes for the production of bioplastics. Bioplastics are a type of plastic made from renewable biomass sources such as corn starch or sugarcane. Enzymes are used in the production of bioplastics to break down the biomass into its constituent sugars, which can then be fermented to produce the plastic. This process is more sustainable and environmentally friendly than the production of traditional plastics, which rely on non-renewable fossil fuels.
Enzymes are also being used in the development of new food products. For example, enzymes can be used to modify the texture of food products such as meat and dairy alternatives, making them more appealing to consumers. Enzymes can also be used to improve the nutritional value of food products, such as by breaking down allergens or increasing the bioavailability of nutrients.
In the healthcare industry, enzymes are being developed for a variety of applications, such as cancer treatment and diagnostics. Enzymes can be used to selectively target cancer cells, making them a promising treatment option. Enzyme-based diagnostics can also be used to detect diseases and conditions at an early stage, allowing for more effective treatment.
Overall, the enzymes market is witnessing significant innovation as companies seek to develop new products and processes that are more sustainable, environmentally friendly, and effective.
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