The enzymes market is projected to grow at a CAGR of 6.7% during the forecast period
According to MarketsandMarkets, the enzymes market is estimated to be valued at USD 10.0 billion in 2019 and is projected to reach USD 14.7billion by 2025, recording a CAGR of 6.7%, in terms of value. Factors such as the increasing environmental concern among people and the rising demand for biofuel are projected to drive the growth of the enzymes market during the forecast period. However, the growth of the enzymes market is inhibited by factors, such as the adherence to the international regulations imposed by different governing agencies. In addition, the lack of uniformity in the regulatory structure for the use of industrial enzymes inhibits the growth of this market.
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Leading players profiled in this report include the following:
• BASF (Germany)
• DuPont (US)
• Associated British Foods (UK)
• DSM (Netherlands)
• Novozymes (Denmark)
• Kerry Group (Ireland)
By product type, the industrial enzymes segment accounted for the largest share
The industrial enzymes segment accounted for a major share in the enzymes market, on the basis of product type, in 2018. Enzymes are used in various industries and have multiple applications, such as textile, laundry detergents, pulp & paper, and leather. Due to factors such as low manufacturing cost and reduced energy consumption, enzymes are being widely used across different industries.
By source, the microorganism segment is estimated to account for the largest share
Based on source, the enzymes market is segmented into microorganisms, plants, and animals. The microorganisms segment is estimated to account for the largest share for the enzymes market as they are the primary source of industrial enzymes due to its special characteristics and other biochemical properties. In addition, microbial enzymes are an important source of raw materials for specialty applications due to their diversity. Key factors that encourage manufacturers to opt for enzymes from microbial sources are their active and stable nature and their capability to degrade a wide range of complex substrates into more useful energy sources.
North America accounted for the largest share in the enzymes market due to its wide industrial and specialty applications
The enzymes market in the North American region is largely driven by technological advancements that have made enzymes available for a wide range of applications. These technological advancements have contributed, particularly to the growth of the enzymes market in this region. Although the enzymes market in this region has reached its maturity, the pharmaceutical industry has witnessed an increase in the usage of enzymes.
The enzymes market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, AsiaPacific, and RoW (Brazil, Argentina, South Africa, and RoW).