According to MarketsandMarkets, the industrial enzymes market is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 8.7 billion by 2026, recording a CAGR of 6.5% in terms of value. Due to the growing environmental concerns and rise in demand for bioethanol and advancement tools to optimize industrial production, the industrial enzymes market has been witnessing a surge. These factors are projected to drive the growth of the industrial enzymes market during the forecast period.
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Enzymes play an important role as a biological catalyst in the processing for several applications, such as food beverages, feed, detergents, bioethanol, pulp paper, textiles leather, and wastewater treatment. In addition, enzymes are increasingly used as a substitute for synthetic chemicals, which significantly contribute to the growth of the industrial enzymes market. Consumer inclination toward the use of bioethanol as an alternative to gasoline in developed countries and the changing diet consumption patterns among consumers have been driving the use of enzymes in the bioethanol and food beverage applications, respectively. RD activities help the industry to innovate products and meet the demand of industries by increasing production. In addition, the usage of enzymes in textile manufacturing helps in creating fabrics that retain their high-quality appearance and vibrant colors even after multiple washes. The inclusion of enzymes in detergents has benefitted the environment by reducing energy consumption through shorter washing times, lower washing temperatures, and reduced water consumption.
In terms of type, the carbohydrases segment has shown significant growth in the market due to its wide range of usage across various applications. Carbohydrases have substituted sweeteners such as sucrose to improve the sensory properties of juices wines and also reduce lactose in milk. This augments its usage in the beverage industry. Additionally, carbohydrases break down plant materials, such as fiber and starch, into simple sugars, resulting in effectively increasing the amount of energy made available in the feed. The ability of industrial enzymes to catalyze chemical reactions and increase its applications has contributed to the growth of the industrial 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 industrial enzymes market, while the use of industrial enzymes in food beverages is increasing due to the functional benefits of enzymes.
Asia Pacific is projected to witness the fastest growth in the industrial enzymes market during the forecast period due to the globalization of business and technological innovations. The Rest of the World (RoW) enzymes market has been growing due to advancements in various industrial applications and rise in demand in developed countries.
Novozymes (Denmark) expanded its RD facilities in Brazil, which would focus on biotechnology-based innovations and developments in new enzyme product offerings. In addition, enzymes are used increasingly to optimize the bioethanol industry. One of the major factors contributing to the growth of the enzymes market in the Asia Pacific and Rest of the World (RoW) regions is the increase in population, which drives the growth of the food beverage, feed, textile leather, and pulp paper industries. These factors drive the market growth for enzymes in the Asia Pacific and Rest of the World (RoW) regions for industrial applications.