enzymes industry was estimated at approximately USD 12.28 billion in 2022.
Enzymes Industry | Forecast 2030
The economic value generated by the enzymes industry was estimated at approximately USD 12.28 billion in 2022. This economic output is an amalgamation of basic enzyme categories namely, industrial enzymes and specialty enzymes.
The global market is anticipated to expand at a notable CAGR over the forecast period due to the growing demand for specialty enzymes in several applications including research, pharmaceutical, diagnostics, and biotechnology. Industrial enzymes are expected to witness significant growth due to their increasing demand from animal feed and nutraceutical industries. Rising consumer awareness about health has resulted in the growing consumption of functional food products, which is expected to trigger product demand in the coming years.
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Microorganisms as a key source of enzymes are growing at a fast pace, which can be attributed to the low production cost and easy availability of raw materials to enzyme manufacturers. End-use industries are extensively using enzymes sourced from microorganisms as these enzymes can be used to manufacture several products and their scope is not restricted. This is beneficial for the product portfolio of enzyme manufacturers.
Industrial Enzymes Market Growth & Trends
The global industrial enzymes market size is expected to reach USD 11.42 billion by 2030, expanding at 6.4% CAGR from 2024 to 2030, as per a new report by Grand View Research, Inc. This is due to the growing demand for industrial enzymes in several applications such as animal feed, food & beverage, and nutraceutical. Increasing consumer awareness about health has resulted in the growing use of functional food products, which is expected to trigger product demand in the coming years.
Microorganisms are rapidly becoming a key source of enzymes, owing to their low production costs and easy availability of raw materials. End-use industries rely heavily on enzymes derived from microorganisms as they can be used to make a wide range of products. This, in turn, is anticipated to positively impact the demand for the industrial enzymes industry.
The demand is projected to be positively impacted over the forecast period by the rising consumption of functional food products due to the growing awareness of a person’s health. Cellulose and amylase are the two subtypes of carbohydrate. It is frequently utilized as a component in the creation of carbonated beverages. Increased use of various types of carbohydrase in the pharmaceutical and animal feed industries would further increase demand for industrial enzymes in the coming years.
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Specialty Enzymes Market Growth & Trends
The global specialty enzymes market size is expected to reach USD 8.88 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2023 to 2030. This is attributable to the specific yield optimization and catalytic reaction properties of specialty enzymes.
Pharmaceutical manufacturers across the globe have incorporated these specialty enzymes on account of their expanding applications particularly in processing fine chemicals and pure pharmaceutical drugs. The shift in trend towards the adoption of specialty enzymes in order to reduce reliance on conventional enzymes has been observed in the last few years and hence these enzymes are expected to penetrate the overall industry growth. Specialty enzymes are widely used to manufacture drugs to treat some fatal diseases such as cardiovascular diseases, cancer, and pain caused by age, asthma, hay fever, and lysosomal storage disorders in the pharmaceutical industry. The increasing prevalence of such diseases coupled with the growing geriatric population particularly in the U.S., Europe, and Japan is also expected to have a positive influence on industry growth.
Growth of the global pharmaceutical industry, growing number of biotechnology R&D, and advancement in enzyme engineering & green chemistry are expected to fuel the market over the forecast period. Difficulty in maintaining pH and operational temperature of specialty enzymes is expected to remain a key concern for key players. Legal & ethical issues coupled to lack of awareness among consumers regarding the benefits of specialty enzymes particularly in developing countries is also expected to pose threat to the market growth. However, the growing industrialization rate and advanced technologies adopted in the pharmaceutical industry in emerging markets of BRIC nations is expected to hold future opportunities for industry participants.
Competitive Insights
In recent years, the market for enzymes has grown significantly due to their increasing consumption in numerous end-use applications such as food & beverages, diagnostics, paper & pulp, nutraceuticals, detergents, animal feed, pharmaceutical, research, and biotechnology. The majority of market participants have focused their research & development efforts on the development of innovative enzyme products in bulk for their use in multiple applications.
As a result, the market has witnessed several joint ventures and acquisitions. For instance, in April 2021, BASF SE decided to collaborate with Sandoz GmbH, a subsidiary of Novartis AG to invest initsKundl/Schaftenau Campus in Austria. This move will lead to an increase in the production capacity and biotechnology and enzyme product lines of BASF SE.
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