Industrial Enzymes Market Size & Share - Future Growth Expectations
The global industrial enzymes market size will grow from USD 7.9 billion in 2024 to USD 11.2 billion by 2029, growing at a CAGR of 7.2% during the forecast period. Industrial enzymes are derived from living organisms, such as bacteria, fungi, and plants, that have been utilized in various industrial processes.
One of the key reasons for the rising importance of industrial enzymes is their unparalleled efficiency. These catalysts possess the remarkable ability to accelerate chemical reactions without being consumed themselves. By operating under mild conditions, such as low temperatures and pH levels, enzymes reduce energy requirements and associated costs. This heightened efficiency translates into improved productivity and shorter production cycles, enabling businesses to optimize their operations and maximize output.
Several Factors are Driving the Industrial Enzymes Industry Growth:
- Expanding Applications: Industrial enzymes are finding use in a wider range of industries beyond the traditional ones. This includes sectors like biofuels, animal feed, textiles, detergents, and even cosmetics. This diversification is creating new markets and boosting overall demand.
- Rising Food & Beverage Demand: The food and beverage industry remains the largest consumer of industrial enzymes. Here, enzymes play a crucial role in enhancing product quality, shelf life, and production efficiency. Growing global consumption of processed food items like bakery products and fruit juices is a major driver for enzyme use in this sector.
- Increasing Population: With the global population projected to reach over 9.7 billion by 2050, the demand for food and other enzyme-dependent products is expected to surge. This creates a ripple effect, pushing the need for increased enzyme production to meet these growing demands.
- Environmental Regulations: Stricter environmental regulations are promoting the use of eco-friendly alternatives in various industries. Industrial enzymes often provide a more sustainable and less polluting alternative to harsh chemicals in processes like textile manufacturing and detergent production. This is driving a shift towards enzyme-based solutions.
- Advancements in Biotechnology: Developments in biotechnology, genetic engineering, and protein engineering are leading to the creation of improved enzymes. These new enzymes boast better stability, activity, and higher efficiency, making them even more attractive for various industrial applications.
- Food & Beverage Sector: Enzymes help modify flour or dough properties, leading to consistent quality and browning in bread products. Enzymes are used in juice clarification and filtration processes, improving product yield and clarity.
These are just some of the key factors propelling the growth of the industrial enzymes market. As these trends continue and new applications emerge, we can expect the market to expand even further in the coming years.
To know about the assumptions considered for the study download the pdf brochure
Industrial Enzymes Market Share - Competitive Landscape
The industrial enzymes market is characterized by the presence of several key players competing for market share. Some of the leading companies in the industrial enzymes industry include:
- BASF (Germany)
- Novozymes (Denmark)
- DuPont (US)
- DSM (Netherlands)
- Associated British Foods plc (UK)
BASF
In April 2021, in order to invest at the Kundl/Schaftenau Campus in Austria, BASF made an agreement with Sandoz GmbH, a division of Novartis. Through this arrangement, BASF is able to expand the scope of its enzyme and biotechnology product production. Both sides agreed that the financial terms of the deal should remain confidential. The arrangement enables BASF to increase the size of its detergent enzyme production facility, extend the range of its products, and maintain its market-leading position in the home care and I&I sector. One of the world's top producers of generic drugs and biosimilars, Sandoz is a branch of the Novartis Group. The division was created in 2003 when Novartis combined all of its generics businesses under the umbrella of Sandoz, a single well-established global brand. Since then, Sandoz has expanded into a market leader in generics, with annual sales of about USD 10 billion.
Novozymes
A significant player in the biotechnology industry, Novozymes offers biological solutions that use a variety of enzymes and microbial applications. The business serves sectors like household care, food and beverage, bioenergy, agricultural and feed, and technical and pharmaceutical. The company's primary business divisions include household care, food, beverage, and human health. North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa are among the regions that Novozymes has catered to. In North America and Latin America, the bioenergy market is largely dominating. The company's technical & pharma division sells enzymes for the textile, pharmaceutical, and other industries. In December 2022, Chr. Hansen and Novozymes, two biotechnology firms, will join to form a new, enormous global ingredients company. Chr. Hansen will be purchased by Novozymes for around USD 12.3 billion. The deal is anticipated to be finalized no later than the fourth quarter of 2023.
DuPont
DuPont is a premier provider of multi-industry specialty solutions with significant operations across the globe and appealing end markets. Following the dissolution of DowDuPont, it was founded in 2010. It now concentrates on important market categories such as electronics and imaging, nutrition and biosciences, transportation and industry, safety and construction, and non-core operations. Under its nutrition and biosciences branch, it provides an extensive range of food enzyme products. Under the "Danisco" brand, which is the company's leading brand, DuPont provides a wide range of high-quality food enzyme solutions. In the end-use sectors, such as dairy confectionery, bakery, meat, and beverages, their solutions improve food freshness, optimize production, add texture, guarantee quality, and lower prices of the entire food goods. In February 2021, the previously mentioned combination of IFF and DuPont's Nutrition & Biosciences ("N&B") business will be completed by IFF. The United business will keep using the name IFF. The common stock of the merged business will trade on the New York Stock Exchange under the ticker code "IFF."A global leader in high-value ingredients and solutions for the food and beverage, home and personal care, and health and wellness markets is created through the merger of IFF and N&B.
Related Report:
Industrial Enzymes Market by Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases), Application (Food & Beverages, Bioethanol, Feed, Detergents, Wastewater, Soil, and Oil Treatment), Source, Formulation and Region - Global Forecast to 2028
Related Report:
Industrial Enzymes Market by Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases), Application (Food & Beverages, Bioethanol, Feed, Detergents, Wastewater, Soil, and Oil Treatment), Source, Formulation and Region - Global Forecast to 2028
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
