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(Health-NewsWire.Net, May 13, 2021 ) The enzymes market is estimated to be valued at USD 10.0 billion in 2019 and is projected to reach USD 14.7 billion by 2025, recording a CAGR of 6.7% in terms of value. The advancements in enzyme engineering and other technologies have led to the growth of the enzymes market. In addition, the depletion of non-renewable resources has led to an increase in environmental concerns among people and the increasing importance of manufacturing biofuels.
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Novozymes (Denmark) is a major bio-innovation company providing biological solutions, which involves the application of enzymes and microbes. The company offers various products, which cater to industries, such as household care, food & beverage, bioenergy, agriculture & feed, and technical & pharma. The company also offers products for bioenergy, which converts plant materials and waste into biofuels. Novozymes has been introducing new products for making its product portfolio diverse. In addition, the company is focused on expanding its global presence to prosper in the enzymes market. The company has been catering to all the major regions, such as North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. It focuses on innovation activities to identify new opportunities in the enzymes market.
BASF (Germany) is a global chemical manufacturing company and specializes in catering to segments, such as chemicals, performance products, functional materials & solutions, agricultural solutions, and others. Along with this, the company has been investing mainly in biotechnology and large-scale production of enzymes. The strategies that are being adopted by BASF to be a market leader in the enzymes market are collaborations and expansions. In addition, to make its product portfolio diverse, the company has been focusing on launching new products. BASF has three global research divisions, which are operated from Europe, Asia Pacific, and North America. The company has its presence across the globe in regions, such as North America, Europe, Asia Pacific, South America, and Africa.
The enzymes market in Asia Pacific is expected to witness the highest growth due to the increasing demand for enzymes in industrial and specialty applications. Technological innovations in machinery, synthetic fibers, logistics, and globalization of business have made the textile & leather industry one of the essential sectors in the Asia Pacific region. Furthermore, the shift of industrial operations from developed regions, such as North America and Europe to Asia Pacific, has further contributed to the growth of the enzymes market in this region. The use of enzymes in the biofuel industry will grow further due to the increase in bioethanol production and its usage in fueling automobiles and electricity. In addition, the majority of the population resides in the Asia Pacific region, which is contributing to the growth of the pharmaceutical industry. Enzyme usage in pharmaceutical products will further drive the enzymes market in the Asia Pacific region.
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By type, the enzymes market is segmented into carbohydrase, proteases, lipases, polymerases & nucleases, and other enzymes. The carbohydrases segment is further segmented into amylases, cellulases, and other carbohydrates. This segment is estimated to account for a significant share in the enzymes market, as carbohydrase, such as amylase and cellulase, is used significantly for industrial applications such as food & beverages, textiles, and pulp & paper industries.
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