Analysis of Potential Impact of COVID-19 on Industrial Enzymes Market

Industrial Enzymes Market

Global Industrial Enzymes Market: Snapshot

Enzymes are defined as natural protein molecules produced by all living organisms, which acts as catalysts for accelerating the pace of chemical reactions, that is, they help a chemical reaction take place quickly and efficiently, without undergoing change themselves and upon processing and manufacturing for industrial uses, these are known as Industrial Enzymes. These are responsible for many essential biochemical reactions and metabolic processes in microorganisms, plants, animals, and human beings, but are not alive. Enzymes aids in increasing the reaction rate of biochemical processes that otherwise proceed very slowly, or in some cases, not at all, and are also biodegradable. Moreover, Industrial enzymes are environmental friendly which provides with the opportunities in the form of substituting non-renewable chemicals with the intent of reducing energy consumption or decreasing the production of harmful wastes.

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The market for industrial enzymes is primarily driven by the increasing demand for food and beverages owing to changing lifestyles and increase in disposable income of a wide population. Government across the world are encouraging the usage of biofuels by giving the incentives for biofuel production as a substitution to fossil fuels and conventional source of energy which is stimulating the industrial enzymes market. Advancements in biotechnology especially in the field of protein engineering is driving the growth of industrial enzymes market. Rising investments in food and beverages and pharmaceuticals industry are estimated to be the growth opportunities for Industrial enzymes market.

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Carbohydrases and Proteases Witness Highest Demand Among Type-based Segments

The industrial enzymes market can be primarily segmented into three categories: type, application and source apart from region. In terms of type, the industrial enzymes market can be classified into carbohydrases, proteases, polymerases & nucleases, lipases, phytases, and others. The majority of the market is covered by carbohydrases and proteases. This is basically because of their use in food and beverages and animal feed industries, respectively. Carbohydrases have dominant share in the market owing to its application in end use industries like food and beverages.

In terms of the application, the global industrial enzymes market can be classified into food & beverages, personal & household care, animal feed, bioenergy and others. Food and beverages, occupies the largest share of the global market, on account of increasing disposable income of the people and rising demands for food. Environmental benefits associated with the biofuels and government incentives for its use will fuel the growth of the bioenergy segment.

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Rising Disposable Income of Consumer Puts North America at Market’s fore

In terms of region, the global industrial enzymes market has been classified into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America holds the maximum share in the industrial enzymes market, owing to increasing demand for food and rising disposable income of people, and huge investments in food and beverages industry. Asia Pacific market is estimated to be the fastest growing market due to the population explosion and riding demands for food and changing lifestyles of the developing economies like China and India. While Middle East & Africa and the Latin American regions are emerging markets are expected to grow during the forecast period.

Key players in the global Industrial Enzymes market are expected to benefit from the emerging market. Prominent players in the global Industrial Enzymes market are Chr. Hansen, Novozymes A/S, Codexis Inc., Novus International Inc., Associated British Foods (ABF) plc. AB Enzymes GmbH, E.I.du Pont de Nemours and Company, Advanced Enzyme Technologies Ltd., Koninklijke DSM N.V. among others.

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