Industrial Enzymes Market to Hit USD 10.55 Billion by 2028, at a CAGR of 6.70% from 2022-2028, owing to Extensive Application in the Food Industry
The most recent research report from SkyQuest highlights significant technology developments and major case studies of prominent companies in the industrial enzymes market. Decision-makers will benefit from the research's findings as they make good strategic choices for their companies. The research report also examines the market's key factors, major challenges, geographic scope, competitive dynamics, expansion dynamics, and effective growth strategies.
Westford USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The North American region is expected to maintain its dominance in the industrial enzymes market due to its widespread use in the food and beverage industry. The growing demand for processed and packaged foods globally has led to a significant increase in the usage of industrial enzymes in the production process. Additionally, the drive towards sustainability is boosting the utilization of enzymes in manufacturing biofuels. The increasing focus on health and wellness has also fueled the demand for functional foods and nutraceuticals that use industrial enzymes in their production, driving market growth further.
As per SkyQuest's global research, the sale of retail food and beverage in the United States climbed dramatically from USD 864.4 billion in 2020 to USD 887.6 billion in 2021. Industrial enzymes have found extensive uses in fat modification and sweetener technology, pushing the industrial enzymes market as a result of the increased innovation and development of technologies in the food sector.
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Tables - 69
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Industrial enzymes are vital in various industrial processes, from food production to chemical reactions. These enzymes are sourced from various materials, including plant matter, animal tissue, and microorganisms, and work by forming complex interactions with their substrate to catalyze and speed up chemical processes. Whether aiding in the digestion of food in the human body or driving metabolic processes, industrial enzymes play a critical role in numerous industries and applications.
Prominent Players in Industrial Enzymes Market
Advanced Enzyme Technologies (India)
Amano Enzyme Inc. (Japan)
CHR. Hansen (Denmark)
Aumgene Biosciences (India)
Creative Enzymes (US)
Enzyme Supplies (UK)
Enzymatic Deinking Technologies (US)
Sunson Industry Group (China)
Tex Biosciences (India)
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Carbohydrase Segment to Drive Major Sales due to Increasing Use in Artificial Sweeteners and Prebiotic Products
The demand for carbohydrase is expected to grow significantly in the upcoming years due to its widespread use in various industries. These enzymes are divided into amylases, celluloses, and others. They are used for food and beverage processing and in the production of detergents, textiles, leather, and bioethanol. The key benefits of using these enzymes include cost-effectiveness, efficient use of time and space, and the ability to easily modify and optimize the production process. As a result, the carbohydrase segment is projected to dominate the industrial enzymes industry.
In North America, the industrial enzymes market holds a prominent share due to its advanced technology and widespread use of enzymes across various industries. In addition, the region is at the forefront of innovation and is expected to continue to drive growth in the market due to the introduction of new and improved enzyme products and the growth of the industrial sector. As a result, North America is poised to be a dominant player in the market.
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Food and Beverage Industry Segment Emerges as the Major Revenue Contributor in Industrial Enzymes Market
The food and beverage industry contributes to the rising demand for industrial enzymes due to their widespread application. Enzymes play a crucial role in various food processing activities, such as meal preparation, dairy production, beverage creation, baked goods manufacturing, nutraceuticals, and other food items. These enzymes can be classified as either food additives or processing aids. Though most of the enzymes used in food & beverage production are considered processing aids, there are still a few used as additives.
Europe, known for its substantial production of medicinal, pharmaceutical, and cosmetic products, is seeing growth in the industrial enzymes market due to its expanding population and thriving textile industry. These factors drive the increasing demand for enzymes in textile processing. Additionally, with the growing production of vehicles, trains, aeronautical equipment, and aircraft, Europe's industrial sector is anticipated to grow rapidly in the coming years, leading to a boost in demand for enzymes in wastewater treatment.
Leading companies in the industrial enzyme industry are driving the market forward with their established reputation and trusted brand names. However, there is still a lot of scopes for new participants to venture into the market and carve out a niche with innovative solutions. Market competition is intense, with companies frequently forming partnerships, making acquisitions, engaging in mergers, and pursuing joint ventures to gain a competitive advantage. The research report will provide valuable insights for both new entrants and established brands, offering guidance on effective strategies to solidify their presence in the market.
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Key Developments in Industrial Enzymes Market
Carbios and Novozymes have joined forces to establish a long-lasting global strategic partnership. This key collaboration will secure the long-term supply of Carbios' unique enzymes capable of breaking down PET plastic for industrial-scale use. In addition, the agreement covers the world's first biological PET recycling plant set to begin operation in 2025 in Longlaville, France, and future customers that Carbios plans to license.
Ginkgo Bioworks has unveiled a new initiative called Ginkgo Enzyme Services. This cutting-edge platform leverages ultra-fast screening and artificial intelligence to design proteins alongside its specialized bacterial and fungal host strains. Ginkgo Enzyme Services aim to tackle the difficulties faced by R&D teams looking to develop new and improved enzymes. The service provides a comprehensive solution for discovering new enzyme activity, refining enzyme function, and scaling manufacturing processes.
Novo Nordisk Pharmatech and Novozymes have joined forces to collaborate on developing specialty enzymes for biopharma processing and regenerative medicine applications. The two companies will utilize their strengths and expertise to meet the growing demand for these enzymes. With the increasing production of proteins and cells in the biopharmaceutical industry, older methods are replaced with enzymatic alternatives, especially in regenerative medicine, where pharmaceutical-grade high-quality enzymes are essential.
Novozymes and Novo Nordisk Pharmatech announce a collaboration agreement combining the companies' joint competencies and interests in developing specialty enzymes for biopharma processing and regenerative medicines. The production of proteins and cells in the biopharmaceutical industry drives the demand for specialty enzymes. In addition, older production technologies are replaced by enzymatic alternatives, particularly regenerative medicines requiring high-quality, pharmaceutical-grade enzymes.
Key Questions Answered in Industrial Enzymes Market Report
What is the estimated size and growth rate of the global market?
What are the major drivers and hindrances affecting the growth of the global market?
What has been the market performance of industrial enzymes so far, and what is expected in the future?
What is the level of competition in the market, and who are the major players?
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