Enzymes Market Overview
In 2022, the enzymes market had a global size of USD 9.63 billion. It is projected to reach USD 17.7 billion by 2032, with a compound annual growth rate (CAGR) of 7% during the forecast period. The market's revenue growth is primarily driven by the increasing demand for enzymes in the food and beverage industry. Enzymes play a crucial role in enhancing the quality, texture, and flavor of food products during processing. For instance, proteases are used to tenderize meat, amylases contribute to the texture of bread, and lactases enable the production of lactose-free dairy items. The growing demand for processed and convenience foods is expected to further fuel the need for enzymes in the food and beverage sector.
The healthcare sector also significantly impacts the revenue growth of the enzymes market. Enzymes are extensively utilized in the production of medications and biopharmaceuticals. This includes digestive enzymes for enzyme therapy, clotting factors for hemophilia treatment, and enzymes for enzyme replacement therapy.
Enzymes Market Segments
The global enzymes market was valued at USD 9.63 billion in 2022, with a projected compound annual growth rate (CAGR) of 7% from 2022 to 2032. By 2032, the market revenue is expected to reach USD 17.7 billion. These estimations are based on historical data from 2020 to 2021 and cover the forecast period of 2022 to 2032. The quantitative units used to measure revenue are in USD billion.
The report provides comprehensive coverage of the enzymes market, including revenue forecasts, company rankings, competitive landscape analysis, growth factors, and emerging trends. The market is segmented based on product type outlook, end-use outlook, and regional outlook, allowing for a detailed analysis of different market segments and their respective dynamics.
The enzymes market is driven by various factors, such as the growing demand for enzymes in the food and beverage industry. Enzymes play a crucial role in enhancing the quality, texture, and flavor of food products during processing. They are used to tenderize meat, improve the texture of bread, and produce lactose-free dairy items. With the increasing demand for processed and convenience foods, the need for enzymes in the food and beverage sector is expected to rise.
Additionally, the healthcare sector significantly influences the revenue growth of the enzymes market. Enzymes are extensively used in the production of medications and biopharmaceuticals. They are employed in enzyme therapy, clotting factor production for hemophilia treatment, and enzyme replacement therapy.
Overall, the enzymes market is poised for significant growth during the forecast period, driven by the expanding applications in the food and beverage industry and the healthcare sector's demand for enzymes in medication production.
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Enzymes Market: Strategic Developments
- PrecisionBiotics Group Limited, an Irish firm that specialises in microbial and enzyme-based solutions for human and animal health, was acquired by Novozymes in 2021, according to a company announcement. Novozymes wanted to boost its position in the worldwide enzymes market and increase the range of products it offered to the healthcare sector.
- In 2020, Natural Ingrepro, a business that specialised in plant-based proteins and enzymes, was acquired by DuPont Nutrition & Biosciences. The acquisition aims to boost DuPont's position in the global enzymes market and increase its product portfolio in the food and beverage sector.
- In 2020, Glycom A/S, a Danish business that specialised in human milk oligosaccharides (HMOs) and other speciality carbohydrates, was acquired by DSM. The acquisition aims to boost DSM's position in the worldwide enzymes market and increase its product offerings for the healthcare sector.
- Landa Laboratories, an Israeli business that specialises in nanotechnology and digital printing technologies, was acquired by BASF SE in 2020, according to an announcement. The acquisition aims to boost BASF's position in the worldwide enzymes market and increase its product offerings for the printing sector.
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Enzymes Market: Competitive landscape
The global enzymes market is home to several major companies that play a significant role in driving its growth and innovation. These companies are leaders in the industry and contribute to the development and production of enzymes for various applications. Some of the prominent companies operating in the global enzymes market include:
- Novozymes A/S: Novozymes is a Danish biotechnology company and a key player in the enzymes market. They specialize in the development and production of enzymes for industries such as agriculture, bioenergy, food and beverages, and household care.
- DuPont de Nemours, Inc.: DuPont is a multinational conglomerate that offers a diverse range of products and solutions. They have a strong presence in the enzymes market, providing innovative enzyme solutions for industries like food and beverages, animal nutrition, and industrial applications.
- DSM: DSM is a global science-based company that focuses on nutrition, health, and sustainable living. They are actively involved in the production of enzymes for applications in food and beverages, dietary supplements, and other industrial sectors.
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