Industrial Enzymes Market Generated Revenue ~ $5.7 Billion in 2020

The rising environmental concerns, increasing demand for multifunctional enzymes, such as carbohydrases and proteases, in the food and beverage industry, surging requirement for enzymes in the nutraceutical sector, and escalating need for bioethanol are the major factors for the growth of the global industrial enzymes market. Due to the aforementioned factors, the industry is projected to witness a significant growth rate during the forecast period (2021–2030).

Due to the COVID-19 pandemic, strict lockdowns were imposed in several countries. Owing to the limited operations, manufacturers across the world faced hard times as production and sales suffered massively. Furthermore, key market players started working on the manufacturing of COVID-related products, which further spurred the decline in the market revenue. However, the market for industrial enzymes is expected to revive with the normalization of industrial activities.

Due to Its Multiple Uses, Carbohydrases Held Larger Share in 2020

The industrial enzymes market is classified into carbohydrases, proteases, lipases, polymerases, and others, based on type. Among these, carbohydrases held the largest share in the market in 2020. This is attributed to the utilization of this enzyme in various industries, including animal feed, pharmaceuticals, and food and beverages.

The industrial enzymes market is categorized into microorganism, plant, and animal, based on source. Out of these, the microorganism category held the dominating share in the market in 2020, and it is expected to grow significantly in the forecast period. This is attributed to the large number of enzymes that are produced from bacteria, fungi, and yeast. Enzymes sourced from fungi are used in the preparation of various food products, such as beer, dairy items, soy sauce, processed fruits, and baked goods.

Geographically, North America held the dominating share in the market for industrial enzymes in 2020. The rising number of clinical trials to create potent drugs, stringent regulations regarding drug discovery, development of items including biofuels, green diesel, biopolymers, dynamic food and beverage items, supportive policies for biofuel production, and a strong presence of global players are propelling the market in the region.

Product Launches is a Effective Strategic Measure taken by Market Players

In recent years, players in the global industrial enzymes industry have been involved in launching new products in order to attain a significant position. For instance, in May 2019, Chr. Hansen Holding AS launched its new product, named Sweety Y-1, for dairy manufacturers to produce sweeter products without using much sugar. It converts the existing sugars in milk into glucose by using lactose.

Some of the key players operating in the industrial enzymes market are BASF SE, Novozymes A/S, DuPont Danisco Cellulosic Ethanol LLC, Koninklijke DSM N.V., Novus International Inc., Associated British Foods plc, Chr. Hansen Holding A/S, Advanced Enzyme Technologies Ltd., and Enzyme Development Corporation.