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The global enzymes market size was valued at USD 9,008.7 million in 2019 and is expected to grow from USD 8,919.8 million in 2020 to USD 13,815.2 million in 2027, exhibiting a CAGR of 6.4% in the 2020-2027 period. Based on our analysis, the market exhibited a decline of 1.0% in 2020. The impact of COVID-19 has been staggering, with the market witnessing a negative demand across the globe amid the pandemic. The sudden rise in CAGR after 2020 is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Growing consumer awareness regarding improved food quality, and considerable consumption of dietary supplements, are some of the primary factors contributing to the market growth. The growth of the enzymes market is majorly driven by the growing demand for effective polymerases, nucleases, and other pharmaceuticals. Due to this factor, various pharmaceutical companies are focusing on the development of novel enzyme-based pharmaceuticals.
For instance, Creative Enzymes Company offers high purity products for diagnostic products for the development of diagnostic and analytical tools. In August 2019, the company announced the launch of its products, which can be used for multiple applications. These novel products range from daily use to industrial use and can be utilized in various fields, including diagnostics, research, environment protection, daily use, etc.
Increasing Research and New Product Launch amid COVID-19 to Boost Revenue
COVID-19 impact on the market is estimated to reflect a decline in the year 2020 and across. The demand for enzyme-based pharmaceutical areas is expected to drop drastically in 2020 compared to 2019. Owing to the COVID-19 pandemic, leading players operating in the development of enzymes are currently working on manufacturing sanitizers to fight against COVID-19. For example, in April 2020, BASF, one of the largest manufacturers, started the production of hand sanitizer to support the fight against COVID-19 in New Jersey. This may root a substantial decline in the growth of the market globally.
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Growing Technological Advancements Offer Enormous Opportunity for Market Growth
The incorporation of advanced technology in the process of manufacturing is the latest trend the market. Various companies are focusing on technological advancements for the development of innovative products. For instance, in April 2018, Codexis, Inc., and Porton Pharma Solutions, Ltd., announced a strategic collaboration to deploy Codexis’ biocatalyst technology within Porton’s global custom intermediate and active pharmaceutical ingredients (API) development and manufacturing business. This collaboration will fast-track the commercialization and creation of novel, low-cost small molecule enzyme-based pharmaceuticals.
Increasing Prevalence Of Chronic Ailments to Drive Market Growth
The growing usage of enzyme-based products in therapies for diseases, such as cardiovascular diseases, cancer, and lysosomal disorders, is anticipated to drive the demand for products during the forecast period. Pharmaceutical producers are gradually becoming aware of the incorporation of biocatalysts into the manufacturing process. The high incidence rate of cancer across the globe is one of the major factors supporting the growth of the market during the analysis period. For instance, as per the American Cancer Society, in 2020, there were 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the U.S. Hence, the surging prevalence of such chronic ailments will strongly support the market growth during the projected timeline.
Lack of Standard Regulatory Scenario Coupled High Prices Of Raw Materials and Products May Restrain Market Growth
The dearth of standardized regulatory norms and harmonization will restrict the enzymes market growth. For instance, the European regulatory norms associated with the approval of additives in the feedstuff might cause complexities among the product manufacturers in the region. Moreover, the high price of products is among the key factors restraining industry growth.
Industrial Segment to Lead the Market Due to their Rising Applications in Chronic Diseases
Based on type, the global market is categorized into industrial and specialty. Among them, the industrial segment is expected to capture significant enzymes market share across the forecast period. High growth of the segment is attributable to the rising number of clinical trials being conducted across the globe to evaluate the potency and efficacy of these products in various disease applications.
The specialty segment is poised to witness significant CAGR during the forecast period. The stable share is attributable to the increasing number of strategic developments such as partnerships among major players to develop novel products. For instance, in December 2019, Codexis, Inc., one of the key players, announced a license agreement with Roche to provide it with EvoT4TM DNA ligase high-performance molecular diagnostic enzyme.
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Microorganisms Segment to Hold Largest Market Share
In terms of source, the microorganisms segment dominated the enzymes market in terms of value in 2019. The leading share of the segment is attributable to the growing usage of microorganism-based products in various applications. In addition, the microbial products have been paying more attention due to their active and stable nature compared to products from animals and plants.
The plants segment is anticipated to experience significant growth during 2021-2028. The high growth of the segment is primarily due to the rising number of plant-based products launched in the past few years. For instance, in June 2020, Royal DSM, a global science-based company that is active in nutrition, health, and sustainable living, announced the launch of its Delvo Plant range of enzyme-based therapeutics for optimizing the texture and taste of plant-based drinks.
Carbohydrates Segment to Hold Largest Market Share
In terms of product type, the carbohydrates segment held the leading market share in 2019. The high growth of the segment is backed by the increasing number of clinical trials for evaluating the efficacy of carbohydrate-based products for several health conditions. Moreover, the growing prevalence of metabolic syndromes across the globe is another major factor supporting the usage of such products. For instance, as per the Centers for Disease Control and Prevention, the prevalence of metabolic syndrome is more than 30% among the population of the U.S.
The protease segment is expected to experience considerable growth in the forthcoming years. The high growth of the segment is attributable to the increasing number of product launches. For instance, in September 2017, DuPont Industrial Biosciences announced the launch of a single protease enzyme called DuPont Axtra PRO in Latin America.
North America Enzymes Market Size, 2019 (USD Million)
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The enzymes market in North America accounted for USD 3,584.0 million in 2019. The rising number of clinical trials to develop potent therapeutics, especially in the U.S., is one of the key factors for the high growth of the region. Moreover, the increasing number of product launches across the U.S. is further expected to support the expansion of the global market in this region. In addition, the increasing number of FDA approvals will further stimulate regional growth.
Europe is anticipated to be the second-largest by the region during the forecast period. The rising funding in research in major countries such as Germany is one of the most significant factors for the regional expansion. Furthermore, this market’s growth in Europe is primarily boosted by growing diversity in applications and niche product launches.
The market in Asia Pacific is projected to grow at a significantly higher growth rate. This is majorly due to growing adoption of enzyme-based therapeutics and increasing medical tourism in countries such as Thailand and Singapore. Additionally, the growing number of manufacturers expanding their geographic presence across the untrodden economies of the Asia Pacific region will further boost the growth rate.
Rising healthcare expenditure and growing penetration of market players are boosting the market growth in Latin America and the Middle East & Africa. For instance, in June 2019, Novozymes (Denmark) expanded its presence in East Africa. This allowed the company to meet the consumer needs for this type of products in the region.
Increasing Strategic Partnerships amongst Major Players to Propel the Revenue
The market is consolidated in nature with players such as DuPont, Sanofi, DSM, BASF, etc. account for a key portion of the industry. This is attributable to various factors such as a robust distribution network of the companies across the globe, novel product launches, and a strong focus on upgrading the manufacturing facilities for boosting production. For instance, in October 2017, BASF announced the inauguration of a new state-of-the-art production plant at its site in Nanjing Chemical Industrial Park, China. This plant is for the production of biocatalyzed acrylamide.
An Infographic Representation of Enzymes Market
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The global enzymes market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, application and end-user. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Million)
Type; Source; Product Type; and Region
By Product Type
Fortune Business Insights says that the global market stood at USD 9,008.7 million in 2019 and is projected to reach USD 13,815.2 million by 2027.
In 2019, the market stood at USD 9,008.7 million.
The market will exhibit steady growth at a CAGR of 6.4% during the forecast period (2020-2027).
By type, the Industrial segment will lead the market.
The growing number of research trials to evaluate the efficacy of enzyme-based products as a potential therapeutic for chronic conditions, coupled with the increasing prevalence of chronic ailments are the key drivers of the market.
DuPont, Sanofi, DSM, and BASF are the top players in the market.
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