May 23, 2024
Industrial Enzymes Market

Industrial Enzymes Market Growth is Poised to Remain Dominant Due to Growing Demand of Biofuels

The industrial enzymes market is used across various industrial applications such as food processing, animal feed, bioethanol, waste management, textiles, and paper & pulp. Industrial enzymes help in accelerating biochemical reactions thus reducing processing time and cost of production. Enzymes are commonly used as processing aids in food processing to improver texture, quality, taste and shelf life of food products. They aid in breaking down complex compounds, improve nutrition, and enhance sensory properties.

The Global industrial enzymes market is estimated to be valued at US$ 7.53 BN in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Industrial Enzyme Market are Advanced Enzyme Technologies, Lesaffre, Adisseo, Enzyme Development Corporation, BASF SE, Novozyme, DuPont Danisco, DSM, Novus International, Associated British Foods plc., and Chr. Hansen Holding A/S. These players are focusing on new product launches and expansions to strengthen their market position.
The industrial enzymes market provides numerous opportunities in the form of development of new application areas. Enzymes find increasing usage in numerous industrial processes including textile sector for bio-polishing, bio-stoning and enzymatic stone-washing. In food industry, enzymes help in high-quality food processing.
Technological advancements are leading to development of highly specific and efficient enzyme products. New enzyme products are being developed through protein and gene engineering techniques for various industrial applications. Genetic engineering helps in developing enzymes that can withstand varied pH levels and temperatures for diverse industrial uses.

Market drivers

One of the major driver for industrial enzymes market is growing demand of biofuels. Enzymes play a very important role in biodiesel and bioethanol production. They help in breaking down cellulosic and starch materials into fermentable sugars. With rising environmental concerns, the demand for renewable sources of energy is increasing significantly. This in turn is driving the growth of industrial enzymes market in the biofuel industry.

Current challenges in the Industrial Enzymes Market

The industrial enzymes market is facing challenges in terms of maintaining consistent supply of quality raw materials for enzyme production. Feedstock materials like vegetable and animal by products used for enzyme manufacturing are susceptible to quality and availability issues due to changing climatic conditions and global trade disruptions. Enzyme producers also face difficulties in developing efficient production processes for novel enzymes due to limitations in research funding and technical expertise.

SWOT Analysis

Strength: Enzymes offer sustainable and eco-friendly solutions for various industrial applications compared to conventional chemicals. They help improve production efficiency and lower manufacturing costs.
Weakness: High dependency on agricultural commodities for raw materials increases supply risks. Production of new enzymes requires substantial R&D investments.
Opportunity: Growing demand for biofuels and other renewable products boosts opportunities for industrial enzymes. Emerging economies expanding manufacturing activities will drive future growth.
Threats: Slow industrialization in underdeveloped regions can limit market potential. Stringent safety and environmental regulations increase compliance costs.

Geographically, North America currently accounts for the largest share in the global industrial enzymes market due to well established industries like biofuels, food and beverages. The Asia Pacific region is projected to experience the fastest growth during the forecast period supported by increasing industrial activities and favorable policies supporting bioeconomy in major countries like China and India. China alone contributes over 20% of the global market value currently.
The industrial enzymes market in Europe is concentrated in Western European nations where food processing, dairy and beverages industries are highly developed. Countries like Germany, UK, France and Belgium collectively dominate the regional market. However, Central and Eastern European countries are also emerging as new hotspots backed by rising manufacturing sectors.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.