June 14, 2024
Industrial Enzymes Market

Industrial Enzymes Market Is on Trends by Sustainable Production Methods

Industrial enzymes are complex protein molecules produced by microorganisms and plants that catalyse biochemical reactions. They play a crucial role in various industrial processes such as food and beverage, cleaning products, biofuels, textiles, and paper & pulp by accelerating the rates of reactions under specific conditions without getting permanently altered or consumed themselves. The growing use of industrial enzymes as an alternative to conventional chemicals for production of high demand goods in an eco-friendly and sustainable manner is fueling the growth of this market.

The Global Industrial Enzymes Market is estimated to be valued at US$ 7.53 Billion in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Industrial Enzymes 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. With wide applications, the demand for Industrial Enzyme Market is growing rapidly across various end-use industries globally. Major players are actively engaged in new product launches and expansion strategies to tap the increased demand. Rising population and urbanization are fueling the growth of industries where enzymes are prominently used. This increasing demand from end-use sectors is a key factor propelling the global expansion of the industrial enzymes market.

Some major global players are expanding their production capacities and broadening their product portfolio to leverage market opportunities across regions. Governments across nations are supporting Industrial Enzyme producers through flexible funding policies to drive sustainable development. Growing environmental concerns are further inducing industries to replace conventional production methods with enzyme-based green technologies. This growing acceptance of industrial biotechnology is expected to drive the industrial enzymes market over the coming years.

Market key trends

One of the key trends gaining traction in the industrial enzymes market is the increasing focus and investments by players on research and development of tailor-made enzymatic solutions. With ongoing advancement in biotechnology, many new compounds are being explored. This is enabling development of customized enzyme blends catering to industry-specific needs. As industries strive to reduce carbon footprint, the market is witnessing growing adoption of enzyme trickled-down technologies as well. Some innovative applications are enzyme-enabled strategies for improving efficiency of washing detergents, reducing emissions in biofuel production, and enhancing paper pulp quality in an eco-friendly manner. These sustainable production methods driven by industrial enzymes are the key trends propelling this specialized market forward.

Porter’s Analysis

Threat of new entrants: New players need significant investment in R&D and manufacturing infrastructure to enter the industrial enzymes market.

Bargaining power of buyers: Buyers have moderate bargaining power as they have limited suppliers and product differentiation.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established buyer-seller relationship.

Threat of new substitutes: Substitute threat is moderate as new substitute require similar R&D investment and capital to enter the market.

Competitive rivalry: Market is consolidated with top 5 players accounting for over 60% share due to strong hold of established players.

Geographical Regions

North America accounts for around 35% share of the global industrial enzymes market value majorly due to presence of key players and high demand from food & beverage industry. Asia Pacific is the fastest growing region for industrial enzymes market propelled by expansion of animal feed and detergent industries especially in China and India.
Europe contributes over 30% share in global industrial enzymes market value led by developed markets of Germany, France, UK and increasing usage in personal care sector. The prominent application areas are bakery, nutrition products and paper industries.

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