Meticulous Research® has released a new market report forecasting that the global enzymes market will reach $18.38 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2029.
Key drivers behind this growth include advancements in enzyme engineering and green chemistry, the rise of genetically-engineered enzymes, growing environmental concerns fueling biofuel demand, and increasing investments in research and development within the enzyme sector. Additionally, the rising prevalence of chronic diseases and the need for cost reduction and resource optimization in production processes are expected to further drive market expansion.
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Despite these positive trends, the market faces challenges such as stringent regulations and limited operational conditions for enzymes, including temperature and pH restrictions, which could potentially hinder growth.
The enzymes market is segmented into several categories:
- Product Type: The industrial enzymes segment is projected to hold the largest market share in 2022. This growth is driven by rising environmental concerns, growing biofuel demand, and increased R&D investments across various industries including food and beverage, animal feed, personal care, and textiles.
- Source: The plant-based enzyme segment is anticipated to experience the fastest growth from 2022 to 2029, driven by the availability and convenience of plant sources, increasing demand for plant-based enzymes in food, pharmaceuticals, and other industries, and their benefits in digestive health and antibacterial properties.
- Type: Carbohydrases are expected to dominate the market in 2022 due to their high thermal stability and extensive use in the food and beverage sector, particularly for producing fructose syrup, hydrolyzing sucrose, and reducing lactose in milk.
- Form: The solid enzyme segment is projected to grow at a faster rate during the forecast period, attributed to the stability, longer shelf life, and convenience of solid enzymes in handling, transportation, and storage.
- Application: The food and beverage segment is expected to maintain the largest market share in 2022. This is driven by increasing health consciousness, higher demand for processed foods, and growing applications of enzymes in beverages.
The report also provides an in-depth regional analysis, highlighting that Asia-Pacific is set to record the highest CAGR. This growth is attributed to the shift of manufacturing activities from North America and Europe to the Asia-Pacific region, rising demand from food manufacturers, rapid industrialization, and technological advancements in the food and pharmaceutical industries.
For a comprehensive analysis of the market, including insights into key competitors and detailed regional breakdowns, please refer to the full report.
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