Yahoo Finance Enzymes Market to Garner $14.50 Billion by 2027: Allied Market Research
Rise in prevalence of digestive disorders, increase in demand for biofuels, and high prevalence of chronic diseases drive the growth of the global enzymes market. The market across North America dominated in 2019, accounting for around one-third of the market. The rise in demand for enzymes in nutritional & immunity boosting products and increase in consumer focus on household care has boosted the growth of the market.
Portland, OR , April 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global enzymes market was pegged at $8.63 billion in 2019, and is estimated to reach $14.50 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
Rise in prevalence of digestive disorders, increase in demand for biofuels, and high prevalence of chronic diseases drive the growth of the global enzymes market. However, handling and safety issues regarding enzymes and constraints pertaining to chemical and physical properties of enzymes hinder the market growth. On the contrary, rise in use of enzymes in protein engineering is estimated to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
The rise in demand for enzymes in nutritional & immunity boosting products and increase in consumer focus on household care has boosted the growth of the market.
However, the companies have been witnessing obstruction due to intermittent supply chain activities and uncertain market conditions due to lockdown and trade restrictions.
Moreover, the increase in awareness regarding preventive health and dietary solutions & formulations that support immune health over the entire pandemic phase has boosted the demand for enzymes.
The global enzymes market is segmented on the basis of type, source, reaction type, application, and region. Based on type, the carbohydrase segment held the lion’s share in 2019, accounting for more than two-fifths of the market. However, the polymerase & nuclease segment is estimated to manifest the highest CAGR of 10.2% from 2020 to 2027.
On the basis of reaction type, the hydrolase segment held the largest share in 2019, contributing to nearly three-fourths of the market. However, the transferase segment is estimated to portray the highest CAGR of 9.0% from 2020 to 2027.
The global enzymes market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2019, accounting for around one-third of the market. However, the market across Asia-Pacific is estimated to register the highest CAGR of 8.2% from 2020 to 2027.
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The global enzymes market report includes an in-depth analysis of the prime market players such as Koninklijke DSM N.V., Novozymes A/S, BASF SE, DuPont de Nemours, Inc., AB Enzymes GmbH, Advanced Enzyme Technologies Ltd., Amano Enzyme, Inc., Codexis, Inc., Thermo Fisher Scientific Inc., and F. Hoffmann-La Roche Ltd.
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