Rising enzymes demand from food & beverage and consumer products and multi-functionality of industrial enzymes are expected to drive the growth of the industrial enzymes market
The global industrial enzymes market was valued at USD 5.25 billion in 2018 and is expected to reach USD 8.11 billion in 2026, growing at a CAGR of 5.78% during the forecast period.
Industrial enzymes boost chemical reactions and increase the production process. The enzymes are extracted from plant tissue, animal tissue, and microorganisms. The amylases, cellulases, proteases, lipases, phytases are types of enzymes used in the manufacturing of industrial enzymes. The growing demand for packaged foods and an increase in demand for consumer products across the globe further grows the demand for industrial enzymes. This expected to enhance the production to meet the growing consumption of industrial enzymes over the forecast period.
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Growing demand for industrial enzymes in various end-user applications, increase demand for production and consumption of processed food and packaged food across the globe, and multi-functionality of industrial enzymes are the main drivers for the market growth of the global industrial enzymes market over the forecast period. Furthermore, growing demand from textile manufacturers, animal feed producers, detergent manufacturers, pharmaceutical companies, bioethanol producers and cosmetics vendors further grows the demand for industrial enzymes over the forecast the period. Moreover, technological advancement and increase in the number of applications, an alternative to synthetic chemicals, and growing production of food and beverages in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, safety & quality concerns of products, stringent government regulations in industrial production, lack of transparency in patent protection laws are expected to hamper the growth of the global industrial enzymes market during the forecast period. Moreover, consumer perception towards enzymes production and safety and quality concerns of enzyme products are the prime challenges in the global industrial enzymes market throughout the forecast period.