According to MarketsandMarkets, the industrial enzymes market is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 8.7 billion by 2026, recording a CAGR of 6.5%, in terms of value. Factors such as the growing environmental concerns and the rise in demand for bioethanoland advancement tools to optimize industrial production are projected to drive the growth of the industrial enzymes market during the forecast period. However, the growth of the industrial enzymes market is inhibited by factors, such as high adaptation costs involved for small-&medium-sized enterprises. In addition, the stringent regulatory framework for the use of industrial enzymes inhibits the growth of this market.
By type, the proteases segment is projected to grow at the highest CAGR during the forecast period
Proteases are essential enzymes for the digestion of protein and have become significant for use in the food & beverage industry. Proteases can hydrolyze all types of proteins, provided that they are not components of living cells.These enzymes can be obtained from plants, animals, and microorganisms in several conditions, such as high salt concentrations. Furthermore, proteases have been used to remove hair from hides, which helps in mitigating the usage of hazardous chemicals in the leather industry.
By source, the microorganism segment is estimated to account for the largest share
Based on source, the industrial enzymes market is segmented into microorganism, plant, and animal.The microorganism segment is estimated to account for the largest share of the industrial enzymes market as it is a primary source due to its special characteristics and other biochemical properties.In addition, microbial enzymes are an important source of raw materials for industrial applications due to their diversity.Key factors that encourage manufacturers to opt for enzymes from microbial sources are their active and stable nature and their capability to degrade a wide range of complex substrates into more useful energy sources.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
The industrial enzymes market in the Asia Pacific region is largely driven by industrial shift and technological advancements that have made enzymes available for a wide range of applications.Developed markets such as North America and Western Europe are becoming mature, which has led to faster growth in developing markets such as Asia Pacific. Furthermore, the changing consumer preference in the food & beverage industry has contributed to the growth of the industrial enzymes market in this region.
The industrial enzymes market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific,and RoW (Brazil, Argentina, South Africa, and others in RoW).