 "Research lab image via Shutterstock.")
The global enzymes market is expected to grow on average 4.6 percent through 2020 to $7.2 billion from $5.78 billion in 2015, according to Freedonia Group’s new report. This market includes enzymes used in industrial applications (food and beverages, cleaning products, biofuel production, animal feed, and other markets) and specialty applications (research and biotechnology, diagnostics, and biocatalysts). Food and beverages will remain the largest market for enzymes, with gains driven by increasing consumption of products containing enzymes in developing regions.
Most industrial markets in developed countries are mature, with intensive competition among enzyme manufacturers. In order to maintain and expand market share in these countries, manufacturers are continually improving their enzymes to offer efficient performance at lower temperatures and under extreme pH conditions, lower costs via reduced energy and water usage, and produce higher quality end products with larger amounts of marketable co-products. “This continued introduction of new enzyme formulations will sustain growth in demand in mature industrial markets, including the food and beverage, cleaning product, and textile and leather markets,” stated the Freedonia report.
In contrast to industrial markets, the specialty enzyme markets are expanding at a strong pace globally. “While demand for enzymes used in research and biotechnology and in diagnostics is forecast to post strong gains, the fastest growth will be seen for biocatalysts, particularly those used in the production of pharmaceuticals,” observed Christine O’Keefe, analyst, Freedonia Group.
Rising healthcare costs in developed countries have led providers to adopt a ‘personalised’ medicine approach, in which healthcare is tailored to the individual based on clinical profile, genetic background, and personal preferences. This approach to medicine requires the increased use of diagnostic testing as well as genomic sequencing, helping to drive strong demand for diagnostic enzymes. In developing countries, the number of diagnostic tests will increase as the number of insured individuals rises, further supporting growth in demand for the enzymes used in diagnostic testing.
