The industrial enzymes market is projected to grow at a CAGR of 6.01% to reach US$10.047 billion by 2025, from US$7.079 billion in 2019. The booming processed food and beverage industry is augmenting the demand for industrial enzymes to enhance the product’s texture, taste, and flavor.
Rising demand for cosmetics and personal care products due to the growing global aging population and awareness are contributing to the global industrial enzymes market growth. Growing consciousness concerning good health and fitness is leading to the high demand for nutraceuticals which will bolster the growth of digestive and nutritional enzymes, thereby positively impacting the industrial enzymes market growth over the next five years. Furthermore, the demand for enzymes will intensify during the forecast period owing to increasing application in animal feed products to boost the digestibility and nutritional value of the feed.
Rapid urbanization, especially in the emerging economies of the world is further boosting the market demand in the forecast period.
According to the UN statistics, there is a growth in the urban population of the world increased from around 751 million to around 4.2 billion from 1950 to 2018. The migration of people from rural areas to urban areas has resulted in an increase in disposable income, which in turn has led to adopting modern living conditions as well. Thus, this has impacted positively on the consumption levels, creating a market demand for the enzymes to be utilized by many industries for the development of innovative products, burgeoning the market growth in the forecast period. Additionally, with rapid urbanization, people are able to attain a better education and are paid well. This has further led to paying attention to their health and personal hygiene and grooming their appearance, fueling the growth of the global industrial enzymes market during the forecast period.
On the basis of the end-use industry, the market is poised to grow at a significant rate in the forecast period owing to the high demand for enzymes from varied industries at the global level.
The food and beverage industry is expected to hold a major market share during the forecast period. This is due to the increasing demand for enzymes such as carbohydrase among other enzymes in food processing, baking, and brewing. The growing need for the development of innovative flavors is further bolstering the growth of the global industrial enzymes market. The demand for food enzymes will remain high during the forecast period due to the growing need for increasing the shelf life of food products along with the optimization of the production processes. Additionally, the cosmetics segment will witness the fastest market growth during the forecast period, with a growing demand for low synthetic chemical-based cosmetics by using natural enzymes and developing green cosmetics.
On the basis of geography, North America is expected to hold a significant share in the global industrial enzymes market in the forecast period. Additionally, the APAC region is expected to be among the fastest-growing.
Geographically, North America will hold a significant share of the global industrial enzymes market throughout the forecast period due to the presence of a large number of global key players in the region, high investment in R&D activities, and early adoption of technology across various end-use industries in the region. The European industrial enzymes market will also experience significant growth due to stringent EU regulations owing to concerns regarding the use of chemicals in cosmetics and personal care products. On the other hand, the Asia Pacific region is projected to witness the fastest regional market growth during the forecast period owing to the robust growth of food processing and pharmaceutical industries in emerging economies such as China and India. Mounting concerns over wastewater management will further boost the demand for these enzymes in Asian countries. Furthermore, rapid industrialization and urbanization have led to the robust growth of various end-use industries such as cosmetics, pulp and paper, chemicals, and others in the region, thereby positively boosting the Asia Pacific industrial enzymes market in the forecast period and in the upcoming years.
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