Enzymes Market to Hit USD 13,815.2 Million by 2027

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The global “enzymes market” size is projected to reach USD 13,815.2 million by 2027 owing to the increasing applications of the latest technologies for enzyme development, states Fortune Business Insights™ in its report, titled “Enzymes Market, 2020-2027”. The report further states that the global market value was USD 9,008.7 million in 2019 and the market is expected to register a CAGR of 6.4% from 2020 to 2027.

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COVID-19 Impact

The healthcare industry has been hit hard by the COVID-19 pandemic. Some of the major pharmaceutical companies are embarking on being the first ones to develop a COVID-19 vaccine. Amid pandemic, the demand for such biocatalysts has reduced as companies who were originally responsible for developing novel products are presently focusing on manufacturing sanitizers, masks and other essential products. The market has been adversely affected by such incidents. Analysts at our firm have found that the market registered a decline of 1.0% CAGR in 2020.

Plants Segment to Showcase Eminent Growth

We have categorized the market on the basis of type, source, product type, and geography. In terms of type, the market is divided into industrial and specialty enzymes. Based on the source, it is fragmented into plants, animals, and microorganisms. The plants segment is showcasing eminent growth with a market share of 19.3% in 2019.

On the basis of product type, it is bifurcated into protease, lipase, carbohydrates, nuclease & polymerase, and others. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

In December 2020, Advanced Enzyme Technologies, a leading developer in India, announced the acquisition of SciTech Specialties, one of the leading specialty products manufacturing enterprises. Under the acquisition agreement, the company will get hold of 51% stakes of the acquired party, securing a total shareholding of 520,408 equity shares. As per the company, the acquisition will help the company expand its business on B2B scale. In addition, the applications owned by SciTech in several verticals including human health, food, and animal nutrition will ensure better delivery of the existing products. The acquisition cost the company a total of INR 316.26 million.

Increasing Applications of Latest Technologies to Drive Growth

The advent of the latest technologies is estimated to help manufacturers find unique and effective applications of these biocatalysts in numerous end-user industries. Their extensive utilization is projected to drive the global enzymes market growth during the forecast period. Leading Enterprises operating in the market are aiming at expanding their businesses in order to meet the exceeding demand from end users. In October 2017, BASF SE, a prominent multinational chemical company based in Germany, opened a new production unit in Nanjing Chemical Industrial Park, Nanjing, China. The new plant is aimed to develop biocatalyzed acrylamide for the company.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

https://www.fortunebusinessinsights.com/industry-reports/enzymes-market-100595