Market Size of Industrial Enzymes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Industrial Enzymes Market Analysis
The industrial enzyme market is projected to register a CAGR of more than 6% during the forecast period.
The industrial enzymes market's growth is hampered by the COVID-19 pandemic, as lockdowns and the shutdown of raw material supply chains and enzyme production plants globally have impacted several end-user industries. The biofuel industry has been strongly impacted by the COVID19 pandemic. In 2022, global transport biofuel production has improved significantly, creating a positive impact on the industrial enzymes market.
- Over the medium term, the major factors driving the growth of the industrial enzymes market are the growing diversity in enzyme applications such as food and beverage, pharmaceuticals, detergents, cosmetics, and other industries. Also, the growing demand for enzymes due to increasing environmental norms and regulations regarding the use of chemicals is likely to boost the market growth of industrial enzymes.
- On the flip side, factors such as restricted temperature and pH level of enzymes, regulatory constraints for various markets and competition for raw materials are expected to hinder the market growth.
- New product innovations and expansions of application bases are anticipated to provide numerous opportunities over the forecast period.
- North America dominated the market and Asia-Pacific is likely to register the highest CAGR through the forecast period.
