Global enzymes market to reach $7.2 billion in 2020: Report

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.