Global Lab Evolved Enzymes Market Highlights Over 2022 - 2031
The global lab evolved enzymes market is estimated to garner a large amount of revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed largely to the growing emphasis towards renewable energy, which in turn is evaluated to give rise to the production of bioethanol from enzymatic hydrolysis. According to the International Energy Agency (IEA), the usage of renewable energy increased by 3% in 2020, with the share of renewables in electricity generation reaching at 29% that same year, up from 27% in 2019.
Along with this, increasing demand for substitute for synthetic chemicals, and rising environmental concerns among people across the globe are also expected to drive market growth significantly in the upcoming years. Furthermore, upsurge in investments for conducting R&D activities in the chemicals sector globally is projected to offer profitable opportunities to the market in the near future.
The market is segmented by application into food & beverages, detergents, bioethanol, feed, wastewater, soil, and oil treatment, out of which, the food & beverages segment is anticipated to hold the largest share in the global lab evolved enzymes market. This can be accounted to the rising need to fulfil the mounting demand for amylase in the baking industry. Apart from this, lab evolved enzymes are increasingly being used for hydrolyzing starch molecules into polymers composed of glucose units, which is also predicted to boost the market segment growth in the future. Additionally, on the basis of type, the carbohydrases segment is assessed to grab the largest share during the forecast period owing to the high utilization of this enzyme for the production of syrups from starch and sucrose. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Lab Evolved Enzymes Market Regional Synopsis
Regionally, the global lab evolved enzymes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the development of novel and superior performing products in the region. In addition, growing usage of enzymes in the pharmaceuticals industry is also expected to accelerate the market growth in the region in the coming years. Moreover, the market in Europe is also projected to grab a notable share during the forecast period, which can be credited to the increasing growth of beef and poultry, which in turn is anticipated to raise the usage of enzymes in feed in the region. As per the statistics provided by the European Union, there were about 146 million pigs, 76 million bovine animals and 75 million sheep and goats in the EU in 2020. The region produced 13.6 million tons of poultry meat that year.
The global lab evolved enzymes market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global lab evolved enzymes market includes the following segments:
By Type
- Carbohydrases
- Proteases
- Lipases
- Polymerases & Nucleases
By Application
- Food & Beverages
- Detergents
- Bioethanol
- Feed
- Wastewater
- Soil
- Oil Treatment
Growth Drivers
- Growing Emphasis Towards Renewable Energy
- Increasing Demand for Substitute for Synthetic Chemicals
Challenges
- High Cost of Raw Materials
Top Featured Companies Dominating the Market
- AB Enzymes GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- 121 Bio, LLC
- Aeglea BioTherapeutics, Inc.
- AM-Pharma B.V.
- Alphazyme LLC
- APEIRON Biologics AG
- Aronora, Inc.
- Arzeda
- Aralez Bio
- BIO-CAT
