Industrial Enzymes Market Analysis Highlights the Impact of COVID-19 2020-2024 | Increasing Demand for Food Enzymes to Boost Market Growth | Technavio

The industrial enzymes market is expected to grow by USD 1.48 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Industrial Enzymes Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Industrial Enzymes Market 2020-2024 (Graphic: Business Wire)

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The rising demand for processed and packaged food products has increased with the need for food security and safety. Also, growing consumer awareness about the consumption of healthy food products is compelling F&B manufacturers to increase the use of food enzymes in various food products. This is because food enzymes facilitate an eco-friendly process by reducing the wastage of raw materials and emissions of greenhouse gases. They also enhance metabolism and improve digestion by breaking down the complex fats and carbohydrates present in the food. All these factors are contributing to the growth of the global industrial enzymes market.

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As per Technavio, the increasing demand for cosmetics and personal care products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Industrial Enzymes Market: Increasing Demand from Cosmetics and Personal Care Products

The cosmetic industry is one of the major consumers of industrial enzymes. The industry uses enzymes for resurfacing and skin smoothening applications. This is because enzymes are proven to be effective in the treatment of many skin conditions related to skin aging, congestion, acne, and pigmentation. For example, the proteolytic enzyme is one of the most commonly used enzymes in the cosmetics industry. It breaks down proteins for better absorption by the skin and promotes cell growth and renewal. Similarly, enzymes such as diacylglycerol acyltransferase influence the action of retinoic acid, which, in turn, accelerates the regeneration of the epidermis and hair. With growing consumer preference towards the use of organic products, the demand for industrial enzymes from the cosmetics and personal care industry will increase significantly during the forecast period.

“Recent advances in enzyme technology and the increased production of biofuels will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Industrial Enzymes Market: Segmentation Analysis

This market research report segments the industrial enzymes market by Application (Food and beverage, Detergents, Animal feed, Biofuel, and Others) and Geography (North America, APAC, Europe, South America, and MEA).

The North American region led the industrial enzymes market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand for convenience food products in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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