Biocatalyst Market to Reach $2.1 Billion, Globally, by 2032 at 6.7% CAGR: Allied Market Research
PORTLAND, OREGON, UNITES STATE, December 1, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, “Biocatalyst Market by Source (Plant, Animal, Microorganism), By Type (Oxidoreductases, Transferases, Hydrolases, and Others), By End-Use Industry (pharmaceutical, food & beverage, water treatment, biofuel, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global biocatalyst industry was valued at $1.1 billion in 2022 and is estimated to reach $2.1 billion by 2032, exhibiting a CAGR of 6.7% from 2023 to 2032.
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Prime Determinants of Growth:
The global biocatalyst market is driven by factors such as a rise in demand from the pharmaceutical industry and increased demand for biofuel. However, biocatalyst adoption in the chemicals sector has been relatively slower due to technical and economic constraints. This factor hinders the growth of the biocatalyst market. On the other hand, a rise in demand from emerging countries will create lucrative opportunities for the market in the coming year.
Micro-organism-based biocatalyst segment to maintain its lead position during the forecast period-
By source, the micro-organism segment accounted for the largest share in 2022, contributing to more than three-fourths of the global biocatalyst market revenue, and is expected to maintain its lead position during the forecast period. The use of microorganism-based biocatalysts offers several advantages over traditional chemical catalysts. They are often more specific, efficient, and environmentally friendly. However, the animal-based biocatalyst segment would display the fastest CAGR of 6.9% from 2023 to 2032, owing to increased demand from the food and beverage industry.
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The hydrolases segment to maintains its leadership status during the forecast period-
By type, the hydrolases segment accounted for the largest share in 2022, accounting for nearly three-fourths of the global biocatalyst market revenue and is projected to maintain its leadership status during the forecast period. Hydrolases have numerous industrial applications. For example, they are used in the production of biofuels, where enzymes like cellulases and hemicelluloses are utilized to break down plant biomass into fermentable sugars. On the other hand, the transferases segment would portray the fastest CAGR of 7.0% during the forecast period. Transferases are extensively used in biotechnology and pharmaceutical research for a wide range of applications. They are essential in studying enzymatic reactions, protein modifications, and drug metabolism.
The food and beverage segment to rule the roost by 2032-
By end-use industry, the food and beverage segment accounted for the largest share in 2022, garnering more than one-third of the global biocatalyst market revenue, and is projected to rule the roost by 2032. In baking, biocatalysts such as amylases and lipases are used to break down starches and fats, respectively, leading to improved dough texture, increased volume, and enhanced crust properties. Enzymes also help extend the shelf life of baked goods by preventing retrogradation, which is the recrystallization of starch molecules. However, the biofuel segment would cite the fastest CAGR of 7.2% from 2023 to 2032. Biofuels offer an attractive alternative to fossil fuels and help reduce greenhouse gas emissions. Increased demand for biofuels has been driven by several factors, including growing concerns about climate change, the need for energy security, and the desire to reduce dependence on fossil fuels.
Asia-Pacific to maintain its dominance throughout the forecast period-
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global biocatalyst market and is expected to maintain its dominance throughout the forecast period. The same region would also showcase the fastest CAGR of 7.3% during the forecast period. China is one of the largest consumers of biocatalysts in the Asia-Pacific region. The country has a well-established biotechnology industry and is actively investing in research and development of biocatalyst technologies. Biocatalysts are extensively used in China’s pharmaceutical industry to produce APIs and pharmaceutical intermediates.
Leading Market Players: –
AMANO ENZYME INC.
DUPONT DE NEMOURS, INC.
The report provides a detailed analysis of these key players in the global biocatalyst market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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