Revenue Forecast

The revenue estimate for the base year 2023 is $4,715.7 million, with a CAGR of 5.3% for the study period from 2023 to 2030.

The Impact of the Top 3 Strategic Imperatives on the Industrial Enzymes Industry

Transformative Mega Trends

Why

• Sustainability is a key trend influencing the industrial enzymes industry. People use enzymes across applications primarily to replace harmful chemicals with safer ingredients.
• Energy and resource conservation, fewer byproducts, and minimal waste are some of the key advantages that enzymatic catalysis offers over chemical catalysis.

Frost Perspective

• Environmental concerns will continue to accelerate enzyme penetration from different perspectives. For instance, consumer awareness about the use of safe and sustainable home care products will boost enzyme adoption in these product formulations whereas environmental regulations are likely to boost enzyme use in process industries such as textile or paper and pulp.
• Chemical companies are likely to evaluate enzyme use in their catalysis to enhance their environmental stewardship and to meet their sustainability targets.

Competitive Intensity

Why

• The industrial enzymes industry consists of a wide variety of participants, such as pure-play enzyme companies, stakeholders from end applications that have started manufacturing enzymes (mostly for captive use), and companies that specialize in chemical catalysis that have extended their capabilities to produce enzymes for biocatalysis.

Frost Perspective

• While large pure-play enzyme manufacturers will continue to dominate the competitive landscape, the industry is likely to evolve with stakeholders in biofuel processing and chemical manufacturing segments to commence enzyme manufacturing for captive use. This could be either to minimize production costs and increase supply security, as common in biofuel processing, or to improve the environmental footprint of processes, as in the chemical sector by replacing chemical catalysis with biocatalysts.

Industry Convergence

Why

• The leading stakeholders in the industrial enzymes sector have been undergoing major merger and acquisition (M&A) and consolidation trends. Novozymes A/S, a part of Novozymes (hereafter referred to as Novozymes), dsm-firmarch, and International Flavors & Fragrances, Inc (IFF) are examples of companies that have undergone consolidation at various levels in recent years.

Frost Perspective

• The industry is likely to experience more consolidation through to 2030. Partnerships and joint ventures (JVs) between enzyme manufacturers and companies that specialize in digital tools will be more prominent as digitalization is gaining major traction.
• Developing new enzyme strains to enable newer processes will remain crucial, and it is imperative for companies to acquire technologies, processes, and design capabilities to remain competitive in the marketplace.

Scope of Analysis

• Enzymes are naturally occurring substances derived from animal tissues, plants, and/or microbes. For industrial applications, enzymes are primarily manufactured through microbial fermentation due to higher yields. Enzymes are used in several industrial processes, as ingredients and as catalysts.

• Biocatalysis is a process that facilitates the manufacturing of products using enzymes. Enzymes are greener and more sustainable alternatives to chemical catalysts in various processes. A growing focus on developing environment-friendly processes is likely to accelerate the use of enzymatic catalysis.

• Enzyme catalysis produces fewer byproducts that are less toxic in nature than chemical catalysts. Enzymes are also capable of catalyzing reactions with very high specificity, while both initiating and inhibiting or terminating catalytic activities.

• Other advantages enzymes offer over chemical catalysts include enhanced product quality, reduced manufacturing costs, and lower energy consumption.

• The scope of this analysis focuses on industrial enzymes. The following slide offers a more detailed description.

Geographic segmentation includes:

• North America: the United States and Canada
• Europe: European Economic Area (EEA) and European Trade Association (EFTA) states, including the United Kingdom and Russia
• Asia-Pacific (APAC): China, Japan, Australia, New Zealand, South Korea, ASEAN countries (Indonesia, Thailand, Singapore, Malaysia, the Philippines), and South Asian countries (India, Pakistan, Bangladesh, Sri Lanka and Nepal)
• Latin America, the Middle East, and Africa (LAMEA): Latin American countries, including Mexico; Africa and all Middle Eastern countries, including Turkey

Segmentation by Application

Industrial Enzymes

Home Care Products

• Includes laundry detergents (powder and liquid)
• Dish soap (for manual and automatic washing)
• Surface cleaners

Chemical Processing

• Synthesis of chemicals such as acrylamide, chiral amines, citric acid, lysine, bioethanol, and amino-penicillinic acid
• Also include enzymes used to produce chemical intermediates that are in turn used in pharmaceutical, healthcare, and personal care applications

Process Industries

• Paper and pulp production
• Textile processing
• Biofuel production
• Others (waste management, plastic recycling, leather processing, oilfield services, ceramic processing)

Segmentation by Type

Industrial Enzymes Segmentation by Type

• Carbohydrases1
  • Amylases
  • Lactases
  • Cellulases
  • Xylanase/ Hemi-cellulase
  • Others2
• Proteases/ Peptidases
• Lipases
• Transferases
• Oxido-reductase
• Other Enzymes3

Competitive Environment

Key Competitors

• Novozymes
• IFF
• Infinitia Biotech Private Limited
• Ultreze Enzymes
• AB Enzymes
• Anthem Cellutions (India) Ltd
• BASF SE
• dsm-firmenich
• Antozyme Biotech Pvt Ltd
• Advanced Enzyme Technologies
• Realzyme LLC
• Bioalx Corporation
• Afrizyms
• TEX BIOSCIENCES PVT.LTD
• Codexis, Inc
• Asymchem Inc
• Arran Chemical Company Ltd
• Creative Enzymes
• BASF
• Realzyme LLC
• Johnson Matthey
• Mitsui Chemicals