Few Diverse Global Players Dominate the Market Holding Over 40% of Revenue Share Despite Presence of about 150 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Enzymes Market by Ken Research
Global Players that constitute about 20% of the Total Number of Competitors Hold the Largest Revenue Share of over 40% While Regional Companies Also Have a Strong Presence.
Enzymes are proteins that help speed up the chemical reaction and improve the quality of the end products. It is used in various end-use industries namely food and beverages, animal feed, biofuel, diagnostics, pharmaceuticals, research and biotechnology, and others. A comprehensive competitive analysis conducted during the Research Study found that the Global Enzymes market is highly competitive with ~ 150 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in Enzymes. The large global players comprise about 20% in terms of the number of companies and hold over 40% of the market revenue share followed by regional players that account for nearly 35% of the market revenue. Most of the country-niche players are operating their enzymes business and continuously engaged in strategic developments such as innovative product launches, expansion, and others, and also large global players are expanding their enzymes business through strategic partnerships, acquisitions, and others. Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.
Leading Key Players' Ongoing Efforts To Provide Innovative Enzymes Are Driving Their Revenue Growth From This Market
Detailed comparative analysis of key competitors available within the Research Study shows that key players such as Novozymes A/S, IFF, F. Hoffmann-La Roche Ltd, and others are highly focused on providing a broad category of enzymes types for various end-use industries, and are deeply involved in strategic developments such as partnership, expansion, and others. Furthermore, several companies are aggressively expanding their production facilities to scale up enzyme production to fulfill the growing demand for enzymes among end-users and are partnering with other players to design new enzymes efficiently.
In October 2021, BASF and Cargill expanded their partnership for animal nutrition business and planned to develop, produce, and market enzymes solutions and products based on customer’s preferences. The partnership aimed to develop innovative enzymes-based solutions for animal feed industry and to help farmers reduce nutrient waste, improved quality feed efficiency, and promote animal growth.
The Ongoing COVID Pandemic Led to the Rising Demand for Nutritional and Immunity-Enhancing Products
The COVID-19 pandemic has significantly increased the demand for nutritional and immunity-boosting products among health-conscious consumers. The pandemic has made people become extremely conscious about their health and hence they are opting for food and supplements which provides nutrition and enhance immunity. In addition, the enzymes gained prominence, especially during the COVID-19 pandemic as the demand for medicines increased with the increasing prevalence of various diseases like chronic diseases, cancer, jaundice, pancreatitis, neurodegenerative disorders, and others. The demand for enzymes increased in the pharmaceutical and diagnostics industry as the enzymes are used for the production of various medicines and even in the diagnostics process.
The growing demand for enzymes for the production of nutritional and immunity-boosting products has enabled the players to launch innovative enzyme products and expand their presence in the market to fulfill the growing demand of the end-user industries.
In November 2021, Novozymes and Novo Nordisk Pharmatech collaborated on the development of specialty enzymes to support the production process of regenerative medicines and biopharma products. In August 2021, Advanced Enzymes Technologies entered the e-commerce space in India with its immune-supporting brands- ImmunoSEB and Biome Ultra, which comprised systematic enzymes and probiotics. These products help enhance immunity and are effective in reducing ‘long Covid afflictions.
As per the analysis, the initiatives taken by the key players such as innovative product launches, collaboration, partnerships, and others during COVID-19 have fueled the market growth.
The growing need for Innovative Enzymes among End-Users Led to Major Industry-Wide Developments, Acquisitions, Partnerships, and Expansion.
In August 2020, according to Technology Networks’ researchers at the Brazilian Center for Research in Energy and Materials (CNPEM) genetically engineered low-cost enzyme cocktails from a fungus that helped break down the carbohydrates in biomass, like sugarcane (tops and leaves) and bagasse into fermentable sugar. The low-cost enzyme cocktails can be used efficiently to produce biofuels from sugarcane residues.
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