Global Biocatalyst Market by Type, Application, Region, Key players And Forecast 2018-2023
The global biocatalyst market has experienced a healthy growth in the past few years.
Advancements in technology and the eco-friendly nature of biocatalysts have amplified their uses and applications in cleaning agents, biofuel production, agriculture and feed, food and beverage, biopharmaceuticals, etc.
The latest report by IMARC Group, titled “Biocatalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global biocatalyst market reached a volume of nearly 106 Kilotons in 2017, exhibiting a CAGR of around 6% during 2010-2017. Biocatalysts are substances of biological origin which possess the quality of accelerating the rate of a chemical reaction. They are eco-friendly in nature since they are derived from microorganisms or plant and animal cells. Their catalytic efficiency and operability under mild conditions have resulted in the proliferation of their applications in the industrial and commercial sectors.
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Highlights of the global biocatalyst market:
Expanding use of biocatalysts in the food and beverage sector remains the major growth driver for the market.
Hydrolase holds more than a half of the total market, representing the most popular type of biocatalysts.
Europe is the largest market for biocatalysts, accounting for more than one-third of the global share.
Advancements in technology and environment-friendly nature of biocatalysts has led to a rapid expansion in the global market. Biocatalysts are now being used in the production of biofuels, due to their high functionality and production of less waste and co-products. Being a renewable resource, bio-based feedstocks are preferred over petroleum feedstocks. Biocatalysts also help in the production of nutrient rich food in less time and expenses. Owing to this, they are used in the food industry as enzymes in bakery, beverages, and dairy products such as cheese and yoghurt. Moreover, biocatalytic processes are replacing chemical processes for their efficiency across many industries including agriculture and feed, biofuel production, textiles and biopharmaceuticals. Owing to these factors, the global biocatalyst market is further projected to reach a volume of around 148 kilotons by 2023.
On the basis of type, hydrolase is the most popular type of biocatalyst which accounts for more than a half of the total market, followed by oxidoreductases and transferases. On the basis of application, biocatalysts have wide usage in the food and beverage sector, followed by cleaning agents, biofuel production, agriculture and feed, and biopharmaceuticals sectors. On a regional basis, Europe is the largest market, accounting for more than one-third of the total global share. It is followed by other regions namely, North America, Middle East and Africa, Asia-Pacific and Latin America. On analysing the competitive landscape of the global biocatalyst market, it is found that DuPont, Novozymes and Royal DSM are some of the key players.
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The report has examined the biocatalyst market on the basis of:
Food and Beverages
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