Lab Evolved Enzymes Market size is projected to grow at substantial growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed largely to the growing emphasis towards renewable energy, which in turn is evaluated to give rise to the production of bioethanol from enzymatic hydrolysis. According to the International Energy Agency (IEA), the usage of renewable energy increased by 3% in 2020, with the share of renewables in electricity generation reaching at 29% that same year, up from 27% in 2019.
Along with this, increasing demand for substitute for synthetic chemicals, and rising environmental concerns among people across the globe are also expected to drive market growth significantly in the upcoming years. Furthermore, upsurge in investments for conducting R&D activities in the chemicals sector globally is projected to offer profitable opportunities to the market in the near future.
Growth Drivers
Challenges
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2023 |
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2024–2036 |
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Regional Scope |
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The market is segmented by application into food & beverages, detergents, bioethanol, feed, wastewater, soil, and oil treatment, out of which, the food & beverages segment is anticipated to hold the largest share in the global market. This can be accounted to the rising need to fulfil the mounting demand for amylase in the baking industry. Apart from this, lab evolved enzymes are increasingly being used for hydrolyzing starch molecules into polymers composed of glucose units, which is also predicted to boost the market segment growth in the future. Additionally, on the basis of type, the carbohydrases segment is assessed to grab the largest share during the forecast period owing to the high utilization of this enzyme for the production of syrups from starch and sucrose.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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Regionally, the global lab evolved enzymes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America industry is likely to dominate majority revenue share by 2036, due to development of novel and superior performing products in the region. In addition, growing usage of enzymes in the pharmaceuticals industry is also expected to accelerate the market growth in the region in the coming years. Moreover, the market in Europe is also projected to grab a notable share during the forecast period, which can be credited to the increasing growth of beef and poultry, which in turn is anticipated to raise the usage of enzymes in feed in the region. As per the statistics provided by the European Union, there were about 146 million pigs, 76 million bovine animals and 75 million sheep and goats in the EU in 2020. The region produced 13.6 million tons of poultry meat that year.
December 2021- Aeglea BioTherapeutics announced achievement of primary endpoint in Phase 3 study of Pegzilarginase in patients with Arginase 1 deficiency.
July 2021- Unilever declared a multi-year partnership with Arzeda to discover new enzymes that will aim at the discovery of new enzymes designed by computer to transform the sustainability and performance of cleaning and laundry products.
Author Credits: Rajrani Baghel
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