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Biocatalyst Market size to reach USD 950 million by 2032
- Published Date: March 21, 2023
Biocatalyst Market size is expected to be worth USD 950 million by 2032, as per a new research report announced by Global Market Insights Inc.
As per the report, a significant surge in biofuel production, attributed to the stringent government policies toward mitigation of GHG emissions and a considerable rise in fuel prices globally, will propel the demand for biocatalysts.
The escalating desire to run on cleaner energy, accompanied by the consistent population, fossil fuel volatility, and rapid integration of novel technologies, have accelerated both the production and utilization of biofuels. The trend is further anticipated to accentuate owing to the abundance of opportunities focused on converting agricultural products into renewable energy sources. According to the International Energy Agency (IEA), over 2021-2026, the global demand for biofuels is estimated to rise by 28% or 41 billion liters in the main case.
Biocatalytic processes are considered the need of the hour to produce bio-diesel or biofuel to reduce carbon and GHG emissions produced from conventional fossil fuels. A lifecycle analysis published in 2021 by the Institute of Physics suggested that, on average, biofuels produce an estimated 46% less GHG than gasoline. Since enzymes like microbial lipases can be effectively utilized as biocatalysts for sustainably producing bio-diesel, the biocatalyst market growth is expected to grow considerably with the rising biofuel production.
Increase emphasis on maximizing the use of eco-friendly materials to foster the adoption of animal-derived biocatalysts
Biocatalyst market share from the animal segment is anticipated to exhibit over 6% CAGR from 2023 to 2032. Animals are a prominent source of proteins and other nutrients. Enzymes in the form of biocatalysts obtained from animals act as an important tool in several industries where these are used for developing a varied range of products and services in an eco-friendly manner. The commercial utilization of enzymes not only reduces environmental concerns, especially related to energy consumption and water but also helps lower the cost, thus gaining widespread acceptance.
Browse key industry insights spread across 172 pages with 232 market data tables & 25 figures & charts from the report, “Biocatalyst Market Size, By Source (Animal, Plants, Microorganisms), By Type (Hydrolases, Oxidoreductases, Transferases), By Application (Food & Beverage Industry, Cleaning Agents, Biofuel Production, Agriculture & Feed, Biopharmaceuticals), COVID-19 Impact Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032”, in detail along with the table of contents:
Oxidoreductases demand to rise due to their growing usage across the food industry
The biocatalyst market revenue from the oxidoreductases segment is likely to reach USD 180 Million by 2032, claims the report. Oxidoreductases find extensive usage across food and animal feed industries, given their ability to help in metabolism and fermentation. Besides, the increasing utilization of oxidoreductase in the pharmaceutical synthesis of 3,4-dihydroxylphenyl alanine (DOPA), which is used in the treatment of Parkinson's disease, will boost the biocatalyst industry avenue.
Extensive usage as biosensors to augment the demand for biocatalysts in food and beverage applications
In terms of application, the food and beverage industry segment is expected to emerge as a major contributor, depicting more than 6.5% CAGR throughout 2023-2032. Biocatalysts, such as Hydrolases and Oxidoreductases, are used in a variety of food processing applications, thus, driving the segment value. Besides, these are extensively employed biological components in biosensors, allowing the detection of various compounds, including toxic or undesired molecules in food, thus contributing to scrutinizing food safety.
The Biofuel Production application segment is also poised to grow substantially and attain a valuation of USD 140 million by 2032, credited to the growing demand for biofuels due to rising awareness about the use of sustainable fuels.
Adoption of a sustainable approach to favor industry revenue across North America
North America biocatalyst market is speculated to garner USD 270 million in revenues by 2032. The growth rate of the regional industry can be attributed to the high demand for high-quality and safe food & beverages from the region. This apart, rising environmental concerns and an increased emphasis on the utilization of sustainable energy sources will further bolster regional gains over the estimation period.
Partnerships to strengthen the competitive outlook
Biocatalyst market key players include BASF SE, Novozymes, DuPont, Codexis, Inc., Biocatalysts Limited, AB Enzymes, Prozomix Limited, Royal DSM, Lonza, Amano Enzyme Inc., and Biosyntha Technology Ltd. These companies have been actively focusing on strengthening their strategic equations to gain access to a broader consumer base.