The global biocatalyst market has witnessed an exponential growth over the past several years. This can be accredited to the several benefits offered by biocatalysts coupled with rising environment consciousness among the consumers.
According to the latest report by IMARC Group, titled “Biocatalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global biocatalyst market reached a volume of nearly 106 Kilotons in 2017, registering a CAGR of around 6% during 2010-2017. Biocatalysts refer to the living cells or enzymes which modify or increase the rate of a chemical reaction. Some of the most common biocatalysts include microbes, lipases, proteases, cellulases, amylases, etc. They are biodegradable, organic, and have the ability to operate under mild conditions. In recent years, the use of biocatalysts has been increasing rapidly for various applications in industries such as food and beverage, pharmaceuticals, detergents, textiles, etc. This can be attributed to the important role played by biocatalysts in improving process efficiency, reducing costs and developing new environment-friendly processes.
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When compared to conventional alkaline catalyzed processes, biodiesel production using biocatalysts is more environment-friendly, less energy intensive and allows the usage of unrefined feedstock. The rising demand for biofuels as an alternative to fossil fuels is stimulating the growth of the global biocatalyst market. Additionally, biocatalysts are gaining traction due to their high selectivity which is very desirable in chemical synthesis as it offer numerous benefits including minimized side reactions, easier separation and reduced or no use of protecting groups. Some of the other major drivers boosting the biocatalyst market are expanding per capita income and increasing awareness about sustainability among the consumers. However, the lack of adequate regulations, and availability of synthetic enzymes and products are among the key restraints to the market growth. Apart from this, the products manufactured using biocatalysts are relatively expensive which may also act as a major deterrent. Looking forward, the global biocatalyst market volume is projected to reach around 148 Kilotons by 2023.
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- On the basis of type, hydrolases represent the most popular type of biocatalyst, holding the majority of the total market share. Other major types of biocatalysts include oxidoreductases and transferases.
- Based on application, the market has been segregated into food and beverage, cleaning agent, biofuel production, agriculture and feed, biopharmaceutical and others. Amongst these, the food and beverage industry is the major application segment.
- Region-wise, Europe dominates the market, holding more than one-third of the total global share. The stringent environmental regulations in the region are resulting in high demand for biocatalysts. Other major regions include North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the biocatalyst market has also been examined with some of the key players being Novozymes, DuPont and Royal DSM.
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