According to research provider Companies and Markets, the segment is set to grow by 5 per cent CAGR every year up to 2015, to reach an estimated value of $3.74bn.
The market researcher highlights the fact that the industrial demand for enzymes is being driven by new enzyme technologies, and increasing use of organic compounds.
Move away from petrochemicals fuels growth
In the cosmetics and personal care sector the increasing use of enzymes can be partially attributed to this move towards organic compounds in place of petrochemical-based ingredients, which is being highlighted by one of the sector’s fastest growth trends, natural and organic products.
Entitled: Industrial Enzymes: A Global Strategic Business Report, it highlights the fact that increased demand for various specialty enzymes, polymerases and nucleases is principally fuelling the growth.
Europe remains the largest market for enzymes, behind the US, which collectively dominate the global market. However, economic growth in the developing market of Asia Pacific is helping to fuel higher growth rates, which are estimated at 8 percent CAGR.
Sun care, hair dye, skin care, oral care...
Although food and feed remain the largest industrial sectors for enzyme demand, enzymes are becoming increasingly popular in a variety of applications for personal care and cosmetic products, including hair dyes, skin care, oral care and more recently sun care products.
An enzyme is basically any number of proteins or group of proteins produced by living organisms and functioning as biochemical catalysts.
Major global providers of enzymes include BASF, Advanced Enzyme Technologies, DSM, Chr. Hansen, Asahi Kasei Pharma and Genencor International.