Market analyst Freedonia predicts that developing and emerging economies will experience the fastest gains, supported by strong economic growth and rising per capita GDP.
In the more advanced economies of North America, Western Europe and Japan, maturity in key markets such as food and beverages, and cleaning products (detergents) will limit advances, despite new opportunities in pharmaceutical and biocatalysis enzymes.
Speciality enzymes will grow faster than industrial enzymes, though the market for animal feed enzymes will remain the fastest growing overall as new opportunities in the developing countries of Asia continue to support double digit advances.
Historically, enzyme demand has been concentrated in the more developedeconomies due to the high value-added nature of enzymes, and the significanttechnical resources needed for their development, production and application.
However, countries such as China, India, South Korea and Taiwan, which have recently emerged as industrialized manufacturing centers with strong national research and development programs, will play a much larger role in the world market going forward and offer some of the best growth opportunities.
As a result, European companies are increasingly targeting the rapidly growing Chinese market. Germany-based AB Enzymes for example is launching a new product to replace potassium bromate in time to cash in on an increased Asian demand for substitutes after the substance was banned in China in July.
"In the Asian market, where the wheat varieties are quite strong, the use of ascorbic acid produces premature dough firmness, which then results in processing difficulties. Bromate was a slower-acting agent, and Veron Brox helps to simulate the action of bromate, compensating for the effects of ascorbic acid," said Oscar Diez, product manager for AB Enzymes.
Speciality enzymes, which include enzymes for the biocatalysis, diagnostic, pharmaceutical, and research and biotechnology markets, will continue to benefit from advances in biotechnology that facilitate new application development, thereby expanding potential demand.
In contrast, industrial enzymes will experience more moderate growth as the maturation of key markets limits advances. Food and beverages will continue to be the largest enzyme market, with gains in Asia/Pacific, Eastern Europe and Latin America more than offsetting weakness in developed markets.
Animal feed will be the fastest growing market, led by double-digit gains inphytase for poultry and swine, with the best opportunities in the Asia/Pacific region.
Carbohydrases and proteases will continue to be the most widely used product types, in part because of these enzymes' extensive use in the processing of natural materials. However, the fastest growth will come from the increasing development and use of other types of enzymes, particularly for pharmaceutical applications.
For example, sulfates are being developed for use in enzyme replacement therapy.
The World Enzymes report is now available for $5,100 from The Freedonia Group.