Biocatalyst Market Size, By Source (Animal, Plants, Microorganisms), By Type (Hydrolases, Oxidoreductases, Transferases), By Application (F&B Industry, Cleaning Agents, Biofuel Production, Agriculture & Feed, Biopharmaceuticals), Market Forecast, 2023 - 2

Biocatalyst Market Size, By Source (Animal, Plants, Microorganisms), By Type (Hydrolases, Oxidoreductases, Transferases), By Application (F&B Industry, Cleaning Agents, Biofuel Production, Agriculture & Feed, Biopharmaceuticals), Market Forecast, 2023 - 2032

Global Biocatalyst Market is poised to grow substantially through 2032 owing to the growing expansion of the biofuel sector. As per IEA estimates, the global biofuels demand is likely to grow by 28% between 2021 to 2026.

Prominent companies in the market have been investing largely in R&D projects to develop advanced products. To attain a leading market position, the industry players are creating technologically sound and innovative products and solutions. For instance, in April 2020, Biocatalysts Ltd. introduced Lipomod® 888MDP, a novel enzyme. It is an effective substitute for pancreatic lipase. This tactic has helped the organization in broadening its product offering.

The biocatalyst market has been divided in terms of source, type, application, and region.

Based on source, the plants segment is anticipated to garner more than USD 260 million valuation by 2032. The abundance of plants and the methods available for extracting their enzymes are the primary drivers which will help bolster segmental growth.

With respect to type, the transferases segment is speculated to expand considerably through the forecast period. The market demand for transferases is set to flourish positively credited to their extensive use in detergents, implying that the rising sales of detergents would have an impeccable impact on biocatalysts market.

In terms of application, the cleaning agents segment is slated to grow over the review period. The segmental growth is being driven by rising knowledge of the advantages of using biocatalysts in cleaning solutions including high efficiency at mild temperatures, reducing the amount of different chemicals to be used, and eliminating the hazards in the produced effluents.

Meanwhile, the agriculture and feed segment is set to expand significantly through the analysis period fueled by the surging usage of biocatalysts in the animal feed industry. Moreover, farmers use biocatalysts to improve soil fertility which is anticipated to foster market expansion.

When applied properly, bio-catalyst technology gives farmers a reliable choice for guaranteeing that the maximum nutritional content is always retrieved from their feed, while also bestowing additional benefits depending on the particular type utilized. This includes the ability to deal with major issues including controlling feed costs, employing alternative and opportunity materials, safeguarding public health, minimizing environmental effects, minimizing the usage of antibiotics, and significantly boosting overall productivity and profitability.

From the regional perspective, the Middle East & Africa biocatalyst market is estimated to grow at more than 5.5% CAGR from 2023 to 2032. The regional market growth is being influenced by the constantly expanding infrastructure, rising population, and rising demand for pharmaceuticals as well as other household supplies.