Alcohol Enzymes: Introduction
- Alcohol enzymes are found in organisms. They facilitate hydrolysis and ease the inter-conversion between alcohol and aldehydes due to the reduction of nicotinamide adenine dinucleotide. They act as catalysts in the conversion of complex molecules in different metabolic reactions. Alcohol enzymes are crucial for industrial processes, as they facilitate yield optimization and improve chemical processes. These enzymes have the capacity to meet the growing industrial product requirements due to their versatility. Alcohol enzymes are used in various industries such as pharmaceuticals, food & beverages, bio-fuel production, animal feed, cleaning agents, and biotechnology.
Key Drivers and Restraints of Global Alcohol Enzymes Market
- Rise in global population and increase in spending power of the people in developed and developing countries are key factors driving the global alcohol enzymes market. This has led to a rise in demand for cosmetics, food and beverages, bio-fuels, and cleaning agents, thereby boosting the demand for alcohol enzymes. Increase in sales of various drugs due to the growth in awareness about proper health care among the people worldwide is another factor propelling the market. Specialty and industrial utilization of alcohol enzymes is also augmenting the market. Additionally, technological advancement in waste and energy saving logistics has led to growth in the alcohol enzymes market.
- Enactment of regulations surrounding the production of alcoholic beverages and usage of synthetic food ingredients is a key factor hampering the market. Other restraints include steep costs of manufacturing, supply chain issues, and lesser investments in research and development activities.
Alcohol Enzymes: Application Segment
- In terms of application, the global alcohol enzymes market can be segmented into food & beverages, bio-fuel production, cleaning agents, animal feed, pharmaceuticals, and biotechnology
- The pharmaceuticals segment accounted for significant share of the global alcohol enzymes market in 2020. It is projected to expand at a fast-paced CAGR during the forecast period. Increase in spending on health care in Asia Pacific is likely to propel the demand for alcohol enzymes in pharmaceuticals applications in the region.
COVID-19 Impact on Alcohol Enzymes Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Alcohol enzymes are used in various end-use industries including food & beverages, bio-fuel production, cleaning agents, animal feed, pharmaceuticals, and biotechnology. The COVID-19 pandemic has adversely impacted the production of various chemicals. However, demand for alcohol enzymes has been stable in pharmaceuticals applications. Furthermore, recovery of the economy in various parts of the world is expected to further drive the market in the near future.
Asia Pacific to Dominate Alcohol Enzymes Market
- In terms of region, the global alcohol enzymes market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominates the market as it is the leading consumer for alcohol enzymes. Europe is another major region of the market. Demand for alcohol enzymes has been rising in Europe since the last couple of years due to the advent of new drugs in the enzyme replacement industry.
- Asia Pacific is likely to be a major region of the market during the forecast period owing to the increase in usage of bio-fuels in the region due to favorable government policies. Other factors slated to contribute to the market in Asia Pacific are the swift pace of industrialization, conducive business environment, and fast-developing pharmaceutical and biotechnology industries in the emerging economies of China and India.
Key Manufacturers Operating in Global Alcohol Enzymes Market
The global alcohol enzymes market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Vendors in the market are adopting various organic and inorganic growth strategies to expand their product portfolio and geographical reach. Key manufacturers operating in the global alcohol enzymes market include:
- Abbott Laboratories
- Novartis AG
- Amgen, Inc.
- Eli Lilly Company
- Bayer AG
- F. Hoffmann-La Roche Ltd.
- Merck & Co., Inc.
- Novo Nordisk A/S
- Pfizer, Inc.
Global Alcohol Enzymes Market: Research Scope
Global Alcohol Enzymes Market, by Application
- Food & Beverages
- Bio-fuel Production
- Cleaning Agents
- Animal Feed
- Pharmaceuticals
- Biotechnology
Global Alcohol Enzymes Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
