Industrial Enzymes Market Growing At 7% Touches Rs 2360 Crore

The market for enzymes in India was relatively small compared to other sectors but it is picking up as compared to other markets in the world.

Enzyme use is still in its infancy with growing awareness of enzyme potential and benefits providing attractive growth perspectives.

Indian enzyme market is growing at 7 per cent over last year and has touched Rs 2360 crore for the year 2018-19. However, the rapid development of India’s food and beverage, pharmaceutical and chemical industry is starting to change this, and specialty enzyme demand will outpace industrial enzyme demand going forward.

There are about 25 major players in this market. Most of these companies are either into marketing or into formulations. But India has few companies both multinational and local that manufacture enzymes used in different industries such as pharmaceutical, food processing, leather, detergents, paper and pulp and textile. These companies produce various enzymes and several other eco-friendly biological products. The product range and services are growing rapidly as the use of enzymes is gaining widespread acceptance. However according to esuppliersindia.com there are over 1626 suppliers for enzymes in India offering 607 different range of products.

The Indian manufacturers are not only supplying to local market but are also exporting to a number of countries. According to Directorate General of Commercial Intelligence and Statistics (DGCI&S) India exported enzymes worth Rs 287 crore in 2018-19 and in the first quarter of 2019-20 India exported enzymes worth Rs 78.57 crore. The USA, Germany, Japan, China, Malaysia and Denmark are the leading importers of Indian enzymes during 2018-19. These nations have imported worth Rs 71.17 crore, Rs 14.24 crore, Rs 14.23 crore, Rs 12.93 crore, Rs 12.26 crore and Rs 10.50 crore respectively during last year.