The latest report by IMARC, titled “GCC Biocatalyst Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the GCC biocatalyst market size reached 910 Tons in 2022. Biocatalysts refer to microbes or enzymes in living organisms, including plants, animals, and microorganisms, which aid in enhancing or modifying the rate of a chemical reaction. They are capable of catalyzing or initiating chemical reactions in a living body. They are organic and biodegradable, containing a high catalytic efficiency and the capability to function under mild conditions. In recent years, biocatalysts have gained traction in the GCC region due to their widespread adoption in the pharmaceutical industry to produce antibodies, statins, amino acids, and vitamins.
GCC Biocatalyst Market Trends:
One of the primary factors driving the market is the significant growth in the field of biotechnology. Additionally, biocatalysts are extensively adopted for various industrial and commercial applications on account of their environment-friendly nature. Other than this, the increasing awareness about numerous advantages of biocatalysts and their environmental sustainability is augmenting the demand for biocatalysts in various industry verticals, including food and beverage (F&B), starch processing, textiles, and detergents. Besides this, biocatalysts are widely used in the production of biopharmaceuticals and biofuels, thus driving market growth across the GCC countries. Furthermore, key players are focusing on introducing a variety of enzyme products in the market to expand their consumer base. Moreover, lesser synthetic production pathways, rising environmental awareness, reduced waste, and co-products are propelling the market growth. Other growth-inducing factors include extensive research and development activities (R&D) performed by key players, constant technological improvements and numerous collaborations of key players with foreign companies. Looking forward, IMARC Group expects the market to reach 1,220 Tons by 2028, expanding at a CAGR of 4.9% during the forecast period (2023-2028).
- Based on the type, the market has been divided into hydrolases, oxidoreductases, transferases, and others.
- On the basis of the application, the market has been segmented into food and beverages (F&B), cleaning agent, biofuel production, agriculture and feed, biopharmaceuticals, and others.
- Based on the source, the market has been segregated into microorganisms, plants, and animals.
- Region-wise, the market has been classified into Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrain.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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