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Specialty Enzymes Market Size, Share, Growth Report, 2033
Specialty Enzymes Market Size
As per the report, the specialty enzymes market size has grown strongly in recent years. It will grow from $6.39 billion in 2023 to $6.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The specialty enzymes market size is expected to see strongly grown in the next few years. It will grow to $8.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
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Biotechnology Research Investment Driving Specialty Enzymes Market Growth
Growing investment in biotechnology research and development is expected to boost market growth during the forecast period. Specialty enzymes are widely used in biotech research and development, particularly in molecular biology. The increasing investment and an increase in the number of companies conducting biotechnology research and development will in turn increase the number of biotech researchers. For instance, in April 2021, according to a report published by the Congressional Budget Office, a US-based government agency that provides budget and economic information, pharmaceutical companies will have invested $83 billion on research and development activities around the world. As a result of increased investment in biotech research and development, the growing number of biotech research companies is expected to boost the specialty enzymes market.
Technological Advances In Enzyme Products
Technological advancements show opportunities for the production of enzyme products more efficiently. Challenges such as complexity in maintaining pH, the operational high temperature of specialty enzymes, and the significant cost of maintenance of specialty enzyme products pave the way for technological advancements. For instance, in March 2021, International Flavors and Fragrances Inc., a US-based company that produces flavors, fragrances, and cosmetic actives, announced the launch of Enovera 3001, an enzyme-only solution. Enovera 3001 is a dough strengthener that has been shown to replace vital wheat gluten, especially in challenging applications such as whole wheat bread. The enzyme technology in Enovera 3001 performs equivalently or better than traditional emulsifiers and with reduced dependence on aids used to compensate for inconsistencies.
The specialty enzymes market covered in this report is segmented -
1) By Type: Carbohydrases, Proteases, Lipases, Polymerases & Nucleases, Oxidase & Hydratases, Other Types
2) By Source: Microorganisms, Animals, Plants
3) By Application: Pharmaceutical, Diagnostics, Research & Biotechnology, Food & Beverage, Animal Nutrition, Other Applications
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Major companies operating in the specialty enzymes market include BASF SE, Novozymes A/S, Roche Holding AG, Codexis Inc., Specialty Enzymes & Probiotics, Advanced Enzyme Technologies Ltd., BBI Solutions, E. I. du Pont de Nemours and Company, Sanofi, Amano Enzyme Inc., Nagase & Co. Ltd., Affymetrix Inc., Biocatalysts Ltd., Life Technologies Corporation, Amicogen Inc., AB Enzymes, Dyadic International Inc., Chr. Hansen Holding A/S, Merck KGaA, Biovet Private Limited., Antozyme Biotech, Kerry Inc., Thermo Fisher Scientific Inc., Koninklijke DSM N.V., Aum Enzymes, Ultra Bio-Logics Inc., Aumgene Biosciences, The Soufflet Group, Shandong Longda Bio-Products Co. Ltd., Enzyme Development Corporation, International Flavors and Fragrances Inc., Enzyme Supplies Ltd., Alphazyme LLC, Enzyme Innovation inc., Creative Enzymes, Enzyme Solutions Inc., EnzymeWorks Inc., Enzyme Technologies Corporation, Enzyme Research Labs Inc., Enzyme Systems Products, Enzyme Bioscience Pvt. Ltd.
Contents of the report:
1. Executive Summary
2. Specialty Enzymes Market Report Structure
3. Specialty Enzymes Market Trends And Strategies
4. Specialty Enzymes Market - Macro Economic Scenario
5. Specialty Enzymes Market Size And Growth
…..
27. Specialty Enzymes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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