Serine Proteases Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Serine Proteases Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The serine proteases market size has grown rapidly in recent years. It will grow from $2.04 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increasing prevalence of diseases where enzyme, increased funding and grants for protease-related research, regulatory support and incentives, advancements in genetic engineering, and rise in demand for serine protease in food.

The serine proteases market size is expected to see rapid growth in the next few years. It will grow to $3.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to expansion of industrial applications, growing awareness and adoption, rising prevalence of chronic diseases, increasing demand in biotechnology and pharmaceuticals, and increasing incidence of digestive disorders. Major trends in the forecast period include technological advancements, development of inhibitors for treating diseases, customized therapeutic approaches, adoption of CRISPR technology, and advancements in omics technologies.

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Market Drivers and Trends:

The expansion of the food and beverage industry is expected to propel the growth of the serine proteases market going forward. The food and beverage industry encompasses all businesses involved in producing, processing, packaging, distributing, and selling food and drink products. The expansion of the food and beverage industry is due to the increasing global population, migration of people to urban areas, and innovations in production, processing, and distribution to improve efficiency. The application of serine proteases enhances the quality, flavor, and functionality of food and beverage products, contributing to innovation and efficiency in the industry. For instance, in April 2024, according to the Australian Bureau of Statistics, an Australian government statistical agency, sales of food and non-alcoholic beverages in Australia's supermarkets, grocery stores, convenience, and specialty food stores amounted to 15.1 million tonnes in the fiscal year 2021-22, compared to the 14.8 million tonnes sold in the fiscal year of 2020-21. Therefore, the expansion of the food and beverage industry is driving the growth of the serine proteases market.

Major companies operating in the serine protease market focus on developing innovative solutions, such as high-performance protease enzymes, to address the growing demand in various applications, including pharmaceuticals, biotechnology, and industrial processes. High-performance protease enzymes are advanced proteolytic enzymes engineered for superior catalytic efficiency, stability, and selectivity, exhibiting increased turnover rates and greater resistance to extreme conditions. For instance, in November 2021, Biocatalysts Ltd, a UK-based biotechnology company, launched Promod 324L, a novel protease enzyme tailored for the pet food sector. It brings forth numerous advantages, such as enhancing the processability of animal protein by elevating solubility and decreasing viscosity, efficiently breaking down tough animal tissue to yield a protein hydrolysate with augmented accessible protein content, and improving the digestibility of animal protein, enhancing nutritional absorption and maximizing the value of formerly discarded by-products.

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Major Key Players of the Market:

BASF SE, Thermo Fisher Scientific Inc., Roche Holdings Inc., Merck KGaA, Lonza Group, Novozymes A/S, QIAGEN N.V., GenScript Biotech Corporation, Promega Corporation, BioLegend Inc., R&D Systems Inc., Sino Biological Inc., Codexis Inc., New England Biolabs Inc., BBI Solutions Ltd., BRAIN Biotech AG, Cayman Chemical Company, RayBiotech Inc., BioCat GmbH, Enzo Life Sciences Inc., ProSpec-Tany TechnoGene Ltd.

Serine Proteases Market 2024 Key Insights:

• The serine proteases market size is expected to see rapid growth in the next few years. It will grow to $3.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Rising Food And Beverage Industry Fuels Serine Proteases Market
• Innovative High-Performance Protease Enzymes Drive Advancements In Serine Protease Market
• Asia-Pacific was the largest region in the serine proteases market in 2023

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This release was published on openPR.