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Specialty Enzymes Market Share, Trends, Key Insights And Outlook 2033
Specialty Enzymes Market Share
According to The Business Research Company's, 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 growth in the historic period can be attributed to prevalence of chronic diseases, growing demand for biofuels and bio-based products, expanding food and beverage industry, rising demand for sustainable and environmentally friendly products.
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%. The growth in the forecast period can be attributed to biopharmaceuticals growth, renewable energy focus, agricultural and crop sciences, research and development on specialty enzymes, increasing consumer focus on health and wellness, pharmaceutical and healthcare expansion. Major trends in the forecast period include customized enzymes, microbial sourcing, enzyme engineering, digitalization and automation, green chemistry, microbial sourcing.
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Market Drivers and Trends:
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 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.
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Major Key Players of the Market:
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.
Specialty Enzymes Market 2024 Key Insights:
• The specialty enzymes market size will grow to $8.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Biotechnology Research Investment Driving Specialty Enzymes Market Growth
• Technological Advances In Enzyme Products
• North America was the largest region in the viral specialty enzymes market in 2023
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