New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- Specialty Enzymes Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Specialty Enzymes Market Information by Source, Application, and Region - Forecast till 2032", the market is projected to grow from USD 1.80 billion in 2023 to USD 3.27 billion by 2032 at 6.82% CAGR by 2032.
Market Scope
Protein macromolecules known as enzymes serve as biocatalysts and increase reaction rates without changing the underlying chemical process. In all living things, a large number of chemical reactions occur, the majority of which are controlled by enzymes. Pain, indigestion, inflammation, immunological deficiencies, and many other conditions can result from the body's enzyme capacity being depleted. Traditional medical treatments only provide short-term relief, while enzymes address the root causes of health issues by binding to the target site and transforming numerous target molecules into the desired products. Specialty enzymes are useful for both medical and industrial purposes.
Specialty enzymes are used in a wide range of industries, including medicines, biotechnology, food supplements, and many more. The frequency of chronic digestive problems is expected to rise throughout the projected period, along with investments in research & development activities for the creation of innovative digestive aids and an increase in player acquisitions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 3.27 Billion |
| CAGR | 6.82% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Source And Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Specialty Enzymes Market Competitive Landscape:
The important companies active in the specialty enzyme market include
- Novozymes
- Amano Enzymes Inc.
- Ajinomoto Co Inc.
- Royal DSM N.V.
- Biocatalysts Ltd.
- Advance Enzymes Technologies
- Chromocell Corporation
- Creative Enzymes
- Codon
In order to grow their business internationally, these organizations lay a lot of emphasis on collaborations and partnerships with other suppliers. Additionally, by focusing on introducing new products and product lines with cutting-edge features, these businesses typically succeed in growing their customer bases and gaining a larger market share. Leading companies are concentrating on mergers and acquisitions to increase their product lines and competitiveness.
Specialty Enzymes Market Trends:
Market Drivers:
Enzymes with medicinal applications play a significant role in the pharmaceutical industry. They are generally referred to as prodrugs that, in order to cure a particular disease, specifically target a biologically reversible or irreversible event. Cysteine proteinases, asparaginase, streptokinase, urokinase, deoxyribonuclease I, hyaluronidase, and glucocerebrosidase are among the enzymes utilized in pharmaceutical products. Pharmaceutical companies also use immobilized enzymes.
Due to the rise in chronic diseases including cancer and rheumatoid arthritis, the specialized enzymes market size is anticipated to expand moderately over the course of the projected year. The demand for specific enzymes is also driven by the rise of the food sectors. In the food processing business, enzymes such lipases, amylases, proteases, rennet, pectinases, invertases, cellulases, and glucose oxidase play a crucial role.
Opportunities
Due to reasons including rapid urbanization, an expansion in the middle class, an increase in the number of working women, and an increase in disposable money, the demand for processed and packaged foods is surging in both developed as well as developing countries around the world. Food packaging and processing solutions are therefore more necessary than ever. The freshness, safety, flavor, appearance, and texture of processed foods are consequently frequently maintained by the use of food additives in convenience and processed food products. For the top manufacturers in the upcoming years, this factor could present a huge opportunity.
Market Restraints:
During the conjectured period, the market for specialty enzymes is likely to see restraints in the form of substantial maintenance costs for these products and growing safety concerns caused by the potential for contamination.
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COVID 19 Analysis
In the food supply chain, one of the most significant economic sectors, it has been observed that COVID-19 affects the entire process from the farm to the consumer. Concern over food production, processing, distribution, and demand has increased in light of recent issues in the food supply chain. Due to COVID-19, workers were unable to move around freely, consumer demand changed, food production facilities closed, food trade policies were restricted, and the food supply chain was put under financial strain. Governments are thereby enabling the transportation of labor and agri-food items.
In the midst of the global epidemic, worries about food safety have brought to light the massive infrastructure and staff in charge of ensuring a safe and reliable food supply globally. Particularly during the start of this worldwide crisis, consumer demand for food soared, some store shelves were momentarily depleted, and this led to excess purchases of necessities. Nevertheless, in spite of this unprecedented demand, the food supply chain remained robust because many actors in the chain, such as farmers, producers, distributors, and retailers, worked hard to replenish shelves. This has been a huge respite for the specialty enzyme market, with experts anticipating the production rate to surge in the years to come without any major challenge.
Specialty Enzymes Market Segmentation
By Source
The market is split into microbial and non-microbial segments, according to the source. Due to its high specificity and purity, the microbial market segment holds the largest market share in 2019.
By Application
The market is divided into food and drink, detergents, animal feed, paper and pulp, biofuel, and others, with respect to the application. Due to its use in the creation of food additives, flavors, etc., the food and beverage industry holds the greatest market share in 2019.
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Specialty Enzymes Market Regional Insights
Specialty enzymes have the most widespread use in the food and feed sectors in North America. It has a significant portion of the market for specialty enzymes worldwide. The market is driven by the increased consumption of processed food products, increased expenditure on premium quality products, and consumer preference for the natural ingredients used in the products. It is anticipated that new food enzyme applications in industries like protein fortification would spur market expansion for these products and open up attractive business prospects for industry players.
The market's explosive growth in North America is also related to the surging customer preference for meals with naturally sourced ingredients. Due to the growing belief among consumers that organic additives are safe and wholesome, there is an increase in the demand for food enzymes in the area. The Organic Trade Association estimates that in 2021, the United States sold roughly 57.5 billion USD worth of organic food. The rising demand for premium processed meals free of chemical additives has led to an increase in the usage of enzymes in various food systems. The region's market is expanding as a result of leading firms' increasing investments in cutting-edge products including more precise enzymes.
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