New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Specialty Enzymes Global Market Report 2023" - https://www.reportlinker.com/p06241862/?utm_source=GNW
The global specialty enzymes market is expected to grow from $5.21 billion in 2021 to $5.57 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The specialty enzymes market is expected to reach $7.35 billion in 2026 at a CAGR of 7.1%.
The specialty enzymes market consists of sales of acylases, hydratases, humulin oxidase, and lyases.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Specialty Enzymes refer to proteins that have the ability to operate as very selective biocatalysts to speed up reactions and create the required target molecule in medicines. Specialty enzymes are important in a wide range of treatment modalities and applications, most frequently for modification but also to lower viscosity and hence enhance processability and to connect and detach cells which increases productivity.
North America is the largest region in the viral specialty enzymes market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the viral specialty enzymes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of specialty enzymes are carbohydrases, proteases, lipases, polymerases & nucleases, oxidases and hydratases, and others.Any of a class of enzymes (such as amylase) that promotes carbohydrate breakdown or synthesis is referred to as a carbohydrase (such as a disaccharide).
The different sources include microorganisms, animals, and plants and are used in pharmaceutical, diagnostics, research and biotechnology, food and beverage, animal nutrition, and others.
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.
According to the Assobiotec publication BioInItaly 2020, healthcare is involved in 49% of the over 700 biotech firms headquartered in Italy. Thus, the growing number of biotech research companies following increasing investments in biotech R&D is expected to boost the specialty enzymes market.
Ethical and societal issues are factors that will slow down the market growth during the forecast period.The clashing public opinions on these issues will determine the acceptability of new industrial biotechnology products.
In 2019, a published article stated that there are five societal and ethical themes concerning industrial biotechnology namely sustainability, naturalness, risk management, innovation trajectories, and economic justice.Many critics state the factor affecting economic justice is that the applications of industrial biotechnology lead to the concentration of knowledge and power in the hands of a few companies.
Thus, societal and ethical issues are expected to impact market growth.
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 February 2020, DuPont Nutrition Biosciences ApS, a Denmark based company specializing in the development, manufacturing, and sale of ingredients for food and beverages, enzymes, and bio-based products, launched the POWERBake enzyme based on its emulsification technology. The enzymes give bakeries and improvement centers a special emulsification solution that satisfies consumer expectations for cleaner labeling while maintaining the flavor and quality of white breads and buns.
In May 2021, BRAIN AG, a Germany-based industrial biotechnology company that identifies and develops innovative solutions and products for use in chemistry, cosmetics and food industries, acquired additional shares in Biocatalysts Ltd for $ 5.51 million (GBP 3.9 million). The acquisition further strengthens BRAIN’s BioIndustrial segment and widens commercial opportunities with Biocatalyst’s portfolio and technology including access to BRAIN’s unique BioArchive and Biocatalyst’s MetXtra metagenomic library. Biocatalysts Ltd. is a UK-based manufacturer of specialty enzymes that focuses on the use of technology to develop novel specialty enzymes cost-effectively.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The countries covered in the specialty enzymes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The specialty enzymes market research report is one of a series of new reports that provides specialty enzymes market statistics, including specialty enzymes industry global market size, regional shares, competitors with a specialty enzymes market share, detailed specialty enzymes market segments, market trends and opportunities, and any further data you may need to thrive in the specialty enzymes industry. This specialty enzymes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241862/?utm_source=GNW
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