Specialty enzymes, distinct from regular enzymes, are protein-based biocatalysts derived from various sources such as plants, microorganisms, and animals. Their unique properties have emerged as a novel approach to creating innovative food products. Industries including food, tanning, textiles, feed, detergent, laundry, pharmaceuticals, cosmetics, and fine chemicals extensively utilize specialty enzymes. These enzymes are crucial in enhancing processes and product quality within these sectors, reflecting their wide-ranging applications and significance across diverse industries.
According to Data Bridge Market Research, the Specialty Enzymes Market is expected to reach USD 139.93 million by 2029. The market is expected to grow with a CAGR of 9.36% in the forecast period of 2022 to 2029.
“High usage in drugs manufacturing boosts the market’s growth”
The demand for specialty enzymes in the pharmaceutical sector is experiencing substantial growth, primarily driven by their crucial role in drug manufacturing for treating life-threatening diseases like cardiovascular disorders, cancer, age-related pain, asthma, hay fever, and lysosomal storage disorders. The rising incidence of these diseases, coupled with the global increase in the elderly population, further fuels the market's expansion. As a result, the pharmaceutical industry is witnessing an accelerated growth trajectory due to the essential nature of specialty enzymes in developing effective treatments for these severe and prevalent medical conditions. Therefore, the high usage of drug manufacturing is boosting the market’s growth.
What restraints the growth of the specialty enzymes market?
“High cost of specialty enzymes challenges the market’s growth”
The high cost of specialty enzymes represents a significant restraint to the growth of the specialty enzymes market. These enzymes are often produced through complex manufacturing processes, requiring advanced technology and specialized expertise, which contribute to their elevated production costs. Consequently, the pricing of specialty enzymes becomes relatively high, limiting their access to specific market segments and hindering market growth. Manufacturers and industry stakeholders must address cost-related challenges and explore avenues for cost optimization to make specialty enzymes more affordable and attainable for a broader range of applications and consumers. Therefore, the high cost of specialty enzymes is restraining the market’s growth.
Segmentation: Specialty Enzymes Market
The specialty enzymes market is segmented on the basis of type, form, source and application.
- On the basis of type, the specialty enzymes market has been segmented into acylases, hydratases, humulin, oxidase, lyases, restriction enzymes, ligases, polymerases, lipases, amylases, proteases, dehydrogenases, glucouronidse, others.
- On the basis of form, the specialty enzymes market has been segmented into dry, liquid.
- On the basis of source, the specialty enzymes market has been segmented into microorganisms, plants, and animals.
- On the basis of application, the specialty enzymes market has been segmented into pharmaceutical, biotechnology research, and development, diagnostic, and bio-catalyst..
Regional Insights: North America dominates the specialty enzymes market
North America dominates the specialty enzymes market due to its niche consumer markets, catering to specific and specialized needs, and advanced technologies that drive innovation and create unique opportunities for businesses to thrive and meet the demands of these discerning markets.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 as the region experiences growth in population and rising disposable incomes among consumers in emerging markets like China and India, contributing to its expansion and development.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-specialty-enzymes-market
Recent Developments
- In January 2021, Advanced Enzyme Technologies Limited has purchased a 51 percent controlling stake in SciTech Specialties Private Limited. SSPL is a company that focuses on animal health, pharmaceuticals, and nutraceuticals. SSPL creates effervescent goods using effervescent products technology.
- On March 2021, Univar Solutions Inc., a global chemical and ingredient distributor and value-added services provider, and Novozymes, the world leader in biological solutions, have announced plans to expand their existing partnership into the homecare, industrial cleaning, and beverages markets in the United States and Canada.
- Recently, industry-leading OPTIMASE portfolio was launched by DuPont Nutrition & Biosciences. Bio-based enzymes are included in this portfolio and will be used to clean medical instruments. The product line is designed to provide high performance while reducing enzyme stabilising ingredients and saving space and money.
The Prominent Key Players Operating in the Specialty Enzymes Market Include:
- Thermo Fisher Scientific (U.S.)
- BBI Solutions (U.K.)
- NAGASE & CO., LTD. (Japan)
- Advanced Enzyme Technologies (India)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Sanofi (France) Codexis (U.S.)
- Amano Enzyme Inc. (Japan)
- BASF SE (Germany)
- DSM (Netherlands)
- DuPont (U.S.)
- AB Enzymes (Germany)
- Novozymes (Denmark)
- Chr. Hansen Holding A/S (Denmark)
- Soufflet (France)
- Shandong Longda Bio-Products Co., Ltd. (China)
- Specialty Enzymes & Probiotics (U.S.)
- Biovet Private Limited (India)
- Aum Enzymes (India)
- Ultra Bio-Logics Inc. (Canada)
- Advanced Enzyme Technologies (India)
Above are the key players covered in the report, to know about more and exhaustive list of specialty enzymes market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Specialty Enzymes Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
