Global Specialty Enzymes Market Outlook Report 2023-2027 Featuring Key Vendors - BASF, DSM, DuPont, F. Hoffmann-La Roche, & Novozymes
Specialty Enzymes Market
Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The "Specialty Enzymes Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global specialty enzymes market is expected to reach a value of $4,568.73 million by 2027 from $2,966.26 million in 2021, growing at a CAGR of 7.46% during 2022-2027.
Factors such as the rapidly increasing global population, increasing research & development, spreading new infectious diseases, increasing biofuel usage, and growing agriculture industry led to increased demand for specialty enzymes in the global market. The major drivers of the specialty enzymes market include the increasing health consciousness and intense penetration of the pharmaceutical, diagnostics, and biotechnology industries.
The specialty enzymes market has helped to reduce the by-products in the production process. Companies are getting good financial returns by using specialty enzymes in the production processes. Thus, the global demand for specialty enzymes is increasing.
The US contributed more than half of the overall demand in North America. Globally, the demand for specialty enzymes is very high in the US, and North America dominates the global specialty enzymes market. The US has the world's top 10 pharmaceutical companies' head offices. Thus, the demand for specialty enzymes in North America's pharmaceutical industry is increasing with the growing pharmaceutical industry.
MARKET TRENDS & DRIVERS
Increased Use in Diagnostics Sector
The diagnostics industry includes two categories such as pathology and radiology. Pathology is used for testing all types of illness, whereas radiology is used for testing images related to diagnoses such as x-rays, CT scans, and others.
The diagnostics segment plays a crucial role in the healthcare sector. After the Covid-19 pandemic, the demand for proper diagnostic equipment and processes in the diagnostics sector is growing rapidly. In the testing of coronaviruses and other infectious diseases, enzymes are used. For immediate recovery from coronavirus diseases, antibiotics are used, which are produced from enzymes. Thus, the specialty enzymes market in the diagnostic sector is increasing globally.
Increasing Demand from Pharmaceutical Industry
The global revenue of the pharmaceutical industry is increasing due to the global demand for pharmaceutical products. The factors driving the demand for pharmaceutical products include changing clinical practices, aging-related issues, and rising chronic diseases. After the Covid-19 pandemic, the demand for pharmaceutical products used to improve quality of life and preventive approach. The global market of pharmaceutical drugs is increasing due to the lowering the regulatory barrier for new drugs in the US.
Technical Barriers Affecting Specialty Enzymes Market
For the manufacturing process of these enzymes, specific conditions such as new concentration, new substrate, and other conditions are required which are not found readily in nature. These unresolved challenges make specialty enzymes unpredictive. Thus, more research & development is necessary for making enzymes in bulk amounts, creating a barrier to the specialty enzymes market growth.
INSIGHTS BY END-USE
The specialty enzymes are primarily used in the pharmaceutical and biotechnology industry for research & development and diagnostics. The global specialty enzymes market in the pharmaceutical industry was valued at USD 976.56 million in 2021. The demand for specialty enzymes in North America and APAC is very high due to the increasing pharmaceutical and biotechnology industry.
In the biotechnology industry, specialty enzymes are used to increase biochemical reaction rates. Lipases are used in dietary drugs and it is used to increase the metabolism rate. Polymerases & nucleases are used in DNA amplification. In DNA amplification, the increase in the number of the gene causes an increase in proteins and RNA. Thus, it may increase the cancer cells or lower the anticancer cells. Hence, the polymerases & nucleases-based enzymes demand is growing in the global specialty enzymes market.
INSIGHTS BY TYPE
Carbohydrases have dominated the global specialty enzymes market and is expected to reach USD 1.9 billion by 2027. Carbohydrases are mainly used in the pharmaceutical industry as specialty enzymes. Most of these enzymes used in the pharmaceutical industry are produced from microorganisms, animals, and plants. Carbohydrases are further classified into glucosidase, pectinases, alpha, beta amylases, cellulases, mannanases, galacto, and pullulanase. These are the cost-effective processes in industrial applications; thus, a cheap technique is required to obstruct.
The global proteases-based specialty enzymes market surpassed USD813 million in 2021. The proteases are used in the biotechnology, pharmaceutical, and diagnostics industries - the high use of proteases in the pharmaceutical industry for prognostic and diagnostic biomarkers. Based on the catalysis mechanism, the proteases are classified into additional classes, such as glutamic, aspartic, metalloproteases, threonine, cysteine, and serine proteases which activate the water molecule and attack the proteins.
INSIGHTS BY SOURCE
Globally, microorganisms-based enzymes contributed 77.47%, followed by animal and plant-based enzymes in 2021 in the global specialty enzymes market. The demand for specialty enzymes is very high in North America, followed by Europe and APAC. Microorganisms and plant-based enzymes are easily found in the environment. Animal-based enzymes have fewer resources, and it isn't easy to produce in bulk quantities. Thus, companies are focusing on producing enzymes from microorganisms and plants.
The global plants-based specialty enzymes market was valued at USD 297.07 million in 2021. These are used in the agriculture industry to reduce insects from crops. The few plant-based enzymes are phosphatase, esterase, glucanase, chitinase, and others. These enzymes play a crucial role in the production of nutrition. Further, plant-based enzymes are being used to manufacture drugs in the pharmaceutical industry to improve the digestive system.
The global specialty enzymes market is diverse, with many established and potential growth markets. North America is the leading market because of rapidly developing infrastructure and readily increasing population, increasing demand for various pharmaceutical, biotechnology, and diagnostics industries. The specialty enzymes market in North America was valued at USD 1.2 billion in 2021.
Europe is the second-largest market for specialty enzymes. The growth is supported by the increasing demand for healthy pharmaceutical products, which is attributed to the rising health consciousness. Germany, France, Italy, Spain, the UK, Russia, and others led the region. In European countries, various companies are producing specialty enzymes that contribute to the global specialty enzymes market, such as BASF SE (Germany), Johnson Matthey (UK), Biocatalysts (UK), BBI Solutions (UK), and others.
Furthermore, the demand is expected to grow significantly as the APAC region population has grown tremendously in recent years. China, Japan, India, and South Korea led the region. The population of APAC countries is increasing rapidly; thus, demand for pharmaceutical and diagnostics specialty enzymes is increasing. China, India, and Japan are the major pharmaceutical industry players in the APAC region.
The major companies in the specialty enzymes market are following the merger and acquisition strategy. This gives companies a competitive advantage that boosts their market share of the company. The key companies have undertaken various strategies to grow in the market. The growth in sustainable processes and initiatives has challenged all companies globally. Investments in R&D, technological advancement, and environmental and economic challenges drive the demand for innovative and sustainable specialty enzyme products.
Some major players in the global specialty enzymes market include Roche (Switzerland), BASF SE (Germany), DuPont (US), Novozymes (Denmark), and DSM (Netherlands). These players have adopted strategies like acquisitions, expansion, joint ventures, new product development, and others to increase their revenues in the industry.
Other prominent companies such as Chr. Hansen Holding A/S (Denmark), Codexis (US), BBI Solutions (UK), and others have invested significant capital in R&D to develop specialty enzymes-based products that will appeal to customers. Therefore, these other prominent companies are giving tough competition to major companies.
No. of Pages
2021 - 2027
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Market Opportunities & Trends
Demand from Pharmaceutical Industry
Adoption of Sustainability Standards to Improve Profitability & Productivity
Demand from Emerging Economies
Market Growth Enablers
Demand for Bio-Sourced Products
Increased Use in Diagnostics Sector
Increased R&D & Product Innovation in Developed Countries
Lack of Awareness of Bio-Based Products
Existence of Various Technical Barriers
High Manufacturing Cost
F. Hoffmann-La Roche Ltd
Other Prominent Vendors
Amano Enzyme Inc.
Amayra Biotech AG
Antozyme Biotech Pvt Ltd
Hansen Holding A/S
Dyadic International Inc.
Nature Bioscience Pvt. Ltd.
Specialty Enzymes & Probiotics
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