The impact of COVID-19 on the Speciality Enzyme Market is created significant challenges for the specialty enzyme market. The impact of COVID-19 on the specialty enzymes market is anticipated to be vital, as the current pandemic has highlighted the consequence of safe, healthy, and notorious eating. The many key player companies in the specialty enzyme market have begun regional production. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. There were disruptions to the availability of goods supplied from leading countries. Disturbance in the supply chain during the pandemic lockdown across the countries was challenging for the market. Also, due to transportation barriers, specialty enzyme market demand is reduced. The product rate is increased due to shortage and higher production costs. The global industry experienced sluggish growth due to the pandemic. Producers facing problems with a labor shortage and logistical restrictions particularly.
Increasing application of enzymes in various industries such as food & beverage, pharmaceuticals, animal nutrition & other applications rising demand specialty enzyme market. Rising demand for effective therapeutics and the growing incidence of digestive enzyme disorders are key factors fuelling the global specialty enzyme market growth. The increased prevalence of chronic digestive disease and growing investment into research and development activities to develop new digestive aids are likely to boost the specialty enzyme market. The increased in demand for enzymes in pharmaceutical ingredient production for effective medication is fuelling the market growth. Likewise, the enzyme has an ability to simpler starch to glucose in foods and beverages also help to simple bioethanol for biofuel production and help to enhance bleaching properties in paper &pulp industries. Moreover, Pharmaceutical companies started utilizing biocatalysts to minimize the cost of pharmaceutical manufacturing and produce more cost-effective, non-generic drugs.
Specialty enzymes are widely used to manufacture drugs to treat soma chronic diseases such as cardiovascular diseases, pain caused by age, asthma, cancer, and lysosomal disease in the pharmaceutical industry. The key player by investing more in research and development can develop more effective products as in courtiers like the U.S, Europe, and Japan geriatric population is growing. Waste reduction and energy saving is the key factor fuelling the market demand in the food and feed industry. Moreover, rising advanced technologies adopted in the pharmaceutical industry in market will help to expand the specialty enzyme market’s growth rate in upcoming days.
The major restraint of the specialty enzyme market is lack of customer education and adoption and niche nature are the major factors restraint the market growth. Moreover, the cost is huge of maintaining specialty enzyme products and growing safety concerns due to the risk of contamination of specialty enzymes is a major factors inhibiting the market growth. Factors, like Risk of contamination and enzymes are higher sensitive to temperature and pH are major factor hamper the market growth.
The report provides an in-depth analysis of the global specialty enzyme market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing application of enzymes in various industries such as food & beverage, pharmaceuticals, animal nutrition & other applications rising demand for specialty enzyme market and is expected to witness growth at a specific CAGR from 2022-to 2028.
Increasing investment in research and development and an increasing number of biotechnology and rising advancements in enzyme engineering are major challenges in this industry. Another challenge in front of the manufacturer is difficulty in maintaining pH and operational temperature specialty enzymes. Also, In developing countries due to a lack of benefit awareness among consumer’s a threat to the specialty enzyme market growth.
The Global specialty enzyme Market is segmented into, source, type, application, and geography.
Based on the source specialty enzyme market is segmented into the plant, animal, and microbial. The microbial sourced specialty segment accounted for the largest share in the market. Microbial enzymes are the primary source of industrial enzymes due to their special characteristics and other biochemical properties. The cost-effectiveness of microbial enzyme has driving their usages for large production of specialty enzymes. The use of microbial enzyme in food preparation is a traditional process and now advancement of technology and wide range of application of microbial enzymes have developed. Further, due to the microbial enzymes diversity, it is an important source of raw material for specialty applications. Microbial enzymes are mostly preferred from sources like animal or plants owing to its several advantages such as it is easy, cost-effective and consistent availability.
Based on type specialty enzyme market is segmented into, carbohydrates, proteases, Polymerase & nucleases, lipases & others. The polymerase & nucleases segment commanded the largest share in the specialty enzyme market. Polymerases & nucleases are used in specialty applications, such as pharmaceuticals, research & biotechnology, biocatalysts, and diagnostics. Nucleases enzymes play a crucial role in various DNA repair processes which involve DNA replication. Polymerases and nucleases are grouped as they work on nucleic acid polymers such as ribonucleic acid (RNA) and deoxyribonucleic acid (DNA). Growing trend in pharmaceutical industries towards production of pharmaceutical drug formulation based on enzymes increasing enzyme demand in pharmaceutical industry,
The specialty enzyme market is based on applications segmented into, food & beverage, pharmaceuticals, animal nutrition & other applications. The pharmaceuticals industry commanded the largest share in the specialty enzyme market. The increased application of enzymes in therapies for chronic diseases and a growing number of digestive enzyme disorders are the factors driving the growth of the global specialty enzyme market. Specialty enzymes in the pharmaceutical industry are mainly used for drug manufacture, disease diagnostics, or therapy. The increasing prevalence of digestive disorders and other disorders such as immunodeficiency and pain specialty enzyme provide relief this factor increased the demand for specialty enzymes market in the pharmaceutical industry.
Based on geography specialty enzyme markets include North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share in the specialty enzyme market and the U.S is a dominant country if this region. In addition, the presence of biopharmaceutical companies in the region and growing investments by the key player also rising number of acquisitions are some major factor boosting speciality enzyme market growth in North America region. The increased rate of digestive disorders is another region fuelling the demand for digestive aids in the North American specialty enzyme market. The development of novel and superior-performing products is a key factor driving specialty enzyme market growth in the North American region.
The competitive landscape analysis of the specialty enzyme market is certainly based range of market players operating in the market. The specialty enzyme market is highly competitive due to the presence of a large number of players in the market. The demand for the specialty enzyme Market has increased so the key players are working hard to increase their market value to raise their company presence globally.
Key players in this market include - BASF, DuPont, Roche Holding, Novozymes, DSM, Sanofi, Codexis, among others.
March 2019: DuPont Nutrition & Biosciences launched its industry-leading OPTIMASE portfolio. This portfolio contains bio-based enzymes, which will be used for the cleaning of medical instruments. The product range is aimed at high performance and reduction in enzyme stabilizing ingredients, while also saving space and cost.
December 2019: Roche Holding (Switzerland) entered into an agreement with Codexis (US) for providing enzymes. Codexis will supply EvoT4 DNA ligase to Roche. EvoT4 DNA ligase is a high-performance molecular diagnostic enzyme.
September 2019: BASF (Germany) entered into a cooperation agreement with Conagen (US), a leader in biotechnology research. Conagen has strong R&D capabilities for fermented ingredients. This decision will enable BASF to serve the market with one of the aroma ingredients with the highest demand—natural vanillin.
Specialty enzyme demand is increased due to their potential application in various industries such as pharmaceutical, biotechnology research, and diagnostics. In the pharmaceutical industry, specialty enzyme plays a vital role in drug formulation and drug delivery. The increasing prevalence of digestive disorders and other disorders such as immunodeficiency and pain specialty enzyme provide relief this factor increased the demand for specialty enzymes market in the pharmaceutical industry. Based on type specialty enzyme market is segmented into, carbohydrates, proteases, Polymerase & nucleases, lipases & others. The polymerase & nucleases segment commanded the largest share in the specialty enzyme market. Polymerases & nucleases are used in specialty applications, such as pharmaceuticals, research & biotechnology, biocatalysts, and diagnostics. North America accounted for the largest share in the specialty enzyme market and the U.S is a dominant country if this region.
Which region is accounted for the largest share in the Specialty enzyme market?
Ans: - North America accounted for the largest share in the specialty enzyme market due to the adoption of new technologies and owing to the presence of biopharmaceutical companies in this region.
Who are the key players in the specialty enzyme market?
Ans: - Key players in this market are BASF (Germany), DuPont (US), Roche Holding (Switzerland), Novozymes (Denmark), DSM (Netherlands), Sanofi (France), and Codexis (US).
How would COVID-19 impact the specialty enzyme market?
Ans: - The speciality enzyme market also declined during the COVID-19 situation due to economic depreciation and breakdown of supply chain and low availability of raw material. The impact of COVID-19 created demand for the safe, healthy, and notorious eating to meet the consumer demand the many key player companies in the specialty enzyme market have begun regional production.