The most recent study conducted by Report Ocean, titled “Global Hydrolase Enzymes Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Hydrolase Enzymes. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Hydrolase Enzymes Market is valued at approximately USD 5.53 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.6% over the forecast period 2022-2029. Hydrolase enzymes are used to catalyze the breakdown of chemical bonds in the presence of water gaining. These enzymes are gaining high traction in the diagnosis of various diseases such as liver diseases, autoimmune & inflammatory diseases, skin disorders, myocardial infarction, cancer, kidney disorder, bone diseases, and many others. The market growth is majorly driven by the increasing incidences of chronic diseases, coupled with the rising application of hydrolase enzymes across various end-use industries.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The growing usage of hydrolase enzymes for pharmaceuticals and diagnostic purposes is fueling the market growth owing to these enzymes owing to their catalytic efficiency, high stability, and commercial availability. According to the European Federation of Pharmaceutical Industries and Association (EFPIA), in 2020 the pharmaceutical R&D expenditure in Europe accounted for nearly USD 36173 million an increase from around USD 26751 million in the year 2010.
Therefore, the increased spending in the pharmaceutical sector is fueling the demand for hydrolase enzymes, which, in turn, accelerates market growth across the globe. In addition, the growing investment in R&D activities, as well as the rising number of strategic initiatives by leading market players are augmenting the market growth in the foreseen period. However, volatility in the prices of raw materials is hindering market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Hydrolase Enzymes Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the high adoption in diagnostic purposes and pharmaceuticals, along with the rising application in the food & beverage sector. Whereas, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as rapid growth of the textiles industry, as well as high production of pharmaceuticals, are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
Creative Enzymes
Advanced Enzyme Technologies
Infinita Biotech Private Limited
Antozyme Biotech Pvt. Ltd.
Novozymes
Specialty Enzymes & Probiotics
Aumgene Biosciences
Merck KGaA
Sisco Research Laboratories Pvt. Ltd.
Codexis Inc.
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Recent Developments in the Market:
In August 2021, Kiwi Biosciences announced the introduction of its next-generation FODZYME- a new patent-pending enzyme supplement that supports consumer to enjoy their favorite foods at any location. The FODZYME includes a formula of lactase, alpha-galactosidase, and fructan hydrolase and contains 33% more enzymatic activity that is available in portable single-dose stick packs with moisture-resistant sealing technology to maximize enzyme stability in all environments.
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.
The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Esterase
Glycosylases
Peptidases
Others
By Application:
Pharmaceutical
Food & Beverages
Laundry Detergents
Cosmetics
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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