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3. Market Leaders: Major Players are Focusing on Investment and New Product Development to Strengthen their Market Position in Industrial Enzymes Market

The industrial enzymes market is projected to grow from USD 7.4 billion in 2023 to USD 10.2 billion by 2028 growing at a CAGR of 6.6% during the forecast period. The increasing demand for renewable energy sources has spurred the growth of the biofuel market, particularly biodiesel, and bioethanol. Industrial enzymes play a pivotal role in biofuel production by breaking down complex plant materials into fermentable sugars, facilitating the conversion process. As the biofuel industry expands, there is a corresponding rise in the demand for industrial enzymes to support this growth. Additionally, the food and beverage industry presents a substantial growth avenue for industrial enzymes, as they are widely utilized for food processing, flavor enhancement, clarification, and extending the shelf-life of products. With evolving consumer preferences and rising demand for processed foods, the food and beverage sector holds significant potential for the industrial enzymes market.

The key players in the industrial enzymes market include BASF (Germany), Novozymes (Denmark), DuPont (US), DSM (Netherlands), Associated British Foods plc (UK), Kerry Group plc. (Ireland), Advanced Enzyme Technologies. (India), and Chr. Hansen Holding A/S (Denmark). The key strategies the leading market players adopted include new product launches, mergers, partnerships, and expansions. For instance, In January 2023, to develop and sell feed enzymes in the US, BASF, and Cargill expanded their current collaboration. Together, the two companies are committed to bringing innovative enzyme-based solutions to the market and developing special value for animal feed consumers. By combining BASF's strengths in enzyme research and development with Cargill's skills in application and broad market reach, the partners will construct a common innovation pipeline for manufacturers of animal protein.

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BASF

In April 2021, in order to invest at the Kundl/Schaftenau Campus in Austria, BASF made an agreement with Sandoz GmbH, a division of Novartis. Through this arrangement, BASF is able to expand the scope of its enzyme and biotechnology product production. Both sides agreed that the financial terms of the deal should remain confidential. The arrangement enables BASF to increase the size of its detergent enzyme production facility, extend the range of its products, and maintain its market-leading position in the home care and I&I sector. One of the world's top producers of generic drugs and biosimilars, Sandoz is a branch of the Novartis Group. The division was created in 2003 when Novartis combined all of its generics businesses under the umbrella of Sandoz, a single well-established global brand. Since then, Sandoz has expanded into a market leader in generics, with annual sales of about USD 10 billion.

Novozymes

A significant player in the biotechnology industry, Novozymes offers biological solutions that use a variety of enzymes and microbial applications. The business serves sectors like household care, food and beverage, bioenergy, agricultural and feed, and technical and pharmaceutical. The company's primary business divisions include household care, food, beverage, and human health. North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa are among the regions that Novozymes has catered to. In North America and Latin America, the bioenergy market is largely dominating. The company's technical & pharma division sells enzymes for the textile, pharmaceutical, and other industries. In December 2022, Chr. Hansen and Novozymes, two biotechnology firms, will join to form a new, enormous global ingredients company. Chr. Hansen will be purchased by Novozymes for around USD 12.3 billion. The deal is anticipated to be finalized no later than the fourth quarter of 2023.

DuPont

DuPont is a premier provider of multi-industry specialty solutions with significant operations across the globe and appealing end markets. Following the dissolution of DowDuPont, it was founded in 2010. It now concentrates on important market categories such as electronics and imaging, nutrition and biosciences, transportation and industry, safety and construction, and non-core operations. Under its nutrition and biosciences branch, it provides an extensive range of food enzyme products. Under the "Danisco" brand, which is the company's leading brand, DuPont provides a wide range of high-quality food enzyme solutions. In the end-use sectors, such as dairy confectionery, bakery, meat, and beverages, their solutions improve food freshness, optimize production, add texture, guarantee quality, and lower prices of the entire food goods. In February 2021, the previously mentioned combination of IFF and DuPont's Nutrition & Biosciences ("N&B") business will be completed by IFF. The United business will keep using the name IFF. The common stock of the merged business will trade on the New York Stock Exchange under the ticker code "IFF."A global leader in high-value ingredients and solutions for the food and beverage, home and personal care, and health and wellness markets is created through the merger of IFF and N&B.

Related Reports:

Industrial Enzymes Market by Type (Carbohydrases, Proteases, Lipases, Polymerases & Nucleases), Application (Food & Beverages, Bioethanol, Feed, Detergents, Wastewater, Soil, and Oil Treatment), Source, Formulation and Region - Global Forecast to 2028

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