May 29, 2023

Dublin, IRELAND Dublin, May 29, 2023 (GLOBE NEWSWIRE) -- The "Proteases Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering. The global proteases market is expected to grow from $2.99 billion in 2022 to $3.19 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The proteases market is expected to grow to $4.12 billion in 2027 at a CAGR of 6.6%. Proteases refer to a large and various group of enzymes that break down protein. Proteases break down proteins in the body or skin to help with digestion or with the breakdown of proteins causing swelling and pain. The main sources of proteases are animal, plant, and microbial. Animal proteases refer to enzymes that are originated from animals. Pancreatic trypsin, chymotrypsin, pepsin, and renin are some of the animal proteases. These are available in liquid and powder form that are used in applications such as food and beverage, healthcare, animal feed, and others Product innovation is a key trend gaining popularity in the protease market. Major players operating in the proteases market are focusing on innovating novel products to gain a completive advantage in the market. For instance, in September 2021, DSM-Novozymes Feed Enzymes Alliance, an association between DSM, a Netherlands-based chemicals company, and Novozymes A/S, a Denmark-based biotechnology company, launched ProAct 360, a novel and robust second-generation protease customized to the needs of the feed industry. The innovative proteases offer feed efficiency, sustainability, and affordability. It is more consistent, and releases more amino acids from the feed, thus, improving feed efficiency. It is specifically created for application in animal feed and it is the only feed protease available in the market. In May 2022, Vertex Pharmaceuticals, a US-based biopharmaceutical company acquired a portfolio of protease medicines from Catalyst Biosciences Inc for $60 million. The acquisition expands the product portfolio of Vertex with protease medicines and enables future growth. Catalyst Biosciences Inc is a US-based biotechnology company. North America was the largest region in the proteases market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the proteases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The rising number of health-conscious consumers is expected to drive the growth of the proteases market going forward. Health-conscious consumers (HCCs) are those consumers that live a 'wellness-oriented' lifestyle and are worried about their environment and nutrition. Health-conscious consumers are interested in the consumption of healthier products containing proteases that support digestive health and weight consciousness. For instance, according to a survey result published in January 2021 by Public Health England (PHE), an England-based government agency for health and social care, a survey of more than 5000 adults showed that 7 in 10 adults were motivated to make healthier lifestyle changes owing to COVID-19 pandemic while 8 in 10 adults aged over 18 decided to alter their lifestyle in 2021. Additionally, around 43% of adults feel more motivated to make changes to their life as compared to last year. Therefore, the rising number of health-conscious consumers will propel the demand for proteases. Key Attributes: