세계의 효소 시장 : 유래별, 유형별, 제품 유형별, 산업용 효소 용도별, 특수 효소 용도별, 반응 유형별, 지역별 - 예측(-2029년)
Enzymes Market by Product Type (Industrial Enzymes and Specialty Enzymes), Source (Microorganism, Plant, and Animal), Type, Industrial Enzyme Application, Specialty Enzymes Application, Reaction Type and Region - Global Forecast to 2029
상품코드:1500645
리서치사:MarketsandMarkets
발행일:2024년 06월
페이지 정보:영문 412 Pages
라이선스 & 가격 (부가세 별도)
ㅁ Add-on 가능: 고객의 요청에 따라 일정한 범위 내에서 Customization이 가능합니다. 자세한 사항은 문의해 주시기 바랍니다.
한글목차
세계 효소 시장 규모는 2024년 140억 달러에서 2029년 204억 달러에 달할 것으로 예상되며, 예측 기간 동안 금액 기준 7.8%의 CAGR을 기록할 것으로 예상됩니다.
식품 및 음료 분야에서 탄수화물 분해 효소는 제품의 품질과 공정 효율을 높이는 데 필수적입니다. 예를 들어, 아밀라아제는 양조 및 제빵에서 전분 가수분해에 필수적이며, 락타아제는 유당 불내증 소비자를 위해 유제품의 유당 분해를 촉진합니다. 또한, 탄수화물 분해 효소는 바이오매스를 발효 가능한 당으로 전환하여 바이오연료 생산에 중요한 역할을 수행하여 지속가능한 에너지 구상을 뒷받침합니다. 동물 사료 산업에서 이러한 효소는 영양 흡수와 소화를 개선하여 사료 효율과 동물의 건강을 최적화합니다. 카보하이드라아제의 적용 범위는 섬유 가공에도 확장되어 원하는 섬유의 질감과 마무리를 달성하는 데 도움이 됩니다. 탄수화물 분해 효소의 다양한 산업적 요구에 효과적으로 대응할 수 있는 능력은 효소 시장에서 기술 혁신과 경제 성장을 촉진하는 데 있어 효소의 중요성을 입증합니다.
조사 범위
조사 대상 연도
2024-2029년
기준 연도
2023년
예측 기간
2024-2029년
검토 단위
금액(달러)
부문별
유래별, 유형별, 제품 유형별, 산업용 효소 용도별, 특수효소 용도별, 반응 유형별, 지역별
대상 지역
북미, 유럽, 아시아태평양, 남미, 기타 지역
미생물은 광범위한 효소를 효율적으로 생산할 수 있는 능력으로 인해 널리 보급된 다재다능한 공급원으로 각광받고 있습니다. 효소 시장에서는 세제 제조, 식품 가공, 의약품 제조 등 다양한 산업 분야에 필수적인 효소의 일종인 프로테아제 생산이 중요합니다. 미생물, 특히 바실러스균과 같은 박테리아나 아스페르길루스균과 같은 진균류는 프로테아제를 다량 생산하는 미생물입니다. 예를 들어, 고초균은 단백질 기반 얼룩을 분해하는 효과가 있어 세제 제제에 적합한 프로테아제를 분비하는 것으로 유명합니다. 또한 유전자 조작 기술의 등장은 미생물의 효소 생산에 더욱 박차를 가하고 있습니다. 유전자 조작을 통해 과학자들은 미생물 균주를 개량하여 특정 효소를 과잉 생산하거나 효소의 특성을 변경하여 산업적 요구 사항을 충족시킬 수 있습니다. 이 능력은 미생물 효소의 범위와 효능을 크게 확장하고 시장에서의 우위를 강화했습니다.
예측 기간 동안 효소 시장 성장에 대한 유럽의 기여는 지속가능한 관행과 기술 혁신의 리더십에 의해 주도될 것으로 보입니다. 특히, 녹색 화학 및 순환 경제 원칙에 중점을 둔 이 지역은 다양한 분야에서 효소에 대한 수요를 촉진할 것으로 보입니다. 예를 들어, 세제 산업에서는 무인산염 제품을 장려하는 유럽의 규제로 인해 환경에 해를 끼치지 않으면서도 우수한 얼룩 제거 효과를 제공하는 효소 기반 세제의 채택이 증가하고 있습니다. 또한, 유럽은 바이오연료 및 재생에너지원에 큰 비중을 두고 있으며, 바이오매스 전환 및 바이오연료 생산 공정에서 효소 활용을 촉진하고, EU가 지원하는 효소 발견 및 최적화 촉진 프로젝트와 같은 유럽 효소 제조업체 및 연구 기관과의 협력 관계는 특정 산업에 대한 특정 산업의 요구에 맞는 새로운 효소 솔루션의 개발을 촉진함으로써 시장 성장을 더욱 가속화할 것으로 예상됩니다.
이 보고서는 세계 효소 시장을 조사했으며, 유래별, 유형별, 제품별, 산업용 효소 용도별, 특수 효소 용도별, 반응 유형별, 지역별 동향, 시장 진입 기업 개요 등을 정리하여 전해드립니다.
목차
제1장 소개
제2장 조사 방법
제3장 주요 요약
제4장 주요 인사이트
제5장 시장 개요
소개
거시경제 지표
시장 역학
제6장 업계 동향
소개
공급망 분석
밸류체인 분석
무역 분석
기술 분석
가격 분석
생태계 분석/시장 맵
고객 비즈니스에 영향을 미치는 동향/혼란
특허 분석
주요 회의와 이벤트
규제 상황
Porter's Five Forces 분석
주요 이해관계자와 구입 기준
사례 연구 분석
투자와 자금 조달 시나리오
제7장 효소 시장(유래별)
소개
미생물
식물
동물
제8장 효소 시장(유형별)
소개
탄수화물분해효소
프로테아제
리파아제
폴리메라아제와 뉴클레아제
기타
제9장 효소 시장(제품 유형별)
소개
산업용 효소
특수 효소
제10장 산업용 효소 시장(용도별)
소개
식품·음료
바이오에탄올
텍스타일·가죽
세제
제지용 펄프
폐수 치료
사료
토양 처리
오일 처리
기타
제11장 특수 효소 시장(용도별)
소개
의약품
연구·바이오테크놀러지
진단
생체촉매
제12장 효소 시장(반응 유형별)
소개
가수분해효소
산화환원효소
전이효소
분해효소
기타
제13장 효소 시장(지역별)
소개
북미
유럽
아시아태평양
남미
기타 지역
제14장 경쟁 상황
개요
주요 진출 기업 전략/비책
매출 분석
시장 점유율 분석, 2023년
기업 가치 평가와 재무 지표
브랜드/제품 비교
기업 평가 매트릭스 : 주요 진출 기업
기업 평가 매트릭스 : 스타트업/중소기업
경쟁 시나리오와 동향
제15장 기업 개요
주요 진출 기업
BASF SE
INTERNATIONAL FLAVORS & FRAGRANCES INC.
ASSOCIATED BRITISH FOODS PLC
DSM-FIRMENICH
NOVOZYMES A/S
KERRY GROUP PLC
DYADIC INTERNATIONAL INC.
ADVANCED ENZYME TECHNOLOGIES
AUMGENE BIOSCIENCES
AMANO ENZYME INC.
F. HOFFMANN-LA ROCHE LTD
CODEXIS, INC.
SANOFI
MERCK KGAA
ADISSEO
기타 기업
LESAFFRE CORPORATION
CREATIVE ENZYMES
ENZYME SOLUTIONS
ENZYMATIC DEINKING TECHNOLOGIES, LLC
TEX BIOSCIENCES(P) LTD.
DENYKEM
METGEN
BIOVET S.A.
BIOCATALYSTS
ALLTECH
제16장 인접 시장과 관련 시장
제17장 부록
ksm
영문 목차
영문목차
According to MarketsandMarkets, the enzymes market is projected to reach USD 20.4 billion by 2029 from USD 14.0 billion by 2024, at a CAGR of 7.8% during the forecast period in terms of value. In the food and beverage sector, carbohydrases are crucial for enhancing product quality and process efficiency. For instance, amylases are vital in starch hydrolysis during brewing and baking, while lactases facilitate lactose breakdown in dairy products for lactose-intolerant consumers. Moreover, carbohydrases play a significant role in the production of biofuels by converting biomass into fermentable sugars, supporting sustainable energy initiatives. In the animal feed industry, these enzymes improve nutrient absorption and digestion, optimizing feed efficiency and animal health. Their application extends to textile processing, where they aid in achieving desired fabric textures and finishes. Carbohydrases' ability to address diverse industrial needs effectively underscores their prominence in driving innovation and economic growth within the enzymes market.
Scope of the Report
Years Considered for the Study
2024-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
Value (USD)
Segments
By Product Type, By Type, By Source, Industrial enzymes by application, Specialty enzymes by application, By Reaction Type and Region
Regions covered
North America, Europe, Asia Pacific, South America and Rest of the World
" By source, Microorganisms are estimated to dominate the market during the forecast period."
Microorganisms stand out as a prevalent and versatile source due to their ability to produce a wide range of enzymes efficiently. In the enzymes market is the production of proteases, a type of enzyme crucial for various industrial applications such as detergent formulation, food processing, and pharmaceutical manufacturing. Microorganisms, particularly bacteria like Bacillus and fungi like Aspergillus, are prolific producers of proteases. For instance, Bacillus subtilis is renowned for its secretion of proteases suitable for detergent formulations due to its effectiveness in breaking down protein-based stains. Additionally, the advent of genetic engineering techniques has further boosted microbial enzyme production. Through genetic manipulation, scientists can enhance microbial strains to overproduce specific enzymes or modify enzyme properties to meet desired industrial requirements. This capability has significantly expanded the range and efficacy of microbial enzymes, reinforcing their dominance in the market.
"Europe will significantly contribute towards market growth during the forecast period."
Europe's contribution to enzymes market growth during the forecast period will be driven by its leadership in sustainable practices and technological innovation. Specifically, the region's focus on green chemistry and circular economy principles will propel the demand for enzymes in various sectors. For instance, in the detergent industry, European regulations promoting phosphate-free products have led to increased adoption of enzyme-based detergents, which offer superior stain removal without environmental harm. Additionally, Europe's strong emphasis on biofuels and renewable energy sources will boost the use of enzymes in biomass conversion and biofuel production processes. Collaborations between European enzyme manufacturers and research institutions, such as the EU-funded projects fostering enzyme discovery and optimization, will further accelerate market growth by facilitating the development of novel enzyme solutions tailored to specific industrial needs. According to CORDIS - EU research results, starting in December 2023, the EU-funded FuturEnzyme project aims to develop low-cost enzymes for eco-friendly consumer products like textiles, detergents, and cosmetics. Through innovative solutions and collaborative efforts, it will receive approximately USD 6.71 billion for enzyme discovery and optimization until May 2025. Overall, Europe's commitment to sustainability, coupled with its advanced research capabilities and supportive regulatory environment, positions it as a key driver of innovation and market expansion in the enzyme sector.
Break-up of Primaries:
By Company Type: Tier1-40%, Tier 2-32%, Tier 3- 28%
By Designation: C-level-45%, D-level - 33%, and Others- 22%
By Region: North America - 15%, Europe - 20%, Asia Pacific - 40%, South America-12%, RoW - 13%,
Others include sales managers, territory managers, and product managers.
Leading players profiled in this report:
BASF SE (Germany)
International Flavors & Fragrances Inc. (US)
dsm-firmenich (Switzerland)
Associated British Foods plc (England)
Novozymes A/S (Denmark)
Kerry Group plc. (Ireland)
Dyadic International Inc (US)
Advanced Enzyme Technologies (India)
Aumgene Biosciences (India)
Amano Enzyme Inc (Japan)
F. Hoffmann-La Roche Ltd (Switzerland)
Codexis, Inc. (US)
Sanofi (France)
Merck KGaA (Germany)
Adisseo (China)
Lesaffre Corporation (France)
Enzyme Solutions (US)
Enzymatic Deinking Technologies, LLC (US)
Creative Enzymes (US)
Tex Biosciences (P) Ltd. (India)
DENYKEM (UK)
MetGen (Finland)
Biovet S.A. (Spain)
Biocatalysts (UK)
Alltech (US)
The study includes an in-depth competitive analysis of these key players in the enzymes market with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report segments the enzymes market based on product type, type, source, reaction types, industrial enzyme applications, specialty enzyme applications, and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global enzymes market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall enzymes market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Growing environmental concerns and increasing demand for biofuel), restraints (Stringent regulatory framework), opportunities (Demand for alternatives to synthetic chemicals), and challenges (Excessive Costs of Raw Materials Limiting enzymes Usage) influencing the growth of the enzymes market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the enzymes market.
Market Development: Comprehensive information about lucrative markets - the report analyses the enzymes market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the enzymes market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as BASF SE (Germany), International Flavors & Fragrances Inc. (US), dsm-firmenich (Switzerland), Associated British Foods plc (England), Novozymes A/S (Denmark), Kerry Group plc. (Ireland), among others in the enzymes market strategies. The report also helps stakeholders understand the enzymes market and provides them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
FIGURE 1 MARKET SEGMENTATION
1.3.1 REGIONS COVERED
FIGURE 2 ENZYMES MARKET SEGMENTATION, BY REGION
1.3.2 YEARS CONSIDERED
FIGURE 3 STUDY PERIOD CONSIDERED
1.4 CURRENCY CONSIDERED
TABLE 1 USD EXCHANGE RATES CONSIDERED, 2020-2023
1.5 UNIT CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 4 ENZYMES MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary research
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of primary interviews
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
2.2 FACTOR ANALYSIS
2.2.1 INTRODUCTION
2.2.2 DEMAND-SIDE ANALYSIS
FIGURE 6 KEY ECONOMIES BASED ON GDP, 2020-2023 (USD BILLION)
2.2.3 SUPPLY-SIDE ANALYSIS
2.3 MARKET SIZE ESTIMATION
2.3.1 APPROACH ONE (BASED ON INDUSTRY AND PRODUCT TYPE, BY REGION)
FIGURE 7 ENZYMES MARKET: APPROACH ONE (BOTTOM-UP APPROACH)
2.3.2 APPROACH TWO (BASED ON GLOBAL MARKET)
FIGURE 8 ENZYMES MARKET: TOP-DOWN APPROACH
2.4 DATA TRIANGULATION
FIGURE 9 DATA TRIANGULATION METHODOLOGY
2.5 RESEARCH ASSUMPTIONS
2.6 RESEARCH LIMITATIONS
FIGURE 10 ENZYMES MARKET: RESEARCH LIMITATIONS
2.7 RECESSION IMPACT ANALYSIS
2.7.1 MACRO INDICATORS OF RECESSION
FIGURE 11 RECESSION INDICATORS
FIGURE 12 WORLD INFLATION RATE: 2013-2023
FIGURE 13 GLOBAL GROSS DOMESTIC PRODUCT: 2013-2023 (USD TRILLION)
FIGURE 14 RECESSION INDICATORS AND THEIR IMPACT ON ENZYMES MARKET
FIGURE 15 ENZYMES MARKET: CURRENT FORECAST VS. RECESSION FORECAST
3 EXECUTIVE SUMMARY
TABLE 2 ENZYMES MARKET SNAPSHOT, 2024 VS. 2029
FIGURE 16 ENZYMES MARKET, BY TYPE, 2024 VS. 2029 (USD MILLION)
FIGURE 17 ENZYMES MARKET, BY PRODUCT TYPE, 2024 VS. 2029 (USD MILLION)
FIGURE 18 ENZYMES MARKET, BY SOURCE, 2024 VS. 2029 (USD MILLION)
FIGURE 19 INDUSTRIAL ENZYMES MARKET, BY APPLICATION, 2024 VS. 2029 (USD MILLION)
FIGURE 20 SPECIALTY ENZYMES MARKET, BY APPLICATION, 2024 VS. 2029 (USD MILLION)
FIGURE 21 ENZYMES MARKET SHARE, BY REGION, 2023
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ENZYMES MARKET
FIGURE 22 ADVANCEMENTS IN ENZYME ENGINEERING AND TECHNOLOGICAL INNOVATIONS TO DRIVE MARKET
4.2 ENZYMES MARKET: SHARES OF MAJOR REGIONAL SUBMARKETS
FIGURE 23 US ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
4.3 ASIA PACIFIC: ENZYMES MARKET, BY PRODUCT TYPE & COUNTRY
FIGURE 24 CHINA TO ACCOUNT FOR LARGEST MARKET SHARE IN ASIA PACIFIC IN 2024
4.4 INDUSTRIAL ENZYMES MARKET, BY TYPE
FIGURE 25 CARBOHYDRASES SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
4.5 SPECIALTY ENZYMES MARKET, BY TYPE
FIGURE 26 CARBOHYDRASES SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
4.6 ENZYMES MARKET, BY PRODUCT TYPE
FIGURE 27 INDUSTRIAL ENZYMES SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
4.7 ENZYMES MARKET, BY SOURCE
FIGURE 28 MICROORGANISMS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MACROECONOMIC INDICATORS
5.2.1 INCREASE IN RETAIL SALES
FIGURE 29 RETAIL AND FOOD SERVICE SALES IN US, 2018-2023 (USD BILLION)
5.2.2 GROWTH OPPORTUNITIES IN ASIA PACIFIC AND SOUTH AMERICA
FIGURE 30 ANNUAL GDP GROWTH RATE IN ASIAN COUNTRIES, 2023
5.3 MARKET DYNAMICS
FIGURE 31 ENZYMES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.3.1 DRIVERS
5.3.1.1 Growing environmental concerns and increasing demand for biofuels
FIGURE 32 GROWING DEMAND FOR BIOFUELS (2021-2030)
5.3.1.2 Advancements in R&D activities for technical enzymes
5.3.1.3 Shift toward green energy
FIGURE 33 BIOETHANOL PRODUCTION WORLDWIDE, 2019-2021
5.3.1.4 Multifunctionalities of enzymes
TABLE 3 APPLICATIONS AND BENEFITS OF ENZYMES
5.3.2 RESTRAINTS
5.3.2.1 Stringent regulatory framework
5.3.2.2 Influence of environmental factors on enzyme structure and functions
5.3.2.3 High cost incurred by SMEs in adapting to new technologies
5.3.3 OPPORTUNITIES
5.3.3.1 Demand for alternatives to synthetic chemicals
5.3.3.2 Technological innovations and wide industry scope
5.3.3.3 Emergence of encapsulation to enhance enzyme shelf life
5.3.4 CHALLENGES
5.3.4.1 High cost of raw materials
5.3.4.2 Concerns over enzyme quality in food & beverages and feed industries
5.3.4.3 Lack of transparency in patent protection laws
6 INDUSTRY TRENDS
6.1 INTRODUCTION
6.2 SUPPLY CHAIN ANALYSIS
FIGURE 34 ENZYMES MARKET: SUPPLY CHAIN ANALYSIS
6.3 VALUE CHAIN ANALYSIS
FIGURE 35 ENZYMES MARKET: VALUE CHAIN ANALYSIS
6.4 TRADE ANALYSIS
6.4.1 EXPORT SCENARIO OF SPECIALTY ENZYMES
FIGURE 36 EXPORT VALUE OF SPECIALTY ENZYMES FOR KEY COUNTRIES, 2020-2023 (USD THOUSAND)
TABLE 4 TOP 5 EXPORTERS OF SPECIALTY ENZYMES (HS CODE 350790), 2023 (USD THOUSAND)
6.4.2 IMPORT SCENARIO OF SPECIALTY ENZYMES
FIGURE 37 IMPORT VALUE OF SPECIALTY ENZYMES FOR KEY COUNTRIES, 2020-2023 (USD THOUSAND)
TABLE 5 TOP 5 IMPORTERS OF SPECIALTY ENZYMES (HS CODE 350790), 2023 (USD THOUSAND)
6.5 TECHNOLOGY ANALYSIS
6.5.1 KEY TECHNOLOGIES
6.5.1.1 Precision fermentation
6.5.1.2 Enzyme engineering
6.5.2 ADJACENT TECHNOLOGIES
6.5.2.1 Solid-state fermentation
6.6 PRICING ANALYSIS
6.6.1 AVERAGE SELLING PRICE TRENDS OF KEY PLAYERS, BY ENZYME TYPE
TABLE 6 AVERAGE SELLING PRICE TRENDS OF KEY PLAYERS, BY ENZYME TYPE, 2024 (USD/KG)
6.6.2 AVERAGE SELLING PRICE TRENDS, BY PRODUCT TYPE
FIGURE 38 AVERAGE SELLING PRICE TRENDS, BY PRODUCT TYPE, 2022-2024 (USD/KG)
6.6.3 AVERAGE SELLING PRICE TREND ANALYSIS
FIGURE 39 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY PRODUCT TYPE (USD/KG)
TABLE 7 ENZYMES MARKET: AVERAGE SELLING PRICE, BY PRODUCT TYPE, 2020-2023 (USD/KG)
TABLE 8 AVERAGE SELLING PRICE TRENDS FOR INDUSTRIAL ENZYMES, BY REGION, 2020-2023 (USD/KG)
6.7 ECOSYSTEM ANALYSIS/MARKET MAP
6.7.1 SUPPLY SIDE
6.7.2 DEMAND SIDE
FIGURE 40 ENZYMES MARKET ECOSYSTEM
FIGURE 41 ENZYMES MARKET MAP
TABLE 9 ENZYMES MARKET: SUPPLY CHAIN (ECOSYSTEM)
6.8 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
16 ADJACENT AND RELATED MARKETS
16.1 INTRODUCTION
TABLE 426 ADJACENT MARKETS TO ENZYMES MARKET
16.2 LIMITATIONS
16.3 INDUSTRIAL ENZYMES MARKET
16.3.1 MARKET DEFINITION
16.3.2 MARKET OVERVIEW
TABLE 427 INDUSTRIAL ENZYMES MARKET, BY APPLICATION, 2019-2022 (USD MILLION)
TABLE 428 INDUSTRIAL ENZYMES MARKET, BY APPLICATION, 2023-2028 (USD MILLION)
