When you look at the industrial enzymes market, it really is in-product that touch the average consumer everyday, whether its E10 or in this case C85, the gasoline going into your car, whether its around animal feed, detergens, backing, sweeteners or even within the oil and gas industry, there are applications for enzymes in our host of different products, typically, there are not the end product, there are part of a process.
And for Verenium, our focus is on taping into more and more of the current industrial enzymes market with unique high performance products. And so you can see today its around $4 billion market, but it’s been growing at 6% to 8% per year, depending on the individual segment and there are new opportunities to brings products into new industries that we also think is gong to drive growth, and I’ll talk about our oil and gas product in that regard in a few minutes.
When you look at the structure of the industry, this is one of the exciting things for company like Verenium. What our technology has shown with the eight commercial products we sold -- we sell today is that, we can differentiate our products against the competition and in part is because, there isn’t a lot of competition.
When you look at the broad based enzyme players, people looking to bring products, a whole series of different industries, we really do focus on Novozymes and the Genencor division of Dupont. When you look at the other players they tend to be focused in areas like animal feed or other sub segments but not necessarily broadly across the market.What we bring is choice. We bring an alternative to the two players that are in the market. And what we focus on our markets where product performance in terms of differentiation is both measured and rewarded, because we are going head to head with a couple of very large players, and for us, it means we need to pick our markets carefully. We need to know that if we bring a higher performing product, it’s going to be rewarded because it’s going to be measured.