Novozymes released third quarter financial results on Nov. 3, reporting that bioenergy sales were up 32 percent for the three-month period and 26 percent for the first nine months of the year. Overall sales were up 6 percent for the quarter, and 9 percent so far this year.

Novozymes said the strong performance for its bioenergy segment was driven by a broad and innovative solution toolbox allowing for higher yields, throughput, and byproduct value capture for producers in a favorable market environment.

The North American market experience strong developments overall, according to Novozymes, supported by increased U.S. ethanol production. Outside of North America, performance was also strong and driven by innovation, capacity expansion of corn-based ethanol production in Latin America and supported by growth in solutions for biodiesel production.

For the third quarter, Novozymes also reported that sales of enzymes used in second-generation biofuels also did well and contributed to growth during the three-month period.

Following strong performance for the first nine months of 2022, Novozymes has raised its guidance for the full year performance of the bioenergy segment. The company now expects growth in the high-teens, up from the mid-teens. That growth is expected to be driven by innovation and supported by increased U.S. ethanol production, capacity expansion of corn-based ethanol production in Latin America, and market penetration with enzymatic solutions for biodiesel production along with enzyme sales for second-generation ethanol production.

The bioenergy segment accounted for 20 percent of Novozymes sales during the first nine months of 2022. Household care; food, beverages and human health; grain and tech processing; and agriculture, animal health and nutrition accounted for 29 percent, 24 percent, 15 percent and 12 percent, respectively.

A full copy of Novozymes’ third quarter report is available on the company’s website.