New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global enzymes market is anticipated to register a revenue of $17,875.7 million by 2026, growing at a healthy CAGR of 9.4% during the forecast period 2019-2026. The extensive report provides a concise outlook of the present market scenarios, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the COVID-19 pandemic. The report also offers detailed market figures, which makes it easier and more beneficial for new participants to understand the real-time scenario and future scope of the market.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
According to the report, the global enzymes market is expected to grow at a CAGR of 9.4% during the forecast timeframe, while it was predicted to grow at a CAGR of 7.0% in the pre-pandemic scenario from 2019-2026. The increasing adoption of enzymes by various industries such as detergent, food and beverage, and leather industries is expected to boost the enzymes market in the forecast period. Additionally, extensive research and development with respect to the wide applicability of enzymes across different sectors is predicted to augment the growth rate of the market substantially.
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Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has significantly increased compared to the pre-pandemic projections. The real-time market size reached a revenue of $10,617.6 million in 2020, while its estimations were $10,189.6 million in the pre-pandemic scenario. Enzymes are becoming highly popular in the food and beverages industry, as they help in offering natural flavour, taste, and texture. This applicability and the resulting popularity of enzymes is anticipated to drive the enzymes market forward in the forecast period. Moreover, growth in demand for innovative enzyme formulation and medicinal drugs is expected to push the market growth in the forecast. However, reduction in sales and business due to the shutdowns caused by the pandemic is expected to restrict the full-fledged growth of the enzymes market.
Post Pandemic Insight
Increasing consumption of enzymes due to restoration of demand for cosmetics, food, and other biological components is expected to offer numerous growth opportunities to the enzymes market in the post-pandemic period. Along with this, strategic alliances in the form of collaborations and partnerships are expected to help in the growth of the enzymes market.
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Prominent Market Players
Some prominent players of the global enzymes market include
- BASF
- Advanced Enzymes
- Hayashibara
- Royal DSM
- Chr. Hansen
- Aumgene Biosciences
- Enmex
- Lumis Biotech
- Codexis
- Danisco A/S
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in February 2022, Kerry, a public food company, announced that it has signed an acquisition agreement with a Mexican enzyme manufacturing giant, Enmex and a German biotechnology company, c-LEcta. This acquisition is expected to immensely help the acquiring company, i.e., Kerry, as it has a larger customer base to handle which will eventually put in a leading position in the market.
The report also sums up many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Avail Customization as per your Format and Definition
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Significant Impacts of Covid-19 on the Global Enzyme Market and Strategies
