New York, USA, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The global enzymes market is likely to observe an increase in the growth rate due to the worldwide COVID-19 pandemic. According to a new research report added to Research Dive’s offerings, the global enzymes market is projected to reach up to $17,875.7 million and grow at a CAGR of 9.4% during the forecast period from 2019 to 2026. The primary reason behind this positive growth is the growing adoption of enzymes in several industries such as food & beverages, dairy, detergent, and leather. Thorough analysis on drivers, restraints, growth opportunities, vital segments, and key strategies implemented by the industry players are further provided in the report to wisely understand the pandemic effect on the global market.
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Key Features of the Market
Our analysts stated that the vast applicability of enzymes across various sectors is leading to wide-spread R&D for the study of enzymes, which is a significant factor boosting the growth of global enzymes market.
The predicted market size of the enzymes industry post COVID-19 pandemic is $10,617.6 million in 2020, which is an impressive rise from $10,189.6 million before the pandemic situation. However, the safety and handling issues related to enzymes is predicted to restrict the market growth in the coming years.
On the contrary, the growing demand for medicinal drugs, innovative enzyme formulation, and extensive research is creating enormous growth opportunities for the market growth.
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Growth Strategies & Initiatives Adopted in during the Pandemic
A number of key players of the industry players are operating and engaged in manufacturing enzymes to sustain in this COVID-19 chaos. For instance, Chr. Hansen Holding A/S announced in March 2020, that the company is engaged in enzymes manufacturing and fully operational in the pandemic crisis.
Moreover, other market players are implementing several strategies such as strategic agreements and partnerships to recover their losses and hold a strong position in the global industry. For instance, a leading player in enzymes market, Carbio entered into strategic agreement with Novozymes to unite its proprietary enzyme manufacturing processes. This consolidation is expected to play a vital part in recycling of PET-fibers and plastics.
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The major players of the global enzymes market include
- Royal DSM
- BASF
- Enmex
- Advanced Enzymes
- Danisco A/S
- Chr. Hansen
- Hayashibara
- Lumis Biotech
- Codexis
- Aumgene Biosciences.
Post-Pandemic Scenario
As per the report, the global enzymes market is estimated to witness an impressive growth post-coronavirus pandemic. Restoration of demand for biological components, food, and cosmetics indicates that the global enzymes market is estimated to grow at a significant rate during the forecast period. Moreover, major growth in the adoption of enzymes in food industry owing to its several applications such as natural flavor, texture, and taste is likely to boost the market growth in the near future. Thus, a surge in growth will be witnessed in the enzymes market after COVID-19 pandemic.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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