Significant Impacts of Covid-19 on the Global Enzyme Market and Strategies
Enzymes market is experiencing a huge downfall during the Covid-19 shutdown. Yet, it has been expected that the demand for enzymes will be restored once the pandemic is over.
Enzymes are, basically, the primary force behind every biochemical process that occurs in a human body. Enzymes are found in numerous quantities in every tissue, organ, and fluid of the body. They have their own purposes. Some of such functions include activating body muscles, stimulating nerves, and keeping hearts active, and improving our thinking capacity.
Enzymes are in great demand in a diverse range of industries such as food and beverages, dairy, detergent, and leather industry. Comprehensive research and developments are being performed, which are mainly focused on the growth of the enzyme market across several sectors.
In recent years, a remarkable growth has been recorded in enzymes adoption by the food industry. The popularity of natural flavor, texture, and taste are the main aspects behind this market progression.
Recently, a company named DuPont has introduced POWER Pasta enzymes to support food production companies so they can serve rich products with perfect appearance and authentic taste.
Glucuronoyl esterases (GEs) and feruloyl esterases (FAEs) are enzymes made from certain fungi and bacteria. They create antioxidants for cosmetic usage. These are the factors boosting the growth of the enzyme market in recent times.
Impact of Covid-19 on the Enzyme Market
The emergence of coronavirus across the world has impacted businesses and industries tremendously. As the complete shutdown has been imposed across the nations, a global recession is on the brink. Like other industries, the global enzyme market has also gone through a drastic downfall during this period. The supply chain has been disrupted by this shutdown, which resulted in severe loss and redundancy in the global market of enzymes. According to data published on a finance blog in April 2020, the impact on revenue generation of specialty enzymes companies will experience a massive decline during the first quarter of 2021.
In order to keep the graph at a decent level, a handful of companies are still operating and offering the necessary enzymes for food production.
In March 2020, for instance, Chr. Hansen Holding A/S has made an announcement that the company is still functioning and manufacturing the essential enzymes.
Post-Pandemic Anticipations and Strategies
The post-pandemic market is projected to bring some good news for the industry. It is being expected that once the pandemic is over and the supply chain resumes, there will be a surge in the consumption of enzymes. The demand for food, biological gears, and cosmetics will be restored or will eventually increase, resulting in significant growth of the global market of enzymes.
The leading players of the global market of enzymes are focusing on developing strategies to fight the bad weather. They are initiating partnerships and collaborations, mergers and acquisitions in order to keep up the workflow and deliver quality products in the market.
According to a piece of recent news, Carbio, a leading player of the global enzymes market, has initiated a strategic agreement with Novozymes to consolidate its proprietary enzyme manufacturing processes. This agreement is expected to play a huge role in the reprocessing of PET-plastics and fibers.
According to a research report published by Research Dive, the global enzymes market was anticipated to reach $10,189.6 Million by 2026 in the pre-Covid analysis. However, the latest analysis by the same research company predicts that the market will generate a revenue of $10,617.6 million in the post-pandemic period.
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