The global Enzymes Market was valued at $8,900 million in 2018, and is anticipated to surpass $17,875.7 million by 2026, at a CAGR of 9.4%.
The growth of enzymes market is attributed to the increasing adoption of enzymes in various industries such as dairy, food & beverages, leather, and detergent industry. Vast applicability of enzymes across several sectors is leading to extensive research and developments for the study of enzymes. These studies are likely to boost the growth of the market during the forecast period. In 2020, the market is projected to observe a decline in market due to reduction in sales and business operations.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|7.0%||9.4%||241||USD 10,189.6 Million||USD 10,617.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Significant growth in adoption of enzymes in food industry due to its several applications such as demand natural flavor, taste, and texture are anticipated to offer favorable environment for the growth of the market during the forecast period. For instance, in September 2019, DuPont launched POWER Pasta enzymes with an aim to aid food production companies to serve products with superior appearance and taste at minimal investments. Enzymes such as feruloyl (FAEs) and glucuronoyl esterases (GEs) are produced from certain bacteria and fungi and are capable of generating antioxidants for cosmetic applications.
Furthermore, dramatically rising demand for medicinal drugs, extensive research, and innovative enzyme formulation for human welfare are anticipated to foster the demand for enzymes, which will eventually drive the global market.
The outbreak of corona virus across the whole world has led to shutdown of businesses and industries for uncertain period of time. This shut down has negatively affected on the global enzymes market. The processes such as manufacturing, development, and distribution of enzymes have stopped due to shutdown, which will definitely impact on the global sales of the enzymes. However, some of the companies are still fully operational in the midst of the great pandemic with an aim to offer essential enzymes for production of food.
For instance, in March 2020, Chr. Hansen Holding A/S announced that the company is fully operational and engaged in manufacturing of enzymes. Such activities are offering little stimulus for the market even in the pandemic. Moreover, the lockdown of industries which are dependent on consumption of enzymes are currently hampering the growth of the market.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The post pandemic period is expected to witness great surge in the consumption of the enzymes, which will eventually drive the growth of the market during the forecast period. Restoration of demand for food, biological components, and cosmetics indicates lucrative environment for the growth of the enzyme market after the end of the viral outbreak. Furthermore, players in the global market are focusing on the establishment of collaborations and partnerships in order to deliver superior quality products in the market. For instance, Carbio, a significant player in the enzymes market entered into strategic agreement with Novozymes to consolidate its proprietary enzyme manufacturing processes which are expected to play a major part in recycling of PET-plastics and fibers.
However, in spite of huge demand for cosmetics and food after pandemic, the shutdowns for considerable period of time are definitely anticipated to obstruct the market growth. For instance, according to a data published on finance blog in April 2020, the impact on revenue generation of specialty enzymes companies will have major hit during first quarter of 2021.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Enzymes Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity