The spread of COVID-19 across the globe has negatively impacted the global enzymes market. The rising adoption of enzymes in multiple industries such as food & beverages, dairy, and others is expected to propel the global market growth after COVID-19 pandemic.
New York, USA , April 21, 2021 (GLOBE NEWSWIRE) -- The enzymes industry is likely to see a downfall growth due to COVID-19 pandemic in 2020. According to a report published by Research Dive, the global enzymes market is projected to surpass $17,875.7 million & Expected to Rise at a CAGR of 9.4% during the forecast period from 2019 to 2026. The report provides detailed analysis on drivers, restraints, massive growth opportunities, challenges, key segments, and several strategies by market players in order to better understand the effect of the pandemic on the global market.
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Highlights of the Report
The estimated CAGR of the enzymes market prior to COVID-19 pandemic was 7.0% over the forecast period.
The CAGR of the global industry is expected to grow at 9.4% by 2027 after pandemic crisis.
In 2020, the predicted market size of the enzymes industry before the COVID-19 pandemic was $10,189.6 million.
Due to COVID-19 pandemic, the market size of the global industry is expected to surpass $10,617.6 million in 2020.
Impact of COVID-19 Crisis on the Industry
As per our analysts, the shutting down of various processes such as manufacturing, development, & distribution of enzymes during the COVID-19 pandemic has negatively impacted the global enzymes market in 2020. However, few companies are still fully operational amid the restrictions during pandemic in order to provide essential enzymes for food production, which is expected to help the market sustain during the unprecedented crisis. For instance, in March 2020, Chr. Hansen Holding A/S, a global bioscience company, announced to be fully operational and active in the manufacturing of enzymes.
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The Asia Pacific market for enzymes is estimated to hold a substantial share in the global industry and grow at a CAGR of 9.9% during the period of forecast. The considerable growth of the region can be attributed to rapid expansion of food & beverages, pharmaceutical, and detergent industries mainly in Singapore, Japan, and South Korea.
Post-Pandemic Market Landscape
As per the study, the global enzymes market is expected to observe considerable growth after the COVID-19 pandemic, majorly owing to growing adoption of enzymes in several industries such as food & beverages, dairy, detergent, and leather. Besides, the rapidly increasing demand for medicinal drugs, rising R&D, and innovative enzyme formulation for human welfare are other factors to bolster the global market growth by 2026. Furthermore, the key players of market are adopting several strategies to adopt a strong position in the global industry. For instance, in December 2020, DuPont, a global innovation leader with technology-based materials, solutions, and ingredients, announced the launch of ‘POWERSoft Cake 8010’ and ‘POWERFresh Special’ in Japan. This range of ‘DuPont Danisco’ enzymes provides industrial bakeries and improver houses an outstanding antistaling solution that offers a premium softness, unique texture, and a longer-lasting freshness to breads, cakes, buns, and sweet rolls whilst maintaining their shape.
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Major Industry Players
The major players operating in the global market for enzymes include
BioLife PLASMA SERVICES
China Biologic Products Holdings, Inc.
Bio Products Laboratory Ltd.
Cambryn Biologics, LLC
The report presents various aspects of all these major players including financial performance, recent developments & strategic moves, SWOT analysis, and product portfolio.
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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