The global demand for Microbial Lipase witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
Nationwide lockdowns and mass closure of the retail sector induced by global coronavirus outbreak are heavily impacting production scenarios and supply chain operations across the food processing sector. Diminishing consumer footfalls at stores and mounting expenditure on groceries are influencing the microbial lipase market. The supply side of global microbial lipase market is witnessing major disruptions through the pandemic, impacting the entire production and distribution scenarios. While this highlights market growth challenges created by the pandemic, the market has been projected to witness a promising growth outlook in long term. A new Future Market Insights (FMI) report forecasts a US$ 915.9 Bn value pool for microbial lipase market, towards the end of projection period, 2019 – 2029.
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“Lack of standardization in lipase patent laws and regulatory structures will continue to hinder growth in demand for microbial lipase. However, post the lockdown, the recovery in sales will be covered by existing inventories,” says the FMI analyst.
Key Takeaways of Microbial Lipase Market Study
- Microbial lipase derived from fungi will continue to hold a major market share owing to ease of sourcing processes.
- The microbial lipase industry is likely to gain high demand from dairy businesses, and in the production of cleaning agents, which are likely to display faster growth.
- Powdered microbial lipase products are being used extensively in food applications of the bakery and confectionary industry.
- Asia Pacific is a major and fast-growing regional market for microbial lipase, owing to wide spread lipase enzyme adoption, concerns over infectious diseases, and the growth of dairy consumption in the region.
Microbial Lipase Market – Key Growth Factors
- Extensive application of enzymes for production of diary products, animal feed, toiletries, and cleaning agents are one of the primary factors sustaining market growth.
- Rising awareness about animal products safety, coupled with the growing consumption of enzyme modified cheese generates lucrative growth opportunities.
- Growing applications of microbial lipase for novel reactions in aqueous and non-aqueous settings is a key driver.
- Growing popularity of microbial lipase over plant or animal lipase will support the market growth during the forecast period.
Microbial Lipase Market – Key Restraints
- Lack of strict government regulations in association to lipase patents are restricting market growth.
- Absence of standardized laws associated with lipase products internationally, impact profitability, and pricing trends.
Explore the full microbial lipase market report with 112 illustrative figures, 128 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11413
Impact of COVID-19 on Microbial Lipase Market
Rapid spread of the COVID-19 pandemic has brought in financial uncertainty to markets in the food processing sector. Consumers have changed preferences by reducing visits to food and convenience stores, but are also spending more per visit. The rising demand for bakery and confectionary items is also expected to stay strong, creating demand for microbial lipase. However, disruptions in terms of raw material supplies and shortages in workforce hamper overall market prospects. Extending lockdowns enforced by governments are affecting production, distribution, and supplies. The demand for microbial lipase is likely to start recovering after the lockdowns are lifted. Current inventories are expected to play an essential role in meeting the resurgence of demand.
Competitive Landscape of Microbial Lipase Market
Some of the major companies profiled in this FMI report include, but are not limited to Chr. Hansen, Dow DuPont, Associated British Foods, Amano Enzymes, and Novozymes. Players in the microbial lipase market are primarily pushing for new product launches in addition to strategic mergers and acquisitions to bolster product portfolios and market presence.
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MICROBIAL LIPASE MARKET TAXONOMY
The global Microbial Lipase market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Cleaning Agents
- Animal Feed
- Dairy Products
- Bakery Products
- Confectionery Products
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