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The alcohol enzymes industry is driven by the rising product demand in the cosmetic industry. This can be attributed to the increasing demand for cosmetic products owing to the growing consumer awareness regarding personal care. Over the forecast period, the rising demand for premium cosmetic products, coupled with their easy availability through online platforms like Amazon (NASDAQ: AMZN) is likely to catapult the market growth in the forecast period. In addition to this, the rising disposable incomes and the improving standards of living in emerging economies are anticipated to provide impetus to the market.
The growing focus of the leading players to offer new products and technologies in a broader market through strategic partnerships is expected to aid the market. For instance, in June 2021, Kerry Group Plc. (LSE: KYGA) announced to acquire Hare Topco Inc, a New York Based specialist in preservation technologies and a category leader in the baking and pharmaceutical segments. The business name of Hare Topco Inc. is Niacet Crop. The acquisition will allow Kerry Group to enhance its leadership position in the fast-growing food protection and preservation market through Niacet’s complementary product portfolio.
In terms of region, the Asia Pacific accounts for a significant share of the market and is anticipated to witness a considerable growth in the forecast period. The thriving pharmaceutical industry in the region, owing to the increasing prevalence of chronic diseases such as cancer, tuberculosis, and diabetes mellitus, among others is anticipated to augment the market. Moreover, the rapid urbanisation and the expansion of major end use industries in countries like India and China are likely to propel the market growth.
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The major players in the global alcohol enzymes market are Biotechnology Research and Information Network AG, Kerry Group Plc., Associated British Foods Plc, BASF SE, Creative Enzymes, Royal DSM, Novozymes, Advanced Enzyme Technologies Ltd., DuPont de Nemours Inc., and Laffort, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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