Market Entry-Agricultural enzymes Industry in Russia: Analysis of Growth, Trends and Progress (2020 - 2025)

About the Market

Technological advancements have boosted the manufacturing capacity and application of agricultural enzymes such as invent of phytases (enhances the nutritional contents of food grains) and silage fermentation. Over the years, growing demand for natural and organic food, coupled with rising awareness towards hazardous properties of pesticides and other chemicals used in agriculture have elevated the need of green and naturally sourced agrochemicals. Moreover, government concern over food and environment safety in the Asia-Pacific and Latin America regions, have led to many stringent regulations – such as integrated pest management (IPM); forcing farmers to adopt bio-based chemicals in place of conventional chemicals. This trend is expected to increase the demand for agricultural enzymes in coming years. The developed nations hold major market share while the developing countries show speedy growth. Favorable foreign investment policies and the push for sustainable agriculture are the major drivers of the industry. Some of the leading players operating in the global agricultural enzymes market include Novozymes A/S, Agrinos Inc., Agri-Life., Stoller Usa Inc., Bioworks Inc., Syngenta AG, Aries Agro Ltd., Greenmax Agro Tech., and Camson Bio Technologies Limited.

About the Geography

Russia is the largest country in terms of area and has a democratic government with a very strong president. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, has seen diminishing growth rates since then due to exhaustion of Russia’s commodity-based growth model.

Russia is seeking to develop in an adverse political and economic environment. The government is trying to transition from an economy based on oil and raw material extraction to an economy based on technology. To achieve this, continual improvement of the attractiveness of investment in Russia remains one of the government’s key strategies. As a part of this, they have created special economic zones, ‘advanced development’ territories, and developed tax incentive systems.

The Russian economy is going through a difficult period with international sanctions, drop in oil prices and other limitations. The major challenges for doing business include the vastness of the country, which means different levels of economic and social factors, high levels of corruption and extreme climatic conditions. The Russian economy is trying to get rid of inefficiencies at all levels including government spending and there is an enormous push for localization of production to diversify the economy.

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