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

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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

South Africa is a developing, young country with a median age of 25.9 years and has a population of 52.98 million. It has a well-developed constitutional democracy. The country has brought economic reforms, which have led to macroeconomic stability and one of the largest stock exchanges in the world. The country has a well-developed transport infrastructure, sound macro conditions and robust financial and legal framework.

South Africa is among the top developing nations but faces problems such as skills deficit, poor labor relations, lack of electricity, violent crime, corruption, unemployment rate and immigration laws. In order to attract foreign investors, the government has initiated simple tax rules, investment incentives, protection of intellectual rights, and better regulatory policies through foreign investment grant, skills support program, the Protection of Investment Act, and the strategic industrial project programs. South Africa has great potential for foreign investors as it is largely a free market economy, has a transparent regulatory framework, a large population, access to raw materials and political stability.

The country is the third largest FDI recipient in Africa with most of it going to the telecommunications sector. The government is taking steps to curb the unemployment rate and provide continuous electricity. It has a large English-speaking population and hence is a popular choice for foreign investment.

 

Component Name

Unit

GDP (USD billion)

313

GDP Annual Growth Rate

0.6

GDP Per Capita

7575

Unemployment Rate

26.6

Wages

1246.64

Inflation Rate

5.9

Consumer Price Index (CPI)

123

Interest Rate

7

Loans to Private Sector (USD billion)

219.536

Balance of Trade (USD billion)

0.591

Business Confidence

42

Manufacturing PMI (Index Points)

49.5 Index Points

Ease of Doing Business

73

Competitiveness Rank

47

Corruption Rank

61

Consumer Confidence

-11

Consumer Spending (USD billion)

128.347

Bank Lending Rate (Consumers)

10.5

Corporate Tax Rate

28

Sales Tax Rate

14

 

The Market Entry Series

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