Novozymes is planning to bolster its research and development budget for products aimed at the biofuel and agriculture sectors, said incoming CEO Peder Holk Nielsen. Novozymes, which accounts for 47% of the world's market for industrial enzymes, invested $265.8 million, or 14% of its revenue, on R&D in 2012, Nielsen said. In comparison, its biggest rival, DuPont, which holds 21% of the market, spent $2.1 billion on R&D, or 5.9% of its revenue.

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