Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828556
The agricultural enzymes market is set for rapid growth over the forecast period. In terms of revenue, the global agricultural enzymes market accounted for USD 350 Million in 2019 and is anticipated to reach around USD 730 Million by 2026, growing at a CAGR of 11.2%.
Global Agricultural Enzymes Market: Overview
Agricultural enzymes unblock the nutrients that are present in the soil by accelerating the chemical reaction. These nutrients are made available to the plant roots. In case, the agricultural enzymes are not used, the nutrients are left in the soil and become unobtainable to the plants. These enzymes are helpful in increasing the quality of plants along with their yield.
Global Agricultural Enzymes Market: Growth Factors
The increasing demand for organic food and the increasing prices of agricultural chemicals has led to the implementation of agro biologicals driving the agricultural enzymes market. The growing health-conscious consumers promoting chemical-free agriculture are increasing the organic food demand. The global demand for food is increasing at a significant rate due to the growing global population coupled with a rapid decrease in arable land in countries that mainly produce crops. To fulfill the global food demand, it is very crucial to increase crop productivity by the use of agricultural enzymes. The rate of photosynthesis increases by around 20% with the use of agricultural enzymes- based on research in 2016 by Carl R. Woese Institute for Genomic Biology. The growing demand to increase crop productivity due to the significant decline in arable land is driving the global agricultural enzymes market. Based on the research conducted by Food & Agricultural Organization, the land under cultivation is reducing significantly and it is anticipated that in the upcoming years this may cause food production distress.
Global Agricultural Enzymes Market: Segmentation
The global agricultural enzymes market is bifurcated into its type, product type, crop type, and regions. Based on the type, the global market is segregated into dehydrogenases, sulfatases, phosphatases, proteases, and others. Based on product type, the market is bifurcated into growth-enhancing products, soil fertility products, and control products. Based on the crop type, the market is bifurcated into fruits & vegetables, oilseeds & pulses, turfs & ornamentals, cereals & grains, and others. Geographically, the global agricultural enzymes market is diversified into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Agricultural Enzymes Market: Regional Analysis
North America region dominated the global agricultural enzymes market in 2019 and is anticipated to continue its dominance in the upcoming years. The dominance of the North America market can be attributed to the implementation of advanced agricultural practices, growing environmental concerns, and increasing awareness regarding biotechnology in the region. Huge amounts of investments are being made by the U.S. to develop technologies for chemical-free products. The Asia Pacific region is anticipated to grow at a significant rate in the forecast period owing to the presence of developing countries such as India and China and government initiatives promoting integrated pest management (IPM).
Global Agricultural Enzymes Market: Competitive Players
Some of the key players in the agricultural enzymes market are Syngenta AG, DuPont, Bioworks, Inc., Bayer AG, Stoller USA, Inc., Deepak Fertilisers, Camson Bio Technologies Limited, Lonza Group, Bioresource International, Inc., Novozymes A/S, BASF SE, Koninklijke DSM N.V., Agri Life, Monsanto Company, AB Enzymes, Aries Agro Limited, Agrinos AS, and Chr. Hansen among others.
Global Agricultural Enzymes Market: Regional Segment Analysis