Agricultural Enzymes Market – Overview
The rise in agricultural yield globally is motivated using enzymes that help in enhancing the yield from limited land resources available globally. Reports that appraise the food, beverage, and nutrition industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is expected to harness growth with a CAGR of 7.2 % in the forecast period.
Agricultural Enzymes Market Size is anticipated to reach USD 749.75 Million by 2030, registering a CAGR of 11.3% during 2022-2030
The escalated demand for organic products is expected to encourage the agricultural enzyme market overview in the coming years. The need to ensure high agricultural productivity is expected to be a key motivating factor for the agricultural enzyme market in the forecast period. Moreover, the change in farming patterns is expected to create possibilities for growth in the forecast period.
Segmental Analysis
The segmental evaluation of the agricultural enzyme market is carried out based on type, function, application, and region.
Based on types, the agricultural enzymes market is segmented into proteases, phosphatases, sulfatases, and others. Among all the segments, the phosphatases segment is anticipated to be the fastest increasing segment over the forecasted period.
Based on function, the agricultural enzymes market is segmented into crop protection, fertility, and plant growth regulation. Among all the segments, the fertility segment is leading the agricultural enzyme market.
Based on the application, the agricultural enzymes market is segmented into oil seeds pulses, grains cereals, fruits vegetables, and others. Among the segments, the grains cereals segment is expected to govern the market due to its position as a staple food in many emerging countries.
Based on the regions, the agricultural enzyme market comprises of North America, Europe, Asia Pacific, and rest of the world (RoW).
Detailed Regional Analysis
The regional study of the agricultural enzymes market comprises of North America, Europe, Asia Pacific, and rest of the world (RoW). The North American region is governing the agriculture enzyme market followed by the European region. The U.S. and Canada are the foremost contributors in the North American region for the agricultural enzymes market. Strict government regulations about food safety are motivating the agricultural enzymes market trends in this region. Spain and Germany are the chief suppliers in the agricultural enzymes in the European region’s market. The Asia Pacific region is anticipated to be the fastest rising region for the agricultural enzymes market. The surging agricultural practices in countries such as Japan, India, China, and Indonesia are motivating the growth of agricultural enzymes in this region. In the rest of the world segment, Brazil is expected to account for a major share of agricultural enzymes market.
Competitive Analysis
The upsurge in personal discretionary spending is projected to lead to the development of the market. The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably. The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years. The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth.
Key Players
The major contenders in the agricultural enzymes market are Monsanto Company (U.S.), Syngenta AG (Switzerland), BASF (Germany), Bioworks, Inc. (U.S.), Bayer Cropscience AG (Germany), Novozymes A/S (Denmark), DuPont (U.S.), Koninklijke DSM N.V. (The Netherlands) and AB Enzymes (Germany).
Recent developments:
- Nutrien Ag Solutions announced a collaboration with Elemental in March 2021 and introduced peptide-based bio insecticide on various specialty crops across North America.
- Corteva Agrisciences will collaborate with Elemental Enzymes, a life sciences business creating breakthrough biotechnology and enzyme solutions, in 2021. The firms expanded their multi-year global agreement to include a new bio fungicide for row crops such as cereals, soybeans, corn, rice, oilseeds, and sugarcane, as well as turf and decorative uses.
- Agrinos Group, a privately held technological leader in biological agricultural inputs, was bought by American Vanguard Corporation's major operational subsidiary AMVAC Chemical Corporation in October 2020. Agrinos is a fully integrated biological input supplier with patented technologies, in-house manufacture, and global distribution. Agrinos' agro enzymes product line is expected to assist AMVAC in growing the market.
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