Market Overview
Agricultural enzymes are used as catalysts to increase agrarian productivity organically without the use of chemicals. They assist in plant regrowth regulation, enhancing fertility, and provide protection against a variety of pests & diseases. Phosphatases, proteases, sulfatases, and others are some of the most common agricultural enzymes used. The global Agricultural Enzymes type market is anticipated to post a CAGR of 7.2% over the forecast period of 2017-2023, asserts market Research Future (MRFR) in a comprehensive study.
A booming population has created the problem of food scarcity which has prompted the agricultural sector to adopt methods to increase agricultural productivity to alleviate the problem of low agricultural yield. Food enzymes have gained immense commercial significance in the production of grains & cereals, oilseeds & pulses, fruits & vegetables, and others.
Increasing demand for organic food products fuel to elevated levels of health awareness among consumers has been a prime drive behind the growth of the Agricultural Enzymes type market. Consumers are showcasing increased affinity towards products which are free from harmful chemicals and are grown organically which encourages the agricultural sector to adopt organic agricultural practices. Additionally, growing awareness regarding the harmful effects of pesticides and other chemicals have played a significant role in raising the popularity of agricultural enzymes.
Furthermore, major market players are investing considerably in R&D activities which are expected to augment the growth of the market. The global Agricultural Enzymes type market is also expanding in tandem with macro trends such as urbanization and GDP increase. Contrarily, the growth of the market might be constrained by high costs associated with the R&D activities. The production of enzymes has relatively been concentrated in the nations of Denmark, the U.S., Germany, the Netherlands, and China who are also major exporters of agricultural enzymes.
Key Players
The notable players in the global Agricultural Enzymes type market include BASF (Germany), Bayer Cropscience AG (Germany), Koninklijke DSM N.V. (The Netherlands), Bioworks, Inc. (U.S.), DuPont (U.S.), Novozymes A/S (Denmark), Syngenta AG (Switzerland), Monsanto Company (U.S.), and AB Enzymes (Germany).
Market Segmentation:
The global market has been segmented based on type, function, and application.
By type, the global market has been segmented into phosphatases, proteases, sulfatases, and others. The phosphatases segment is likely to register the highest CAGR over the forecast period. Owing to their ability to solubilize soil mineral elements, phosphatases are gaining traction among consumers.
By function, the global Agricultural Enzymes type market has been segmented into fertility, crop protection, and plant growth regulation. The fertility segment is leading the market while the plant growth regulation segment is expected to be the fastest growing segment over the forecast period.
By application, the global Agricultural Enzymes type market has been segmented into grains & cereals, oil seeds & pulses, fruits & vegetables, and others. The grains & cereals segment is likely to dominate the market since they are extensively used to enhance their crop yield and plant growth.
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Regional Analysis
By region, the global Agricultural Enzymes type market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is at the forefront of the global agricultural enzyme market. North America is a frontrunner in the adoption of new enzyme technologies and various companies in the region invest heavily in enzyme related technologies which fosters the growth of the North America Agricultural Enzymes type market.
The US and Canada are the key contributors to the North America market.
Europe follows North America closely in the global Agricultural Enzymes type market. Stringent food safety regulations in the region along with high expenditure in the agriculture sector supports the growth of the market.
The APAC market is spurred by increasing agricultural practices in the region. APAC is marked by the presence of agriculture-dominated economies which induce high demand for agricultural enzymes. India, Indonesia, Japan, and China are the key contributors to the APAC market. Brazil is expected to be a major revenue spot in the RoW market for agricultural enzymes.
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