Based on crop type, the agricultural enzymes market has been segmented into oilseeds & pulses, fruits & vegetables, cereals & grains and others. Among these segments, the cereal & grains segment is estimated to dominate the overall market of the agricultural enzymes by the end of 2023. This can be attributed to rising demand for cereal & grains due to urbanization and different food requirements. Further, changing lifestyle and rising income are some of the factors behind the growth of the agricultural enzymes market.
The global market for the agricultural enzymes was valued at USD 5.0 Billion in 2015 and is further expected to flourish at a compound annual growth rate of around 6% between the period 2016 and 2023. Factors such as high investments in bio-technology sector, increasing global population and increase in production yield from the land that can be used for cultivation are estimated to boom the agricultural enzymes market by noteworthy revenue by the end of 2023.
In the regional segment, North America represented the largest market for agricultural enzymes in 2015 in terms of revenue and is expected to continue its dominance over the forecast period owing to increasing awareness of organic farming and growing agricultural industry. Apart from this, rising number of farmers and reduced chemical usage in the growing of crops is expected to be major factor for North America agricultural enzymes market growth. Followed by North America, Europe stood at second position in agricultural enzymes market in the year 2015. Further, Asia Pacific is currently at a nascent stage and is anticipated to come-up as a new market for enzyme due to the government incentives which include exemption on agricultural tax to those companies that are producing organic farm products.
Growing Demand for High Quality Agricultural Products
The trend towards sustainable industrial development with less waste and less carbon dioxide (CO2), rising demand for chemicals, and emerging advanced technologies is escalating the growth of agricultural enzymes market all across the globe. Factors such as modern farming practices and demand for high quality agricultural products are expected to benefit the expansion of agricultural enzymes market.
However, the enzyme safety and quality assurance regulations are likely to inhibit the growth of the agricultural enzymes market in the near future.
The report titled “Agricultural Enzymes Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the agricultural enzymes market in terms of market segmentation by type, crop type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the agricultural enzymes market which includes company profiling of Camson Bio Technologies Ltd., Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL), Adisseo France S.A.S, Novozymes A/S, Soufflet Group, Greenmax Agro Tech, BioResource International Inc. (BRI), Agrinos Inc., Verenium Corporation and Aries Agro Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the agricultural enzymes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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