The global agricultural enzymes market is expected to reach USD 671.4 million by 2025, according to a new report by Grand View Research, Inc. The increase in the consumption of organic food has been a major driving factor for the global industry growth. In addition, the rising usage of bio-products in the agricultural industry is also anticipated to be a major boost for the market.
Agricultural enzymes are biodegradable proteins used for enhancing the crop growth. Some of its other major application are crop protection against insects, pest & diseases, enhancing soil fertility, and decomposition of agricultural wastes. Such inherent advantages of the product are expected to benefit the market.
Cereals & grains crop type is anticipated to have the fastest growth rate over the next eight years. It is estimated to grow at a CAGR of 12.4% from 2017 to 2025. The enzymes added in cereals and grains have the ability to remove bran and germs from the crop. Exogenous is one such enzyme which provides an aid to maintain the quality of harvest and facilitate nutrient loss prevention. These factors are projected to propel the cereals & grains segment growth over the next eight years.
Further key findings from the report suggest:
- The global agricultural enzymes market was valued at USD 246.9 million in 2016 and is expected to grow at a CAGR of 11.8% from 2017 to 2025
- Crop fertility was the largest product type segment in 2016 and is anticipated to hold over 40% of the market by 2025. Agriculture enzymes present in the soil are used as the index of soil fertility, owing to the fact that they are sensitive and respond to the soil management hastily than soil variables.
- Growing population across the globe coupled with pressure for increasing productivity in agricultural industry is favoring the segment growth
- Phosphatases were the largest enzyme type segment in 2016. It is produced by many organisms present in the soil and has the ability to solubilize soil mineral elements. Owing to aforementioned properties it is expected to follow the same trend.
- North America was the largest market with over 31% of the market share in 2016. The demand in the region is rising owing to growing demand for food processing and high focus on biotechnology.
- Asia Pacific is expected to be the fastest-growing region over the forecast period. Increasing investment in the research and development activities in the nation towards diverse farming practice is expected to drive the industry.
- Major industry participants include Novozymes, Syngenta, BASF, Creative Enzymes, Afrizymes, Specialty Enzymes & Biotechnologies, American Biosystems, Inc, Cypher Environmental, Aum Enzymes and Enzymes India Pvt. Ltd.