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Agricultural Enzymes Market Projected to Reach $474.7 Million by 2022, at a CAGR of 11.2%
Agricultural Enzymes Market by Type (Phosphatases, Dehydrogenases, Sulfatases), Product Type (Fertility Products, Growth Enhancing Products), Crop Type (Cereals & Grains, Oilseeds & Pulses, Turf & Ornamentals), and Region - Global Forecast to 2022
The global agricultural enzymes market is projected to reach at USD 474.4 million by 2022 with the CAGR of 11.2% during the forecast period. The market growth is driven by multiple factors such as rise in need for food security for the growing population, advancement in farming practices and technologies, and growing demand for agricultural biologicals. The market is further driven by factors such as increase in demand for biostimulants and biofertilizers for soil amendment, along with increasing organic farming practices, and high opportunities in developing countries.
The years considered for the study are as follows:
- Base year – 2016
- Estimated year – 2017
- Projected year – 2022
- Forecast period – 2017 to 2022
The objectives of the report are as follows:
- To define, segment, and measure the agricultural enzymes market with respect to its type, crop type, product, and region
- To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze opportunities in the market for stakeholders and details of the competitive landscape for market leaders
- Analyzing the demand-side factors based on the impact of macro and microeconomic factors on the market and shifts in demand patterns across different subsegments and regions.
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The cereals & grains segment, by crop type, is projected to dominate the agricultural enzymes market through 2022.
Cereals & grains are the staple diet in several developing countries, especially for the lower-income and rural population. Urbanization is one of the main factors affecting the demand for cereals & grains because of different lifestyles, calorie requirements, rise in income, and change in food requirements. Agricultural enzymes are used for most cereal crops to enhance the yield as they fertilize the soil and enhance plant growth. The global demand for agricultural enzymes is also expected to increase as cereals are grown in almost all countries.
Phosphatases segment dominated the agricultural enzymes market in 2016
The phosphatases segment accounted for the largest share in 2016. Phosphatases are a broad group of enzymes that are capable of catalyzing hydrolysis of esters and anhydrides of phosphoric acid and play a vital role in soil systems. It has the ability to solubilize soil mineral elements.
Fertility segment accounted for the largest market share in 2016
The fertility products segment is projected to grow at the highest rate during the forecast period followed by growth enhancing products. Soil fertility products containing soil enzymes such as proteases, dehydrogenases, ureases, sulfatases, and amylases are important in catalyzing several vital reactions necessary for the life processes of micro-organisms in soils and the stabilization of soil structure.
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Europe: Lucrative market for opportunities for the agricultural enzymes market
In 2016, North America accounted for the largest share of the global agricultural enzymes market. The market in Europe is also projected to grow at a significant CAGR during the forecast period. This region comprises countries such as France, Spain, Germany, Italy, the U.K., and Rest of Europe wherein the Spain is a key producer of various agricultural applications. This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Novozymes A/S (Novozymes BioAg) (Denmark), Syngenta AG (Switzerland), E. I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), and Bayer AG (Germany)
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