Global Agricultural Enzymes Market - Segmented by Type, Application, Crop Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
By the year 2023, the global agricultural enzymes market is expected to reach USD 405 million and is expected to register a single digit CAGR during the forecast period, with North America being one of the primary consumers of agricultural enzymes globally. The United States, with its highly evolved agricultural industry and strict environmental regulations, forms the major market for agricultural enzymes. Canada and Mexico are the other two important markets in the region. In Europe, Germany forms one-fifth of the agricultural enzymes market share in the region. Spain, UK, and France are expected to grow as the export-oriented agriculture industry rises. The new and small markets of Europe would provide future growth opportunity in the region.
Popularity of Organic Food Consumption Drives the Market
Growing demand for organic food and natural food, along with the increasing awareness among people about hazardous properties of pesticides have raised the demand of green and naturally sourced agrochemicals over the years. Moreover rising government concerns over food and environment safety in the Asia-Pacific and Latin America has led to many stringent regulations, such as Integrated Pest Management (IPM). Such regulations are forcing the farmers of various regions to adopt bio-based chemicals in place of their conventional chemical counterparts. Organic fruits such as apples, bananas, and strawberries consist of medical benefit such as enhancement of immunity, preventing cancer, and reducing inflammation. These factors are likely to drive the agricultural enzymes market over the forecast period.
By Application, Cereal & Grain Dominates the Market
In several developing countries, cereal & grain is the staple food and increasing urbanization is one of the main factors affecting the demand for cereal & grain 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.
Major Players: BASF, ADISSEO FRANCE, CAMSON BIO TECHNOLOGIES LTD., BUCKMAN LABORATORIES, BIOWORKS INC., ADVANCED ENZYME TECHNOLOGIES, AND SPECIALTY ENZYMES & BIOTECHNOLOGIES , among others.
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To have an understanding of the fastest growing regions in the agricultural enzymes market and their growth trends during the forecast period
The report outlines drives, restraints and trends that are currently affecting the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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