Agricultural Enzymes Market Forecast:
Agricultural Enzymes market is projected to reach USD 0.7 billion by 2032 at a CAGR of 11.30% forecast period 2023-2032.
Agricultural enzymes are the necessary bioactive proteins in preserving soil health and its environment. When agricultural enzymes are applied to the soil, billions of chemical reactions begin to take place immediately. In the process they detoxify soils that have been poisoned by excessive applications of chemical fertilizers, herbicides, and pesticides, neutralize both acid and alkaline soils, loosen heavy clay soils, and even penetrate hardpan. Most commonly used agricultural enzymes include phosphatases, proteases, sulfatases and others.
Agricultural enzymes help in improving fertility, crop protection, and plant growth regulation. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the agricultural enzymes market. Moreover, rising demand for natural and organic food followed by increasing awareness towards hazardous properties of pesticides and other chemicals used in agricultural have raised the demand for agricultural enzymes over past few years.
Growing acceptance of modern farming is adding fuel to the growth of agricultural enzymes market. Owing to improving the efficiency of agricultural enzymes, major players are investing in research and development which is further boosting the growth of global agricultural enzymes market. Cost efficiency is another driver driving the growth of the market. However, the uncertain regulatory environment may hamper the growth of the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 11.30% of agricultural enzymes market during the forecast period 2023-2032.
Downstream analysis:
On the basis of type, agricultural enzymes market is segmented into phosphatases, proteases, sulfatases, and others. Among all, the phosphatases segment is anticipated to be the fasting growing segment over the forecasted period. Phosphatases have an ability to solubilize soil mineral elements.
Based on the function, agricultural enzymes market is segmented into fertility, crop protection, and plant growth regulation. Among all, the fertility segment is dominating the market. However, the plant growth regulation segment is projected to grow substantially over the forecast period.On the basis of application, agricultural enzymes market is segmented into grains & cereals, oil seeds & pulses, fruits & vegetables and others. Among all, the grains & cereals segment is projected to dominate the market. Agricultural enzymes are used for most of the cereal crops to enhance their yield as they fertilize the soil and enhance plant growth.
Competitive analysis
The major players in the agricultural enzymes market
- Bayer Cropscience AG (Germany)
- Monsanto Company (U.S.)
- DuPont (U.S.)
- Syngenta AG (Switzerland)
- BASF (Germany)
- Novozymes A/S (Denmark)
- Koninklijke DSM N.V. (The Netherlands)
Regional Analysis:
The global agricultural enzymes market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is accounted to hold the highest share of agricultural enzymes. Europe is estimated to have a moderate expansion in market share of agricultural enzymes over the estimated period. Asia Pacific is witnessed to be the fastest growing region in agricultural enzymes market. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of agricultural enzymes in this region. Latin America is anticipated to gain a moderate growth rate over the estimated period.
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