The growing incidence of consumption of organic food with the ever-increasing population is driving the demand for the market.
— The Global Agricultural Enzymes Market is projected to reach USD 1.15 billion by 2027. The sector is expected to be powered by increasing food security needs due to rapid population growth, developments in farming technology, and increased demand for chemical-free goods. Companies are developing advanced techniques for storing water and energy-saving agricultural enzymes. The rising trend in organic farming and increased demand for organic food play a critical role in raising demand for agricultural enzymes from the consumers. Another factor expected to fuel the development of the global market for agricultural enzymes is the increase in production yield patterns in the urban area.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic. Over a couple of months, this crisis has had a direct impact on the enzyme development rates as the chemical manufacturing units have been disrupted. Also, the disturbances in the regular supply chain have caused the companies to create new supply chains that are more expensive and takes a lot more time to satisfy the need for catalysts in different areas of chemical industry, seeing an unprecedented degree of activity associated with pharmaceuticals and biotechnology.
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Companies considered and profiled in this market study
Novozymes A/S, Syngenta AG, BASF SE, Agrinos as, Stoller USA Inc., Bioworks, Inc., Agri Life, Bayer Cropscience AG, Monsanto Company, Koninklijke DSM N.V., E. I. Du Pont De Nemours and Company, AB Enzymes, Deepak Fertilisers, Petrochemicals Corporation Limited, Aries Agro Limited and Camson Bio Technologies Limited, among others are leading players involved on the global agricultural enzyme market.
For the purpose of this study, Reports and Data have segmented the agricultural enzymes market on the basis of enzyme type, crop type, application, and region:
Enzyme Type Outlook (Revenue, USD Billion; 2017-2027)
Crop Type Outlook (Revenue, USD Billion; 2017-2027)
• Cereals and Grains
• Oilseeds and Pulses
• Fruits and Vegetables
• Turf and Ornamentals
Application Outlook (Revenue, USD Billion; 2017-2027)
• Crop Fertility
• Crop Growth Enhancing
• Crop Control
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Further key findings from the report suggest
• The primary growth of the market comes from the usage of agricultural enzymes in the soil that are used as the soil fertility indicator, owing to their resilience and quick action to soil control than the soil variables.
• The growth of the global market for agricultural enzymes propelled by main factors such as increasing food security needs due to rapid population growth, developments in farming technology, and growing demand for chemical-free goods. Companies are designing cutting-edge technologies for processing agricultural enzymes that conserve water and energy.
• In recent years, all of the major market players have invested heavily in R&D initiatives, contributing to the invention of several innovative products. Major players aim to enhance their product portfolio by strategic mergers and acquisitions of small and medium-scale companies. In the coming years, therefore, an intense rivalry among players is expected.
• In January 2017, Monsanto collaborated with Novozymes A/S (Denmark) to create the BioAg Partnership. This coalition produced a new drug called the Acceleron B-300 SAT that improves and enhances plant nutrient absorption.
• In March 2019, Kemin Industries entered into a strategic collaboration with the partnering China-based company CRVAB Bio-Technology Ltd to expand its production globally through the technological exchange of fermentation and production capacities.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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