The global agricultural enzymes market size is expected to reach USD 639.85 million by 2030, according to a new study by Polaris Market Research. The report “Agricultural Enzymes Market Share, Size, Trends, Industry Analysis Report, By Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals, Others); By Enzyme Type; By Product Type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market for agricultural enzymes is becoming more competitive due to consumers’ growing preference for organic food. Development in organic farming, the consumption of organic food, and an improvement in productivity yield from limited arable land are the main variables that are anticipated to be driving the tendency toward agro-biologicals. The product influences microbial activities and nutrient cycling, are significant indicators of the breakdown of organic materials, and supply essential microbial nutrients.
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In addition, rising consumer concern about the health of food containing chemicals will support the industry growth. Because of the various lifestyles, calorie needs, rise in income, and changes in dietary requirements, rising urbanization is one of the critical factors affecting the demand for the product. Most cereal crops use these products to increase output while fertilizing the soil and promoting plant growth. The industry will also be driven by rising biofuel demand, cost-effective new farming techniques, and innovative farming methods.
Additionally, the growing government concerns about the safety of the environment and food are motivating farmers in many regions to switch to bio-based chemicals instead of their conventional chemical counterparts. Over the projected period, these elements will likely propel the industry’s growth.
Significant R&D expenditures by major participants will drive innovation and intensify competition. For instance, in January 2021, Almac Sciences received $2 million in funding from Investment Northern Ireland to advance a program enzyme. Following two rounds of R&D funding funded by Invest NI, the organization previously created a biotechnology infrastructure for enzyme chemistry and biology.
This investment will advance the program to develop the INSIGHT platform (IN Silico Informed metaGenomic Harvesting Technology), designed with investigation from computational, metaproteomics, biology, and chemistry techniques. It was awarded by INI and assisted by the European Regional Development Fund. Due to large R&D expenditures, the industry has seen the debut of numerous innovative products.
Agricultural Enzymes Market Report Highlights
- The growth-enhancing products segment is anticipated to witness healthy growth over the forecast period. When these compounds are applied to crops, they have benefits, including appropriate flowering and improved cell division, which support healthy plant growth. These elements should support segment expansion.
- Oilseeds & pulses accounted for a significant revenue share due to the rising demand for biofuel and vegetable oil. The segment’s expansion is also predicted to be fueled by the consumption of the oilseed in palm kernel, rapeseed, and cottonseed.
- Asia Pacific is expected to grow at a significant CAGR rate over the projected period due to developing nations with economies. Due to its significant agricultural investments, China is anticipated to be the largest share holder over the projection period.
- The global market is highly competitive owing to the existence of prominent industry players with a worldwide presence, including AB Enzymes Inc., Agri Life Corp., BASF SE, Bioworks Inc, DowDuPont Corp, DSM N.V., Greenmax Agro Tech., Novozymes A/S, Stoller USA Inc., and Syngenta AG.
Polaris Market Research has segmented the agricultural enzymes market report based on, crop type, enzyme type, product, and region:
Agricultural Enzymes, Enzyme Type Outlook (Revenue – USD Million, 2018 – 2030)
Agricultural Enzymes, Crop Type Outlook (Revenue – USD Million, 2018 – 2030)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Turf & Ornamentals
Agricultural Enzymes, Product Type Outlook (Revenue – USD Million, 2018 – 2030)
- Fertility Products
- Growth Enhancing Products
- Control Products
Agricultural Enzymes, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa