Agricultural Enzymes Market Projected to Hit 474.7 Million USD by 2022
The North American region dominated the market and accounted for the largest share in the global agricultural enzymes market in 2016. Factors such as a large population, increasing concerns about the environment, awareness about agricultural biotechnology, and application of advanced farming technologies are driving the growth of the agricultural enzymes market in the region.
[USPRwire, Tue Sep 18 2018] Agricultural Enzymes Market worth 474.7 Million USD by 2022
The report "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 grow at a CAGR of 11.2% to reach USD 474.7 million by 2022 in terms of value. The agricultural enzymes market is growing rapidly owing to factors such as cost savings and increasing demand for biofertilizers. The trend towards sustainable industrial agriculture has created opportunities for agricultural enzyme manufacturers to generate significant revenues by developing enhanced and high-quality products for customers.
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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.
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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.
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).