Global Agricultural Enzymes Market Overview
Agricultural enzymes are the biological catalysts that are used extensively in agricultural based biotechnological processing, such as enzyme-assisted silage fermentation, processing of crops and crop residues, bio-processing of fibers, and production of many animal feed supplements. The agricultural enzyme market is growing due to high investments in bio-technology sector, increasing global population and increase in production yield from the land that can be used for cultivation. Agricultural enzyme are increasingly being used due their property of gene shuffling and direct evolution, which even makes them suitable for the purpose of customer based applications.
Market Size and Forecast
The global agricultural enzymes market was valued at USD 5.0 billion in 2015 and is expected to expand at a rate of CAGR 6% between 2016 and 2023.
North America dominated the global agricultural enzymes market in 2015 in terms of revenue followed by it Europe stood at second position in the same year. North America will continue to dominate the market during the forecast period due to the increased awareness of organic farming and growing agricultural industry.
Fig: Global Agricultural Enzyme Market by Region, 2016
Source: Research Nester
Apart from this, rising number of farmers and reduced chemical usage in the growing of crops is expected to be major factor for North America agricultural enzymes market growth. Asia Pacific is currently at a nascent stage and is anticipated to come-up as a new market for enzyme due to the government incentives which include exemption on agricultural tax to those companies that are producing organic farm products.
Our in-depth analysis segmented the Global Agricultural Enzymes market includes:
By Crop Type covered
Global Agricultural Enzyme Market can further be classified on the following bases:
Growth Drivers and Challenges
The industry across the globe is witnessing the growth in enzymes market due to the modern farming practices and the demand for high quality agricultural products. Moreover, the agricultural enzymes are also used to reduce the wastage, thus propelling the global enzyme market. The trend towards sustainable industrial development with less waste and less carbon dioxide (CO2), rising demand for chemicals, and emerging advanced technologies is escalating the growth of agricultural enzymes market all across the globe. Furthermore, the growing demand of processed food, rising demand for renewable energy sources such as bio-fuel has pushed the enzymes market to a global level. The cheap production method coupled with the new and diverse applications such as phytases usage for efficiency improvement are expected to increase the global enzymes market in the next few years. However, on the other hand, the enzyme safety and quality assurance regulations are expected to hinder agricultural enzymes market growth.
The key players of the Global Agricultural Enzymes market are as follows:
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