The global agricultural enzymes market is estimated to garner substantial revenue by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising awareness of organic methods of growing crops, growing agriculture sectors, and increasing inclination toward agro-biologicals owing to higher prices of agro-chemicals. As per the report provided by World Bank, the agriculture sector can be projected to provide food for 9.7 billion people by 2050. Furthermore, the developing global agriculture biochemical industry is also projected to hike the growth of the market over the forecast period. For instance, in 2022, the global agriculture biochemical industry amounted to approximately USD 10 billion which is further forecasted to grow constantly. Higher prices of agro-chemicals also encourage cultivators to choose agro-biochemicals. In 2019, the agrochemical market was valued at almost USD 200 billion and is expected to reach over USD 295 billion over the forecast period. All these factors are anticipated to influence the growth of the market positively over the forecast period.
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The market is segmented by crop type into cereals & grains, fruits & vegetables, pulses & oilseeds, and others, out of which, the cereals & grains segment is anticipated to hold the largest share in the global agricultural market during the forecast period on account of its higher consumption across the globe. Humans need a significant amount of cereals and grains to get ample nutrition. Therefore, cereals and grains are a vital part of the daily diet.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global agricultural enzymes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness remarkable growth over the forecast period on the back of the availability of the larger farms for cultivation. Additionally, growing awareness of climate change, the presence of multiple key players in the market, and the developing agriculture biotechnology are also estimated to boost the growth of the market in the region during the forecast period. The cultivators in North America are more inclined to the utilization of agro-biochemical. According to the data released by the U.S. Department of Agriculture, it was stated that in 2020, 2.02 million farms were available in the USA expanding over the 897 million acres of land.
Furthermore, the Asia Pacific region is also anticipated to provide lucrative opportunities for the growth of the market during the forecast period. The Asia Pacific is the largest cultivator and consumer of the globally consumed grain, rice. For instance, in 2020, more than 200 million tons of rice were produced solely in China. Such factors are anticipated to propel the growth of the market in the regions over the forecast period.
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The global agricultural enzymes market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global agricultural enzymes market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing awareness of organic methods of growing crops, and developing agriculture sectors worldwide are the major factors driving the growth of the agricultural enzymes market.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Adisseo Group, Soufflet Group, GreenMax AgroTech, BioResource International, Inc., Specialty Enzymes & Probiotics, Agrinos India Pvt. Ltd., Hayashibara Co., Ltd, Bioworks Inc, and Stoller USA, Inc.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, crop type, application, and by region.
The cereals & grains segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Presence of the alternative products is estimated to hamper the market growth.
North America region will provide more business opportunities for the growth of the agricultural enzymes market in the future on the back of availability of large cultivating farms.
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