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(MoneyNewsWire.Net, May 17, 2018 ) The agricultural enzymes market is estimated to be valued at USD 279.2 Million in 2017, and is projected to grow at a CAGR of 11.2% from 2017 to 2022. Agricultural enzymes find wide applications in cereals & grains, oilseeds & pulses, fruits & vegetables, and turf & ornamentals. Factors such as cheaper production methods, new application fields, and new enzymes drive the growth of this market.
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The global market, based on type, is segmented into phosphatases, dehydrogenases, proteases, sulfatases, and others (beta-glucosidase, cellulases, and ureases). The demand for agricultural enzymes is expected to increase in the next few years due to the increasing demand for agricultural biological products such as bio-fertilizers, bio-pesticides, and bio-stimulants.
Based on crop type, the global market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and turf & ornamentals. The cereals & grains segment dominated the market owing to its major use in the production of various products and wider availability. The cereals & grains segment accounted for the largest market share in 2016 as cereals are grown in almost all countries.
The agricultural enzymes market, by product type, is segmented into fertility products and growth enhancing products. Soil fertility is the base of all crop yield potential and helps increase yields and profit for the farmers. The fertility products segment dominated the market in 2016 as they help reduce the costs and time period for each developmental stage in the life cycle of the crop.
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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.
Furthermore, Europe is one of the primary consumers of agricultural enzymes globally. The major factor which is driving the growth in the market is the use of green biotechnology which comprise a range of modern plant breeding techniques to enhance their nutrient uptake in agriculture.
The key players in this market include 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). Other players include Agrinos AS (Norway), Stoller USA, Inc. (U.S.), BioWorks, Inc. (U.S.), AgriLife (India), and Monsanto (U.S.). Key players have adopted strategic developments such as new product launches, acquisitions, joint ventures, expansions, collaborations & partnerships, and agreements & investments to capture this emerging market.
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