Agricultural Enzymes Market - Growth, Trends, and Forecast (2020 - 2025)
The Global Agricultural Enzymes Market is expected to reach USD 410 million by 2024 and is expected to register a single digit CAGR during the forecast period (2019 - 2024). n Europe, Germany forms one-fifth of the agricultural enzymes market share in the region. The market in Spain, the UK, and France are expected to grow as the export-oriented agriculture industry rises. The new and small markets of Europe would provide future growth opportunity in the region.
Agricultural enzymes act as biological catalysts and find extensive use in agriculture-based biological procedures like - processing of crop and crop residues, silage fermentation and bioprocessing of fibers.
Popularity of Organic Food Consumption Driving the Market
The growing demand for organic food and natural food, along with the increasing awareness among people about hazardous properties of pesticides, has raised the demand of green and naturally sourced agrochemicals over the years. Moreover, the rising government concerns over food and environment safety in Asia-Pacific and Latin America has led to many stringent regulations, such as integrated pest management (IPM). These regulations are forcing the farmers of various regions to adopt bio-based chemicals in place of their conventional chemical counterparts. Organic fruits, such as apples, bananas, and strawberries, have medical benefits, such as enhancement of immunity, preventing cancer, and reducing inflammation. These factors are likely to drive the agricultural enzymes market over the forecast period.
Increasing Enzyme Consumption in North America
North America is one of the primary consumers of agricultural enzymes globally. The United States, with its highly evolved agricultural industry and strict environmental regulations, forms the major market for agricultural enzymes. Canada and Mexico are the other two important markets in the North American region. The increasing urbanization is one of the main factors affecting the demand for the enzymes, this is because of the 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 the plant growth.
In the agricultural enzymes market, companies are adopting various strategies, such as product launches, partnerships, and acquisitions, to gain a larger share in the market. The global enzymes market is a fairlyconsolidated market, with the top companies accounting for more than 35% of the total market.