Agricultural enzymes help in improving fertility, crop protection, and plant growth regulation. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the agricultural enzymes market. Moreover, rising demand for natural and organic food followed by increasing awareness towards hazardous properties of pesticides and other chemicals used in agricultural have raised the demand for agricultural enzymes over past few years.
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Agricultural enzymes are the necessary bioactive proteins in preserving soil health and its environment. When agricultural enzymes are applied to the soil, billions of chemical reactions begin to take place immediately. In the process they detoxify soils that have been poisoned by excessive applications of chemical fertilizers, herbicides, and pesticides, neutralize both acid and alkaline soils, loosen heavy clay soils, and even penetrate hardpan. Most commonly used agricultural enzymes include phosphatases, proteases, sulfatases and others.
Growing acceptance of modern farming is adding fuel to the growth of agricultural enzymes market. Owing to improving the efficiency of agricultural enzymes, major players are investing in research and development which is further boosting the growth of global agricultural enzymes market. Cost efficiency is another driver driving the growth of the market. However, the uncertain regulatory environment may hamper the growth of the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 7.2% of agricultural enzymes market during the forecast period 2017-2023.
Top Key Players:
Some of the key players profiled in the global agricultural enzymes market are Bayer Cropscience AG (Germany), Monsanto Company (U.S.), DuPont (U.S.), Syngenta AG (Switzerland), BASF (Germany), Novozymes A/S (Denmark), Koninklijke DSM N.V. (The Netherlands), Bioworks, Inc. (U.S.), AB Enzymes (Germany).
Agricultural enzymes market is segmented on the basis of types such as phosphatases, proteases, sulfatases and others. Among all, the phosphatases are anticipated to be the fasting growing segment over the forecasted period. Phosphatases are capable of catalyzing the hydrolysis of esters and anhydrides of phosphoric acid and play a vital role in soil systems.
The global agricultural enzymes market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is accounted to hold the highest share of agricultural enzymes. Europe is estimated to have a moderate expansion in the market share of agricultural enzymes over the estimated period.
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