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Agricultural Enzymes Market is Projected to Cross USD 475 Million by 2022

Published on: Thursday 27th July 2017

India is an agricultural country. India’s 70% population is dependent on farming industry for their livelihood. After the green revolution in late 60’s, Farming Industry has undergone many changes that made it capable of feeding more than 1 Billion people in a country today. 

Agricultural enzymes are being used in a farming nowadays to have a manifold increase in agro-yield. Agricultural enzymes are nothing but biological catalysts used extensively in agricultural based biological processing. These processes could be enzyme-assisted silage fermentation, processing of crops and crop residues, bioprocessing of fibres and production of many animal feed supplements. Due to such reasons, the global market for agricultural enzymes is expected to cross a turnover of USD 474.7 million at a compound annual growth rate (CAGR) of 11.2% by 2022. Farmers do not refrain themselves from buying these products because of cost-effectiveness and increasing demand for biofertilizers. The increasing trend of sustainable industrial agriculture has also driven the industry and created opportunities for agro-enzymes manufacturers to generate significant revenues by developing enhanced and best-in-class products for customers.

Agricultural enzymes market is segmented on a different basis. Out of which, by crop type, cereals and grains segment is expected to dominate the market throughout the forecast period from 2016 to 2022. In developing (emerging) countries, cereals and grains are the staple diet. Also, the fast-paced urbanisation in such countries has increased the demand. Hence, in such condition, farmers are left with no option but to increase the yield at low cost so as to have a huge profit. Agricultural enzymes help them achieve this target. Though government policies are creating problems in the circulation of these products, hopefully, this problem will be overcome in the next forecast period. Due to their versatile nature, the phosphate segment dominated the global agricultural enzymes market in 2016. Similarly, soil fertility segment in the vertical is expected to grow at a fast pace during the forecast period. 

Global agricultural enzymes market is also segmented on the basis of demographics. During the last forecast period, Europe has proved to be the most lucrative market with full of opportunities for investors and buyers both. In 2016, North America accounted for the largest share of the global agricultural enzymes market. European countries such as France, Spain, Germany, Italy & U.K are also projected to have a significant growth at consistent CAGR during the next forecast period. Emerging countries such as India are still facing some issues which are refraining people from buying the agro-enzymes. Hopefully, in next forecast period, these obstacles will be overcome.

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