Agriculture Enzymes boost up the process and unlock the nutrients from the soil to the roots of plants. The addition of agricultural enzymes in the feed facilitates increased plant yield and quality. The Global Agricultural Enzymes Market was valued at USD 289.6 Million in 2020. The market is estimated to reach USD 564.46 Million by 2028, growing at a CAGR of 8.7%
- According to the statistics of the Food and Agriculture Organization (FAO), the global population is likely to reach 10 billion by 2050. This will lead to an increase in growth of over 50% in agriculture which means more yield will be required, and therefore, agricultural enzymes are going to play an important role in increasing yield and meeting this demand in a sustainable way.
- Core factors such as an increase in food security requirements owing to fast population expansion in agriculture, advanced agriculture technology, and increased demand for chemical-free goods drive the worldwide market growth in agricultural enzymes.
- Huge R&D investments by key market players will fuel innovation in the market-leading to intense competition. In the industry several new product launches have been experienced owing to significant investments in R&D. For instance, Novozymes the company in Denmark, launched Avantec Amp, an enzyme that increases crop yield.
Agricultural Enzymes Market is slated to record notable gains through 2028, driven by the growing demand for the consumption of organic food. Some other pivotal factors driving the market growth are rising inclination toward agro-biologicals, substantial growth in organic farming, and surge in the production yield from limited arable land.
Key Market Players
Major market players of agriculture enzymes are Agrion’s Inc., Novozymes, Agri Life, Stroller Inc., Bioworks Inc., Greenmax Agro Tech, Deepak Fertilizers, and Petrochemicals Corporation Ltd., Syngenta AG, Aries Agro Ltd, and Camson Bio Technologies Ltd., among others.
North America is anticipated to dominate the global Agricultural Enzymes Market because of the high presence of organic farming and precision farming culture. The U.S. and Mexico invest enormously in technology to supply products without chemicals for agriculture. These are the most elements that will drive the expansion of the region's agricultural enzyme business. North America's biggest market share stems from growing environmental concerns, understanding of agriculture biotechnology, and therefore, the use of advanced farming technologies that drive growth within the area.