Hyderabad, March 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Agricultural Enzymes Market - (2023-2028)", the market for agricultural enzymes is expected to register a CAGR of 6.5%. The global agricultural enzyme market is growing. In 2021, there was an increase in the purchase of organic products, driving higher demand for biopesticides and natural fertilizers. Additionally, top-tier market players are investing in R&D activities and running more targeted marketing campaigns which make the market more accessible and appealing.
The Organic Trade Association recorded a growth rate of 8.3% in organic food sales from 2020 to 2021 in the United States, with a 12.8% purchase rate compared to the 4.5% reported in 2020.
What is driving the growth of the Agricultural Enzymes Market?
The rising demand for organic food across the world has increased the demand for agricultural enzymes, along with the growing awareness about the harmful effects of pesticides.
- Organic agricultural enzymes enable the production of certified, high-quality, controlled, and safe food.
- Therefore, they provide high economic and eco-friendly benefits and maintain a healthy ecosystem.
- Furthermore, one of the critical aspects of the growth of the agricultural enzyme market is the increasing health concerns due to a growing number of biochemical poisoning cases worldwide.
- The expanding usage of pesticides leaves food products with their residues, causing severe health problems among people.
- Consumers are becoming more aware of the toxic effects caused by the presence of chemical pesticides in food products.
- The toxicity of chemical pesticides in food commodities can cause hormone disruptions, cancer, and congenital disabilities.
- The rising consumers' awareness about the growing use of pesticides and fertilizers in farm-grown vegetables has led to the expanded adoption of organic food products.
- Enzymes have features that allow them to work in low concentrations, low temperatures, mild pH, and minimal water usage.
- In 2021, owing to the increased use of natural biological products, such as agricultural enzymes, the country's organic food sales grew by about 2%, reaching USD 57.5 billion.
Also, organic vegetables and fruit sales increased by about 4.5% in 2021, reaching more than USD 21 billion, making up a 15% share of the entire segment. Such factors are expected to drive the growth of the agricultural enzymes market over the forecast period.
North America is the largest consumer of Agricultural Enzymes:
Agricultural enzymes are widely consumed in North America, with the United States being a major market. As modern agriculture technology advances, the cost of chemical inputs has risen, along with growing awareness regarding balanced plant nutrition. These are considered significant drivers of agricultural enzyme demand in this region. The use of enzymes is seen as an advantageous alternative to traditional fertilizer due to its non-toxic effect and positive environmental impact.
In August 2022, the United States Department of Agriculture (USDA) launched its new USD 300 million Organic Transition Initiative.
The program is claimed to take concrete steps to build the next generation of organic producers and strengthen organic supply chains. Such programs are expected to expand the use of bio-based inputs, subsequently expanding the market in the country.
Canada is inclining toward bio-based agriculture to strengthen crop productivity and quality at an early growth stage. Despite the obstacles, organic acreage increased by 19% to more than 3.5 million acres or almost 1.5 million hectares.
Who are the key players in the Agricultural Enzymes Market?
The agricultural enzymes market is relatively consolidated, with major players occupying the majority of the share.
- Bayer CropScience AG
- Bioworks Inc.
- Corteva Agriscience
- Syngenta AG
- Stoller USA Inc.
- BASF SE
- Elemental Enzymes
- American Vanguard Corporation
Recent developments in the Agricultural Enzymes Market:
- In September 2022: Creative Enzymes launched Kex2 protease from Saccharomyces cerevisiae recombinant. Due to the increased demand for agricultural enzymes, many players are focusing on numerous product launches to cater to the market demand.
- In June 2021: Corteva Agrisciences partnered with Elemental Enzymes, a life sciences company developing novel biotechnology and enzyme solutions.
- In April 2021: BASF signed an agreement with Sandoz GmbH, a subsidiary of Novartis, to invest at the Kundl/Schaftenau Campus in Austria.
Briefly, the Mordor Intelligence Agricultural Enzymes Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand the Agricultural Enzymes industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/agricultural-enzymes-market
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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