Global agricultural enzymes market to grow at 7.0% CAGR by 2018

Date:05-08-2014

The report “Agricultural Enzymes Market by Type, by Application, by Crop Type, & by Geography - Global Trends & Forecast to 2018” shows that the global market value for agricultural enzymes is expected to grow at a CAGR of 7.0% by 2018, with the highest growth projected to be observed in the Asia-Pacific region. The North American market topped the consumption chart of the global agricultural enzymes industry, accounting for around 31.0% of the total share in 2012.

The global agricultural enzymes market was dominated by North America in 2012. Focus on mass production, high crop productivity, large farms and cooperatives, and advanced farming technologies have spurred the demand for agricultural enzymes here. Europe was the second largest market for agricultural enzymes in 2012. Asia-Pacific ranks third, with increasing awareness among people and government efforts. This region is witnessing the use of new agricultural methods such as agricultural biotechnology. These are the key drivers that act as a catalyst for the growth of both, the development and application segments of agricultural enzymes in the market. ROW occupies the smallest share in the market, but has a unique opportunity, lately seen in Sub-Saharan Africa. This is because as the economy develops here, a demand will be created for fertilizer products, and therefore, for agricultural enzymes.

Agricultural enzymes are used in a wide range of agro-biotechnological processes, such as enzyme-assisted silage fermentation, bioprocessing of crops and crop residues, fiber processing, and production of feed supplements to improve feed efficiency. Advanced applications, which include the use of phytases to improve the efficiency of nutrient utilization and to reduce waste, are a rapidly growing sector. The agricultural enzymes market and a number of competitive enzyme-based processes are growing rapidly because of cheaper production methods, new application fields, and new enzymes. The possibility of intensely changing enzyme properties by direct evolution and gene shuffling makes it possible to use enzymes that are specifically tailored to their application and process conditions. Enzyme technology is close to a major breakthrough, owing to many factors ranging from simple cost savings, the strongly increasing demand for chemicals, the trend towards sustainable industrial development (less waste, less CO2), and the opportunities created by emerging technologies.

Agricultural enzymes are being used continuously in various industries. The global demand for agricultural enzymes is driven by multiple factors such as the increasing demand for processed food, raising need for biofuel, biotechnological expansion, and the cost-efficiency of these enzymes. The global agricultural enzymes market is driven by significant investments in research and development. An increase in the per capita income of consumers in developed as well as emerging economies has catapulted the demand for food production. This increasing demand has caused a hike in the demand for agricultural enzymes. Due to rising sales, key players in the agricultural enzymes industry are making significant investments in the research and development.

The key players in the agricultural enzymes market include Agrinos Inc. (Norway), Novozymes A/S (Denmark), Stoller Inc. (USA), Agri Life (India), Deepak Fertilizers and Petrochemicals Corporation Ltd. (DFPCL) (India), Bioworks Inc. (U.S.), Greenmax Agro Tech (India), Syngenta AG (Switzerland), Camson Bio Technologies Ltd. (India), and Aries Agro Ltd. (India).