Market Overview:
With growing food demand keeping pace with rising global population, climate change, adoption of modern farming practices, and efficiency in agriculture production, the agriculture enzymes market is growing at an incremental pace of development on the global stage. In addition to the increasing population resulting in growing demand for food, there have been initiatives to augment crop production, increase soil efficiency, bring efficiency in land use, and high-quality yield are expected to drive the agricultural enzymes market. Increased awareness about the agriculture enzymes due to programs to train farmers and create awareness on modern agricultural practices. Government has been taking initiatives and fund programs to strengthen economic development by training farmers, providing extension services in rural agricultural areas, training in underserved communities with marketable job skills, offer small businesses and micro-enterprises with greater market access, and working closely with city governments to implement green technologies. Therefore, increasing awareness among the farmers is adding fuel to the growth of the market and has raised the bar for quality, which, in turn, increases the market share of agriculture enzymes globally.
Also, the growing trend of organic products among the growing health conscious population is intensifying the market for agricultural enzymes. The rising demand for bio-fuel is likely to contribute to the growth of agricultural enzymes market. However, high R&D cost associated with agricultural enzymes and government regulations may hamper the growth of the market.
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Major market dispersion is leading to the introduction of new products and their retail across various regions. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has fuelled up the share of agriculture enzymes in the global market. All such factors have opened up new market opportunities for industrial players to tap the unexplored market horizons. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Traditional farming, conventional farming equipment and practices have reached their limits of effectiveness to increase agricultural yield. With monumental challenges in form of increasing food demand coupled with shrinking farmland, mounting labor costs and shortage of labor force, it becomes imperative to address such problems in agricultural sector and take necessary measures to improve the quantity and quality of agricultural produce.
Competitive Analysis:
Agriculture Enzymes market offers huge growth opportunities for the industrial players. The market is fragmented and marked by the presence of several large and small-scale vendors. The market participants are extensively investing in research and development owing to improve the efficiency of agricultural enzymes. Cost efficiency is also a major driver driving the growth of the market. Industry players are acquiring small players in the market and collaborating with distributors to meet the global demand. With the increasing demand for agricultural products, the demand for Agriculture Enzymes as a potential crop protectant is experiencing a surge.
Strategic product launches and innovations in the existing product line is the key strategy followed by the manufacturers to create product differentiation among their product offerings. Huge investments in R&D sector are also adding fuel to this market based on the quality product launch which helps the players in promoting their product. Government certification and approval also plays a very significant role to mark their significance on a global level.
The key market players profiled in agriculture enzymes market report 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.), and AB Enzymes (Germany) among many others.
Latest Industry Updates:
December 2017, DowDuPont invested in its Kauai operations under which the company plans to expand its Hawaii research activities and increasing staffing on island by as much as 50 percent.
September 2015, Bayer CropScience LP and Elemental Enzymes Ag and Turf LLC collaborated with an aim to improve crop productivity. The research initiative was built on their respective innovation expertise, the two companies looked to create breakthrough technologies that will enhance agricultural sustainability and help meet the challenge of feeding a growing world population.
Market Segments:
The global Agriculture Enzymes market has been divided into function, type, application, and region.
On The Basis Of Function: Fertility, Crop Protection, and Plant Growth Regulation
On The Basis Of Type: Phosphatases, Proteases, Sulfatases, and Others
On The Basis of Application: Grains & Cereals, Oil seeds & Pulses, Fruits & Vegetables, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
The global Agriculture Enzymes market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Agriculture Enzymes market is highly dominated by North America followed by Europe. The U.S. and Canada are the major contributors in North America for agricultural enzymes market. In Europe, Spain and Germany are the major contributors of agricultural enzymes. Asia-Pacific market is the fastest growing market for Agriculture Enzymes due to its major use in agricultural application. India, China, Japan and Indonesia are the largest country-level Agriculture Enzymes markets in the Asia-Pacific region in 2016. In rest of the world, Brazil is anticipated to account the major share of agricultural enzymes market.
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