Fort Collins, Colorado, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The Agricultural Enzymes Market size was valued at USD 325.2 Billion in 2022 and is anticipated to reach USD 601.3 Billion by 2032 at a CAGR of 6.4%.
Rising health concerns caused by increasing biochemical poisoning instances globally are one of the essential components of the agricultural enzymes market. The excessive use of pesticides leads to food residues. In addition, consumers are becoming more aware of the harmful effects of using chemical pesticides on food. Food poisoning from chemical pesticides causes hormone disruption, cancer, and birth defects. Increasing consumer awareness about the use of pesticides and fertilizers in garden-grown vegetables has led to the adoption of organic food products.
Sustainable agricultural practices are gaining prominence globally due to concerns about environmental degradation and the depletion of natural resources. Agricultural enzymes contribute to sustainable farming by reducing the reliance on chemical fertilizers and pesticides, promoting organic farming methods, and enhancing overall soil health.
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Segmentation Overview:
The global agricultural enzymes market has been segmented into type, function, and region. The type segment includes phosphates, proteases, dehydrogenases, and others. Based on crop type, the market comprises cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The function segment is bifurcated into soil fertility and growth promoters.
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Agricultural Enzymes Market Report Highlights:
- The global agricultural enzymes market growth is anticipated at a CAGR of 6.4% by 2032.
- The major factors impacting the agricultural enzymes market are the rising demand for organic foods worldwide and increasing awareness about the harmful effects of pesticides.
- Governments worldwide are increasingly focusing on promoting sustainable agricultural practices and environmental conservation. Supportive policies, subsidies, and regulations encouraging environmentally friendly agricultural inputs, including enzymes, act as catalysts for market expansion.
- Due to advanced agriculture and stringent environmental regulations, North America holds a significant share of the agricultural enzymes market. In addition, the United States and Mexico have invested heavily in technology to produce chemicals for agriculture in the region.
- Some prominent agricultural enzyme market players include Sodexo, Aramark, Compass Group, ABM Industries, Ecolab, Mitie, Spotless Group, CBRE Group, Medxcel, and ISS World.
Industry Trends and Insights:
- In 2022, IIT researchers identified a bacterium that converts agricultural waste into industrial enzymes through an eco-friendly and cost-effective process. The bacteria is called as ‘Bacillus sp PM06’ that helps in generating industrial enzymes through agricultural waste. This could be a significant step towards generating ethanol as an alternative fuel source.
- The G20 Summit held in the University of Mumbai in 2023 discussed the prominence of bio enzymes in agriculture and their significance for environmental sustainability.
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Agricultural Enzymes Market Segmentation:
By Type: Phosphates, Proteases, Dehydrogenises, and Others
By Crop Type: Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others
By Function: Soil Fertility, and Growth Promoters
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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