New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Enzymes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06290938/?utm_source=GNW
However, the initial supply disruptions across the world had a negative impact on the market during the initial months of 2020.
The agricultural enzymes have gained extensive acceptance in the farming sector. The factors driving the agriculture enzyme market are the growing demand for organic food, increasing adoption of biological agricultural products, and increased R&D and market strategies by key players. In addition, the global rise in the need for food safety is due to the rapid increase in population, developments in farming technologies, and the increasing demand for chemical-free products. Also, the increased inclination toward agro-biologicals, significant growth in organic farming, and the rise in the production yield from limited arable land are other factors that affect the global rise in the need for food safety. Thus, the agricultural enzyme industry will record significant gains by 2027.
North America holds a significant share in the market worldwide during the forecast period due to the increasing consumer inclination toward consuming organic foods which makes farmers to swtich to chemical free/safe pesticides usage. Furthermore, the cereals and grains segments dominate the market due to the higher organic production propelled by its wider application in various industries in the North American region. In 2019, the Organic Trade Association set up a project, "Organic Agronomy Training Series (OATS)", to encourage and educate the producer regarding organic farming practices.
Key Market Trends
Growing Demand For Organic Food
The rising demand for organic food worldwide, along with the growing awareness among people about the unsafe properties of pesticides, has increased the demand for agricultural enzymes over the years. Organic agricultural enzymes enable the production of certified, high-quality, controlled, and safe food. Therefore, it provides high economic and environmentally friendly benefits and preserves a healthy ecosystem. Furthermore, one of the key aspects of the growth in the agricultural enzyme market is the increasing health concerns due to a growing number of biochemical poisoning cases worldwide. It substitutes as a driver in organic food. Consumers are becoming more health-conscious due to 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’ knowledge about the growing use of pesticides and fertilizers in farm-grown vegetables has led to the expanded adoption of organic food products. According to a report by the Organic Trade Association in 2019, organic food products accounted for sales of 90% of the overall organic product industry. Enzymes have features that allow them to work in low concentrations, low temperatures, mild pH, and minimal water usage. Enzymes are a popular option in organic and sustainable farming since they are biodegradable. Additionally, in 2021, organic food sales grew about 2% to reach USD 57.5 billion due to the increased use of natural biological products, such as agricultural enzymes. This compares to a 12.8% growth rate in 2020 and a 4.6% increase in 2019. Also, the sales of organic vegetables and fruits increased about 4.5% in 2021 to reach more than USD 21 billion, making up a 15% share of the total segment. These factors are expected to drive the agricultural enzymes market over the forecast period.
Higher Consumption of Agriculture Enzymes in North America
North America is one of the primary consumers of agricultural enzymes globally. The United States is one of the major markets for agricultural enzymes in North America. The country is highly evolved in adopting modern technologies in the agriculture sector. The increasing cost of chemical inputs, their adverse effect on soil mass and environment, and the increasing awareness regarding balanced plant nutrition are driving the market demand for agricultural enzymes in this country. The US Department of Agriculture launched a National Organic Program in 2017 to certify farmland for the growers that were in the process of switching to organic. 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. The Canadian agricultural enzymes market is growing in terms of demand generation, given the increase in agricultural land size, improved investment in the agriculture sector, and government support. The Canadian organic sector witnessed disruptions in 2020 as there was a national lockdown during the growing season, causing global disruptions. Despite the obstacles, organic acreage increased by 19% to more than 3.5 million acres or almost 1.5 million hectares.
Competitive Landscape
The agricultural enzymes market is relatively consolidated, with major players occupying a share of 43.9% and others accounting for 56.1% of the total shares. Bayer CropScience, BASF SE, Corteva Agriscience, Stoller USA Inc., and Syngenta AG are the key players in the market studied. The companies looking for various strategic activities such as product innovation, expansion, partnership, and merger and acquisition. The players are partnering with other companies to build a strong presence in the market while doing research collaboratively.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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