Agricultural Enzymes Market size was over USD 547.1 million in 2023 and is anticipated to reach USD 1.63 billion by 2036, growing at around 8.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of agricultural enzymes is estimated at USD 585.62 million.
The growth of the market can be attributed to the rising awareness of organic methods of growing crops, growing agriculture sectors, and increasing inclination toward agro-biologicals owing to higher prices of agro-chemicals. As per the report provided by World Bank, the agriculture sector can be projected to provide food for 9.7 billion people by 2050. Furthermore, the developing global agriculture biochemical industry is also projected to hike the growth of the market over the forecast period. For instance, in 2022, the global agriculture biochemical industry amounted to approximately USD 10 billion which is further forecasted to grow constantly. Higher prices of agro-chemicals also encourage cultivators to choose agro-biochemicals. In 2019, the agrochemical market was valued at almost USD 200 billion and is expected to reach over USD 295 billion over the forecast period. All these factors are anticipated to influence the growth of the market positively over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
8.8% |
|
Base Year Market Size (2023) |
USD 547.1 million |
|
Forecast Year Market Size (2036) |
USD 1.63 billion |
|
Regional Scope |
|
The market is segmented by crop type into cereals & grains, fruits & vegetables, pulses & oilseeds, and others, out of which, the cereals & grains segment is anticipated to hold the largest share in the global agricultural market during the forecast period on account of its higher consumption across the globe. Humans need a significant amount of cereals and grains to get ample nutrition. Therefore, cereals and grains are a vital part of the daily diet.
Our in-depth analysis of the global market includes the following segments
|
By Type |
|
|
By Crop Type |
|
|
By Application
|
|
North America Market Statistics
Regionally, the global agricultural enzymes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America is poised to dominate majority revenue share by 2036, on the back of availability of the larger farms for cultivation. Additionally, growing awareness of climate change, the presence of multiple key players in the market, and the developing agriculture biotechnology are also estimated to boost the growth of the market in the region during the forecast period. The cultivators in North America are more inclined to the utilization of agro-biochemical. According to the data released by the U.S. Department of Agriculture, it was stated that in 2020, 2.02 million farms were available in the USA expanding over the 897 million acres of land.
Furthermore, the Asia Pacific region is also anticipated to provide lucrative opportunities for the growth of the market during the forecast period. The Asia Pacific is the largest cultivator and consumer of the globally consumed grain, rice. For instance, in 2020, more than 200 million tons of rice were produced solely in China. Such factors are anticipated to propel the growth of the market in the regions over the forecast period.
December 6, 2021: BioWorks, Inc. acquires the label expansion on MilStop Foliar Fungicide and the other product also receives approval to be sold and utilized in Canada.
November 11, 2021: Hayashibara made an announcement about issuing a commitment at Tokyo Nutrition for Growth Summit 2021 organized by the government to promote a sustainable society.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?