The Global Agricultural Enzymes Market was worth USD 292 million in 2016 and estimated to be growing at a CAGR of 11.65%, to reach USD 506 billion by 2021.
Hyderabad, India -- (SBWIRE) -- 03/01/2018 -- The Global Agricultural Enzymes Market is projected to reach USD 506 billion by 2021 from USD 292 million in 2016. The Market is expected to grow at a steady rate of CAGR 11.65% over the forecasting period of 2016-2021.The Agricultural Enzymes, that enhances the crop processing has been increasing in the manufacturing capacity and usage of phytases which improves the nutritional content of food grains and silage fermentation are promoting the overall market.
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The global Agricultural Enzymes Market is mainly driven by factors such as raising awareness regarding hazardous properties of pesticides and chemicals that are used in agriculture and benefits of organic farming among individuals. Increasing agricultural industries across the world is expected to raise the demand for Agricultural Enzymes Market. Other prominent features responsible for the growth of the market are growing demand for organic and natural food by using technological advancements. However, usage of bio-based chemicals in the place of synthetic chemicals, and stringent regulations due to rising concerns over food safety are hindering the expansion of the market.
The largest market share of the Agricultural Enzymes market is accounted by Cereals and grains segment while the fastest rate of the market is expected by oilseeds and pulses. Based on product type, the market is classified as fertility products, control products and growth enhancing products.
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The Global Agricultural Enzymes market is leading by North America and it is followed by the Asia Pacific and Europe regions. However, because of the growing demographics in developing parts of the region such as China and India, the fastest market rate is expected in Asia Pacific region.
Key Players operating in the Agricultural Enzymes market are Specialty Enzymes & Biotechnologies, Novozymes, Afrizymes, and Aum Enzyme, Enzyme India Pvt. Ltd., and BASF, American Biosystems, Inc, Creative Enzyme, and Cypher Environmental, Syngenta.
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