Agricultural Enzymes Market | Grow at CAGR of ~12% | Outlook 2022 – 2031
Research Nester published a report titled “Agricultural Enzymes Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global agricultural enzymes market in terms of market segmentation by type, crop type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global agricultural enzymes market is projected to grow at a CAGR of ~12% by attaining a substantial revenue during the forecast period, i.e., 2022 – 2031. Factors such as, increasing awareness of organic methodology in cultivation, higher utilization of agro-biochemical, and rising prices of agro-chemicals are projected to propel the growth of the market over the forecast period. A report by World Bank demonstrated that the agriculture sector can provide food for 9.7 billion people during the forecast period.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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Additionally, the global agricultural enzymes market is segmented by crop type, into cereals & grains, fruits & vegetables, pulses & oilseeds, and others. Out of these sub-segments, the cereals & grains segment is anticipated to largest share in the market during the forecast period. The segment is forecasted to grow on the back of regular consumption of grains and cereals.
Furthermore, the global agricultural enzymes market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America region is projected to grow over the forecast period on the back of the presence of large farms. Moreover, rising concern toward climate change, growing agriculture biotechnology, and the presence of a considerable number of the major key players in the region are estimated to propel the market growth. U.S. Department of Agriculture released a set of data showing that in 2020, there were 2.02 million farms available solely in the USA expanding over the 897 acres of land. All these factors are estimated to hike the growth of the market throughout the forecast period.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
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Growing Agriculture Biochemical Industry to Propel the Growth of the Market
The biochemical industry comprises the development and manufacturing of multiple types of chemicals used in crop fields. Biochemical refers to the secondary metabolites which are produced by the plants or some plant-related microbes. Hence, the growth in the biochemical industry is expected to boost the growth of the market over the forecast period.
However, the availability of the alternative product in the market is expected to operate as a key restraint to the growth of the global agricultural enzymes market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global agricultural enzymes market which includes company profiling of Adisseo Group, Soufflet Group, GreenMax AgroTech, BioResource International, Inc., Specialty Enzymes & Probiotics, Agrinos India Pvt. Ltd., Enzymatic Deinking Technologies, LLC, Hayashibara Co., Ltd, Bioworks Inc, and Stoller USA, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global agricultural enzymes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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