LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global agricultural enzymes market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global agricultural enzymes market for 2017-2021. The report also lists control products, fertility products, and growth-enhancing products as the three major application segments, of which the control products segment accounted for more than 50% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global agricultural enzymes market:
- Growth in the global population
- Growing preference for organic farming
- Increased production yield for limited arable land
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Growth in the global population
The ongoing economic development in countries such as the US, China, India, Indonesia, and other emerging economies is fostering urbanization. This has also resulted in the rise in disposable income of consumers, which is directly responsible for the growing purchasing power. Moreover, food consumption has also increased to meet the growing demands of the increasing population. Therefore, there is a need to increase food production to cater to the growing demand across the world. Agricultural enzymes play an important role in the farming processes as they facilitate high crop yield in lesser time without harming the environment.
Growing preference for organic farming
Consumers across the world are increasingly concerned about the nutrition, health, and quality of their food. Organic farming improves agro-ecosystem health, such as the biological activity of the soil, biodiversity, and biological cycles. It also encourages the use of biological and mechanical practices as it is not as harmful as synthetic materials. It also promotes the health of the soil, water, and air by minimizing pollution that may result from agricultural practices. Therefore, organic farming, as an integrated farming approach, gives importance to both technical and economic aspects, as well as human health. North America is the largest adopter of organic farming and is characterized by the adoption of latest technologies and significant investments in R&D for developing products that aid in organic farming.
“Organic farming includes the use of different bio-products that are generally eco-friendly in nature and are biodegradable. This prevents harmful emissions that can cause pollution. The bio-products include bio-pesticides or insecticides, bio-fertilizers, and bio-stimulants. They maintain environmental sustainability while facilitating higher crop yield and higher nutritional value,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for agrochemicals and fertilizers research.
Increased production yield for limited arable land
Most of the arable land is already used for agriculture, which means that area of expansion would occur on marginal lands where it is unlikely to produce high yields. As a result, the land becomes vulnerable to degradation. In some of the major grain production areas of east and southeast Asia, the rate of rice yields is falling back because of the lack of fertile lands. These lands are damaged to a large extent because of the excessive use of chemical fertilizers and pesticides.
“The rising awareness regarding the use of bio-based products and organic farming can help in increasing the yield of crops in a limited arable land, without harming the environment and, creating healthy nutritional valued crops. This results in less consumption of water for agricultural lands,” says Shakeel.
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