The Asia Pacific agricultural enzymes market is projected to grow at a CAGR of 10.3% during the forecast period (2020 - 2025). The adoption of organic farming and the rise in concern to consumers about the chemicals are the factors that drive the market in the region. Advancement of technologies in agriculture coupled with the growing trend of organic farming is driving the market for agricultural enzymes in the region. Grains and Cereals segment dominates the market as it holds the higher area under organic cultivation and the growing consumption of cereals in the region creates an opportunity for use of agricultural enzymes in farming practices thus driving the growth of the market during the forecast period. Some of the leading companies in the market are Enzyme India Pvt. Ltd., Elemental Enzymes, Agrilife, Novozymes, and Creative Enzymes.
Key Market Trends
Rising Trend of Organic Farming Practices
Raising consumer awareness and an increase in the production of organic food is driving the agricultural enzymes market in the region. According to the Research Institute of Organic Agriculture (FiBL) for instance, in 2017, the organic market in China amounted to USD 8.54 billion making the country the world’s fourth-largest market for organic products. Furthermore, Japan valued at USD 1.57 billion, and South Korea reported an organic market worth of USD 371.2 million. Governments in Asia pacific are recognizing the environmental and economic benefits of organic farming and is encouraging organic agriculture and organic food production. According to FiBL, in 2016, organic agriculture land in Asia accounted for 4.87 million hectares that has increased to 6.0 million hectares in 2017. With the rising disposable income, consumers' preference is shifting towards organic products which encourages the producers to undertake organic farming or chemical-free production practices thus will drive the growth of the market studied.
Grains and Cereals Segment Dominates the Market
According to the Research Institute of Organic Agriculture (FiBL), in Asia, 45 % of all organic farmland was used for arable crops that accounted for 2.7 million hectares in 2017 of which cereals comprising the key organic arable crops group mainly wheat and rice, with approximately 1.1 million hectares, representing 0.3 percent of the total cereal area in Asia. Most organic cereals were grown in China in about 900 thousand hectares and in Kazakhstan with more than 65 thousand hectares. In 2017, the key organic cereals grown were rice, grain maize, and wheat. Organic rice represented 42% of the total organic cereal area and together with wheat 27% and grain maize accounted for 14.5%, All the three together represented almost 84 %of the total organic cereal area in Asia. Organic rice was mainly grown in China in the area of 322 thousand hectares, which constitute 68 % of the total organic rice in the region. The largest organic wheat areas were also in China that accounted for 143 thousand hectares, followed by Kazakhstan over 19 thousand hectares, representing almost all of the total organic wheat areas in Asia. Thus the larger organic cultivation of cereals will drive the agricultural enzyme market for this segment during the forecast period.
Competitive Landscape
In the agricultural enzymes market, companies are adopting various strategies, such as product launches, partnerships, and acquisitions, to gain a larger share in the market. Some of the leading companies in the market are Enzyme India Pvt. Ltd., Elemental Enzymes, Agrilife, Novozymes, and Creative Enzymes.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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Table of Contents
Methodology
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