Vermiculture, Bio Fertilizers, Vermicomposting
The industry of agriculture represents a very important component of the Indian economy both in terms of its contribution to the GDP and also as a source of employment to the majority of the country’s population. The agriculture sector is presently showing immense opportunities with India currently being one of the biggest agriculture producers by value. A lot of transformation has taken place in the agriculture sector over the past few decades it includes increasing penetration of the organized sector, increase in contract farming, agriculture being more mechanized, easy loan facilities, increase in exports, usage of agrochemicals and high yielding seeds, and increase in the private sector in processing branding and marketing, etc.
The Developing Market of Enzymes
The agricultural enzymes are bioactive proteins that are used instead of chemicals for food production and protection. These are also used for crop fertility and protection against different pests and diseases. These factors recover the crop's efficiency and enhance the growth of the crop. Additionally, the increasing population and high disposable income in developing countries will drive market growth in the future. Globally, the agricultural enzymes market size was recorded as USD 246.9 million in the year 2018-2019. High demand for the consumption of organic food along with different competitive strategies adopted by the key industry participants is anticipated to drive the market growth. Some important types of enzymes used for soil fertility and crop growth are phosphatases, dehydrogenases, and sulfatases. The growth for phosphatases enzymes is anticipated to increase at the fastest growth rate in the forecasted period.
Vermiculture: A Flourishing Industry of India
The industry of vermicomposting has more fragmentation companies in India and Southeast Asia. Among them, India’s production value has accounted for less than 9.50% of the total value of global vermicomposting in the year 2016. My Noke is the leading manufacturer in the worldwide vermicomposting market having a market share of 8.79% in the year 2018. Compared to 2017, the vermicomposting market manages to increase sales by 24.89% to 38.09 M USD across the globe in the year 2018. Overall the market of vermicomposting performance is positive, despite the weak economic environment. Vermicompost majorly used 2 types of worms named Red Wigglers (Eisenia foetida) or Eudrilus Eugene rarely found in soil and are adapted to the special conditions in rotting vegetation, compost, and manure piles.
Agricultural Biotechnology Market Overview
The agricultural biotechnology market is classified into transgenic seeds and crop protection products, based on products. The growth for crop protection products is expected to record the fastest growth in demand and is likely to observe a CAGR of 10.7% in the forecasted period. The increase in the demand for crop protection products is majorly due to its different advantages such as protecting plants from any harmful chemicals and any other type of pests or weeds. Globally, the agricultural biotechnology market size was recorded at $28.5 billion in the year 2018 and is expected to grow at 10.1% CAGR during the upcoming years. The different technologies used in the agricultural biotechnology market include genome editing tools, deoxyribonucleic acid (DNA) sequencing, ribonucleic acid interference (RNAi), synthetic biology, and biochips. Synthetic biology is expected to garner the fastest growth in demand and is most likely to witness CAGR of 10.9% by the year 2023. This development is driven by the ability of synthetic biology to generate larger clusters of genes and gene parts in a single genome of crop seed, in comparison to the conventional transgenic approach.
Conclusion
The project report on “Chemicals, Biotechnology, Enzymes, Bio Fertilizer, Vermiculture, Vermicompost Chemical & Allied Industries, and Alcohol Projects” by NPCS covers all of the important segments of the industry along with the current and forecasted growth. The project report is in detail covering all the important parts for all those industries in the industry or has been working with this industry.
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