The global feed enzymes market is estimated to grow at a CAGR of 9.26%, to reach a market size of US$1,611.612 million in 2024, from US$947.101 million in 2018. over the coming years owing to the growing demand for the proper animal nutrition and rising animal population which is driving the feed enzymes market in a positive way.
Feed takes up around most of the total cost in livestock farming. Feed enzymes are used to help animals to improve their digestion and ensure animals get proper nutrition from the feeds that are fed to them. They are generally classified as carbohydrase, phytases, and proteases, out of which phytases are a commonly used feed enzyme. The use of even a single enzyme can result in a significant reduction in the overall cost incurred on animal feed, resulting in more profitable produce, thus increasing its demand further.
There are some stringent policies and regulations in place regarding animal welfare and food safety which is estimated to impact the feed enzymes market. For example, the market is highly regulated in regions such as Europe and North America and requires constant approvals for the sales of such enzymes in these regions. Therefore, such regulatory initiatives are projected to restrain the growth of the feed enzymes market during the forecast period.
By Enzyme Type
On the basis of enzyme type, the global feed enzymes market is segmented as carbohydrase, phytase, and protease. Phytase is a commonly used enzyme and holds a significant market share as it promotes higher feed than other forms of feed enzymes and helps in better and more efficient growth of animals. Carbohydrase enzyme is such an enzyme that includes key enzymes such as amylase and xylanase which improve the digestibility of carbohydrates and thus it also holds a good amount of share in the feed enzymes market.
By livestock, the global feed enzyme market is segmented as ruminants, swine, poultry, aquatic animals, and others. Poultry holds a good amount of share in the market and will continue to hold this position during the forecast period as they are being increasingly demanded throughout the world. According to the OECD-FAO Agricultural Outlook 2018-2027, poultry will strengthen its strong position in the meat industry and will account for almost 45% of the meat produced during the period 2018-2027. Feed enzymes for swine are also estimated to show good share in the market owing to the presence of multiple key players and products catering to this segment. For example, KEMIN sells a product KENZYME Plus for Piglets which combines three different NSP enzymes (xylanase, beta-glucanase, and cellulase) for the degradation of structural NSP and two different endogenous-like enzymes (amylase and protease) to enhance the action of the enzymes secreted in the GIT.
On the basis of form, the global feed enzyme market can be segmented as liquid and dry. The liquid form enzymes hold a significant share in the market owing to the easiness by which they can be mixed with the feed for the livestock. Many factors contribute to the popularity and preference for these types of enzymes which are their higher suitability and most importantly the cost-efficiency. Such advantages make this the more widely used form of feed enzymes.
By source, the global feed enzyme market can be segmented as plant-based, animal-based and fungi based. Out of these, fungi based are more commonly used due to the fact that microorganisms are easier and more efficient to use as they are more stable in extreme conditions and can be altered in the laboratory to cater to the exact needs of the customers. Such benefits of microorganisms make them widely used and popular in animal feed, thus responsible for their significant share in the feed enzymes market.
By geography, the global feed enzyme market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific is estimated to hold a good amount of share in the market. Regions like, China and India are one of the largest providers of animal meat, and account for a large share of agricultural animals, thus increasing the demand for feed and feed additives, such as feed enzymes in these regions. Furthermore, the demand for locally grown meats, such as poultry and pork is also rising in these regions, which is further expected to increase the demand for feed additives in the region.
The global feed enzyme market is competitive owing to the presence of well-diversified international, regional and local players. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
The global feed enzymes market has been segmented by enzyme type, livestock, form, source, and geography.
By Enzyme Type