Global Feed Enzymes Market is estimated to augment at a CAGR of 9.26% over the forecasts period
Enzymes, exogenous enzymes, supplemented with animal feed, are commercially available in the market worldwide and aid in enhancing the digestion processes. These enzymes are considered naturally safe and are important for animal nutrition.
This report provides forecast and analysis of the global feed enzymes market which is projected to fuel at an impressive CAGR of 9.26% to attain a market size of USD1,611.612 million by the end of 2024.
The market is expected to propel in the forecast period owing to the increasing demand for adequate animal nutrition keeping in view the growing animal population worldwide. Feed form an important part in livestock farming, accounting for more than 50%. Hence, the demand for feed enzymes holds immense market opportunity, burgeoning the growth of the global feed enzymes market during the forecast period and in the coming years. However, certain strict regulations in the regions of Europe and North America are expected to impede the market growth in these regions during the forecast period. This is because, the rules and regulations regarding animal welfare and food safety are highly regulated, and this require constant approvals for the sale of feed enzymes here. Based on enzyme type, the market is segmented into carbohydrase, phytase, and protease. Among these, phytase is the most used enzyme and is expected to hold a significant market share as this assist in better and efficient growth of the animals.
On the other hand, the carbohydrase enzyme is accounted for showing good growth in the forecast period. This is due to the fact that these include enzymes such as amylase and xylanase and helps in improving the digestibility of carbohydrates in animals. On the basis of livestock, the market is categorized into ruminants, swine, poultry, aquatic animals, and others. Poultry is accounted to hold a significant market share and is expected to continue to hold a dominant market share during the forecast period. As per the OECD and FAO estimates for agriculture for the time period 2018-2027, poultry is projected to bolster its position in the meat industry and is poised to hold over 40% share in the meat produced during the same period. While swine is also expected to hold a good market share owing to the presence of market players offering feed enzymes to this segment of livestock.
Geographically, the Asia Pacific region is expected to hold a significant share in the global feed enzymes market, especially in emerging economies such as India and China. This is because of the fact that these countries are the largest provider of meat and thus account for a major share of farm animals. Hence, increasing the market demand for feed and feed additives like feed enzymes in the forecast period. Additionally, the demand for locally-grown meat like pork is further fueling the market demand here.
Some of the major players covered as part of the report are BASF SE, DuPont de Nemours, Inc., and DSM.
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This report segmented the global feed enzymes market on the basis following terms:
- By Enzyme Type
- By Livestock
- Aquatic Animals
- By Form
- By Source
- North America
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
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