(I-BusinessNews.Com, July 01, 2021 ) Feed Enzymes Market size in 2020 is estimated to be $1.1 billion, growing at a CAGR of 7.1% during the forecast period 2021-2026. Feed enzymes are chemical or nutritional ingredients that are added into feed diet of various animal variants to improve nutritional properties of animal fodder. Feed enzymes play important role to improve animal performance and also for producer it reduces feed cost and improve profitability. The main feed enzymes in the market are phytases, carbohydrases, and proteases. Increasing consumption of meat and dairy products coupled with growing concern about animal health are the major factors driving the growth of the market. Moreover, rising awareness and increasing demand for animal nutrition coupled with increasing prevalence of livestock diseases such as swine flu, avian influenza has raised the demand for animal feed enzymes further enhance the overall market demand for Feed Enzymes during the forecast period 2021-2026.
Feed Enzymes Market Segment Analysis – By Type
Based on the Type, Feed Enzymes Market is segmented into Carbohydrases, Phytases, Proteases. The carbohydrases segment is projected to dominate the market during the forecast period 2021-2026 owing to carbohydrases are widely used as feed enzyme in poultry also it is mostly preferred by most of animal feed manufacturers and livestock producers owing to it helps to improve animal health. Also monogastric animals are typically able to digest around 90% of available starch, and carbohydrases help improve this. The phytases segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 6.5% during the forecast period 2021-2026. This is mainly owing to it helping the digestive system of animal.
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Feed Enzymes Market Segment Analysis – By Form
Based on the form, Feed Enzymes Market is segmented into dry, liquid. In 2020, dry segment projected to dominate the market. This is mainly owing to dry segment includes powder and pallets as it is very easy and convenient n handling and it gives good thermal stability during fodder processing operations is also contributing to the growth of this segment.
Feed Enzymes Market Segment Analysis – By Geography
Asia-Pacific dominated the Feed Enzymes market share accounting for 39% of the market in 2020. This is mainly owing to presence of large number of livestock population and increase in the number of feed mills in countries such as China, India. According to, U.S. Department of Agriculture Economic Research Service (ERS) report, China is the worldÃ‚Â’s largest producer of feed also China contributes to almost 18% of the global compound feed production.
However, the North America region is projected to be the fastest-growing during the forecast period 2021-2026. This is owing to rising awareness increasing demand for animal nutrition coupled with increasing prevalence of livestock diseases such as swine flu, avian influenza in this region.
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Feed Enzymes Market Drivers
Increasing Demand of Animal Protein and Dairy Product
Increasing demand of dairy products such as milk, probiotics, cheese, yogurt, and others coupled with rising consumption of meat across the globe are some factors driving the growth of Feed Enzymes market. According to The Food and Agriculture Organization (FAO), in 2025, global annual meat consumption per capita is set to reach 35.3 kg retail weight equivalent. Moreover, changing preference of the people towards healthy lifestyle is also set to increase the market growth.
Provision of cost-efficiency
Consumption of feed enzyme by animal helps to decrease overall operational cost are some factors driving the growth of the market. A significant overhead expense, which cover 50-60% of the overall cost of livestock production, accounts for feed production. Therefore, it remains a priority for any livestock bearer to minimise feed cost per livestock.
Feed Enzymes Market Challenges
High R&D investment to produce high quality feed enzyme and strict regulatory structure by government is challenging the growth of the market. Moreover, outbreak of COVID-19 around the world has impacted all industries including feed industry. Initially owing to lockdown product supply chain were disrupted to a limited supply of feed enzymes.
Feed Enzymes Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Feed Enzymes Market. Feed Enzymes top 10 companies are DuPont., BASF SE, Koninklijke DSM NV, Adisseo, Alltech Inc., Kemin Industries Inc., Novus International Inc., Cargill, Bio-Cat, Biovet Joint Stock Company.
In August 2017, Cargill acquired the animal feed business of Richmond, Va.,-based Southern States Cooperative, Inc., business to enhance its global presence in the eastern United States.
In September 2019, DuPont Animal Nutrition has launched Axtra PHY, the Latest Generation of Phytase Enzyme in Japan. This phytase enzyme designed to improve animal performance and reduce phosphorus waste.
In 2020, Asia Pacific dominates the Feed Enzymes Market owing to presence of large number of livestock populations.
Growing demand of animal protein is driving the market growth of Feed Enzymes.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Feed Enzymes Market report.
High R&D investment to produce high quality feed enzyme and strict regulatory structure by government are challenging the growth of the market.
Related Reports :
A. Animal Feed Enzymes Market
B. Technical Enzymes Market
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