Study: Animal Feed Enzymes Market to accrue substantial gains by 2024
Published: June 24, 2019
Source : https://www.gminsights.com/industry-analysis/animal-feed-enzymes-market
The growth graph of Animal Feed Enzymes Market is forecast to display an upward trend over the coming years, owing to the growing consumer preference for nutritious diet along with a substantial rise in the disposable incomes across emerging economies. According to the OECD (Organization for Economic Co-operation and Development), the average meat intake per individual across the globe is nearly 75 pounds in a year. This figure is an indication of the growing product popularity across the world. Global Market Insights, Inc., claims that animal feed enzymes industry revenue, which was estimated at USD 1.1 billion in 2016, is anticipated to surpass USD 2 billion by 2024.
Having said that, Europe animal feed enzymes industry is expected to hit USD 860 million by 2024, growing at a rate of more than 6% over the period of 2017-2024. The heavy presence of key business players in the region along with a robust distribution network is projected to drive the industry landscape. There has also been a significant increase in livestock production and pork consumption across some of the nations in the continent, which are expected to further contribute towards the business revenue. Spain, Russia, and Germany are foreseen to be the major revenue drivers.
Asia Pacific animal feed enzymes market, which collected a revenue of more than USD 220 million in 2016, is predicted to grow at the highest rate of 7.5% over the coming timeline. Growing consciousness regarding livestock diseases coupled with the rapidly flourishing dairy sector is predicted to contribute considerably toward the regional share. High intake of meat across the regions such as China, Japan, and India are expected to push the product demand.
Implementation of strict legislation regarding food safety along with the high presence of the livestock manufacturing firms is expected to beneficially impact U.S. animal feed enzymes industry landscape. The U.S. consumes a major chunk of fodder additives such as emulsifiers and vitamins, thereby influencing the regional market.
Carbohydrase, non-starch polysaccharides, phytase, and protease are the major animal feed enzyme products. Phytase animal feed enzymes industry, which contributed more than 40% of the overall market share in 2016, is slated to record a cumulative growth rate of nearly 6.5% over the years ahead. High phosphorous content in phytase enhances the digestion and reproductive capabilities of the livestock, leading to escalating demand for the product.
Protease animal feed enzymes industry, which produced a revenue of more than USD 150 million in 2015, is projected to witness a tremendous surge over the next few years. Escalating product need as a protein-digesting molecule will fuel the industry growth.
Animal feed enzymes of high nutritional value have the ability to improve livestock health, owing to which they are fed to ruminants, pigs, and fish. Aquaculture animal feed enzymes market is forecast to grow at an annual rate of 7.5% over the coming timeline. The ever-expanding fishing sector is expected to favorably influence the business space. Poultry, which produced a revenue of more than USD 500 million in 2016, is expected to make substantial contributions toward animal feed enzymes market share. Rising demand for eggs and meat owing to its high protein contents will steer the industry growth.
Ruminants are expected to generate a revenue of more than USD 450 million by 2024 and will significantly influence animal feed enzymes market growth over the coming years. Escalating product requirement for increasing the protein proportion to improve the animal health will spur the industry size. Swine animal feed enzymes industry is anticipated to register a CAGR of more than 6.5% over the span of the next few years, owing to the large intake of pork in the countries such as Indonesia, China, and Thailand.
Animal feed enzymes are available in liquid and dry forms. Exceptional ability to maintain the temperature at the time of fodder processing along with enhanced enzyme activity will spur dry animal feed enzymes market size in the future, which contributed over 75% towards the overall industry size in 2016.
Key participants of animal feed enzymes market include Novozymes, D.D. Williamson & Company Incorporation, Foodchem International Corporation, Flavorchem Corporation, Nutralliance Incorporation, Chr. Hansen A/S, Koninklijke DSM N.V., and BioExtract.
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