Animal Feed Enzymes Market
Dry animal feed enzymes market to experience lucrative development over 2017-2024, Asia Pacific to spur the regional growth
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.
U.S. Animal Feed Enzymes Market Size, By Livestock, 2016 & 2024 (Kilotons)
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.
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Implementation of strict legislations 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 the 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.
Author Name : Dhananjay Punekar
Global enzymes market revenue is expected to witness a high surge, driven by its escalating demand across dairy, food processing, personal care, paper, starch, and brewing sectors. Rapidly expanding food additives sector is expected to elevate the industry demand over the coming years. According to Global Market Insights, Inc., “Enzymes market size is expected to grow at a rate of 8% over the coming period of 2016 to 2024.” Ongoing biological, molecular, and forensic research coupled with the extensive applications of enzymes in molecular biology will substantially proliferate the enzymes market trends over the years to come.
U.S. Enzymes market size, by product, 2013-2024 (USD Million)
Enzymes are also extensively used across biofuels, detergents, animal feed, and food & beverages sectors. Favorable outlook to replace fossil fuels with more energy-efficient & eco-friendly fuels will boost enzymes industry growth across biofuels sector. Food & beverages sector, which accounted over 35% of overall revenue in 2015, is predicted to grow significantly over the coming timeframe. High demand for nutritive food along with the rising protein intake will drive the enzymes industry size over the coming years. In addition to this, widespread application of enzymes across food & beverages sector to enhance food quality will drive the industry growth. Animal feed applications are projected to witness significant gains of 7% over the coming timeframe, driven by high prevalence of porcine epidemic diarrhea virus and bovine spongiform encephalopathy. Enzymes market share in detergents sector is expected to grow significantly over the coming years. High consumer spending on detergents is expected to drive the revenue.
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Polymerases & Nucleases, Proteases, Carbohydrases, and Lipases are the major products of enzymes industry. Proteases market is anticipated to record a growth of 7% over the coming timeframe, driven by its major application in detergents, food, and pharmaceutical sectors. They also find extensive applications in the animal feed additives industry. Carbohydrases market, which dominated the product landscape in 2015, is expected to propel enzymes market growth, High product application across food & beverages and pharmaceuticals sectors are anticipated to be the key growth drivers.
Below are the regional highlights of Enzymes Market over 2016-2024
- Rise in population base along with high beef demand across countries such as Australia, China, and South Korea is expected to boost APAC enzymes industry revenue expansion over the coming years. Furthermore, the large presence of pharmaceuticals and detergents sectors across countries such as Indonesia and Malaysia offers a huge industry growth potential.
- North America enzymes market size is expected to grow at a rate of 8% over the coming timeframe, driven by high product application in food & beverages along with the enhanced popularity of processed foods. The U.S. is expected to drive the regional share.
- Europe animal feed industry is expected to contribute significantly towards enzymes market revenue over the coming seven years. Growing need for cattle feed as well as its hybrid variants are expected to drive the regional growth. Germany, Russia, and France are anticipated to be the major regional revenue drivers.
Market players will try to retain their position through product development, constant innovation, and R&D investments. Key industry participants include Lonza Group, Novozymes, Koninklijke DSM N.V., F. Hoffmann-La Roche AG, Danisco A/S, Adisseo, Chr. Hansen, BASF SE, and Enmex, S.A.de C.V company.
Author Name : Dhananjay Punekar