Feed Enzyme Market by Type (Phytase, Protease, Carbohydrase (Amylase, Xylanases, Mannanases) and Others), By Consumer Livestock (Ruminants, Poultry, Swine, Aquatic Animals and Others) and By Geography – Global Driver, Restraints, Opportunities, Trends, and Forecast to 2023
Feed Enzyme Market - Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Feed enzymes are the additive ingredients used with the fodder of animals to enhance their digestion capabilities. These special types of biologically active chemicals expedite the digestion process and help in retaining useful nutrition like phosphorous that aid in animal development. The market according to enzyme type is divided into Phytase, Protease, Carbohydrase & Others. Carbohydrase is further categorized into amylase, xylanase, and mannanase. The main application areas of feed enzymes covered in the study are ruminants, poultry, swine, aquatic, etc.
Globally, the demand for feed enzyme is high in economically developing countries, whereas the developed regions are moving towards saturation. Extensive consumption of enzymes comes from poultry and swine segments due to better adoption rate in the industry. Further research and developments in enzyme biotechnology for stabilizing enzyme effectiveness is expected to boost the growth in the next five years.
The regional demand for feed enzyme is growing, especially in the Asia Pacific and Latin American regions. This growth is supported by the increasing awareness for enzyme biotechnology and high consumption rate for animal products in these regions. Currently, Europe is the global leader in the feed enzyme market from the demand side. The European region has strict policies for the animal product consumption, providing the maximum usage of high-quality feed enzymes. From the supplier side, the Asia Pacific followed by North America are the market leaders. Developing and underdeveloped markets like Latin America, Middle East & Africa are also witnessing capital investments for research and development for product development of feed enzymes which is increasing the regional competition.
The study of the feed enzyme market by Infoholic Research provides the market size information and market trends along with factors and parameters impacting it in both short- and long-term. The study ensures a 360° view, bringing out the key insights of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions for improved profitability. In addition, the study helps venture capitalists in understanding the companies better and make informed decisions. Some of the key players in the feed enzyme market are DowDuPont, Cargill, BASF, Novozymes, and Novus International.
According to Infoholic Research, the global feed enzyme market is expected to grow at a CAGR of 7.3% during the forecast period. It is expected to reach $1.51 billion by 2023. The Asia Pacific has the fastest growth rate and is expected to move towards greater adoption of feed enzyme technology. This will directly boost the consumption value majorly coming from China, Australia, and Latin America.
By Enzyme Type
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