The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Feed Enzymes Market.
It was estimated prior to this unanticipated outbreak that the Feed Enzymes Market was expected to grow at a CAGR of 9.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Feed enzymes are gaining significant traction as they help to reduce feed costs, increase the nutritional value of feed ingredients, improve the environment, all while maintaining or improving animal performance.
Feed enzymes are of different types such as phytase, protease, carbohydrase, and others. Phytase is the most preferred type as considered by the animal feed manufacturers and livestock producers to be used as an enzyme.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as phytase, protease, carbohydrase, and others. Being preferred by most of the animal feed manufacturers and livestock producers, phytase is estimated to hold the majority of the share of the segment during the forecast period. Usage of phytase in feed provides with some advantages such as it offers the highest activity at low pH; helps in improvement of bone health, body weight gain, enhances digestive efficiency by breaking down indigestible phytic acid and thus, acts as an aid in the release of digestible phosphorus, calcium, and other nutrients that aid the growth of animals.
Based on the source type, the feed enzymes market is segmented as microorganism, plants, and animals. The microorganism segment is projected to be the dominant type during the forecast period. Microorganisms are highly prominent and are the suitable hosts to produce enzymes that are stable and industrially important. Enzymes extracted from microorganisms play a significant role in the manufacturing of animal feed.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing market for feed enzymes during the forecast period. Factors driving the growth of the region’s market are the presence of a large livestock population (FAO 2016) and their growth rate, the increase in the number of feed mills in the region, which further reflects the growth in feed production, mostly in countries, such as India and Japan. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the feed enzymes market are-