The animal feed enzymes industry, which accumulated a revenue of USD 1.1 billion in 2016, is set to surpass USD$2 billion by 2024, according to Global Market Insights, Inc.
A drastic change in the consumption patterns of dairy products and processed meat is likely to spur animal feed enzymes market growth. Consumer trends have also been depicting a change of late, with regards to the ingestion of protein-rich food. Not to mention, the growing consciousness to enhance the fodder quality is expected to create bright growth prospects for the business players who are eager to increase their geographical presence. Supported by intensive consumer preferences for the product over antibiotics, animal feed enzymes market is slated to expand at a lucrative growth rate over 2017-2024.
Animal feed enzymes market has adequately established itself across myriad geographies. Europe animal feed enzymes industry, for instance, which is estimated to garner a revenue of more than USD 860 million by 2024, will grow at a CAGR of over 6% during 2017-2024. Escalated presence of industry majors with access to effective distribution network channels will enhance the regional growth. Widespread livestock production in the region is also anticipated to further contribute toward the revenue. As per forecasts, Spain, Russia, and Germany are expected to catalyse the business expansion. In fact, Russia animal fed enzymes industry is expected to accrue a massive revenue, subject to high pork consumption across the country.
Asia Pacific animal feed enzymes industry, which accrued a revenue of over USD 220 million in 2016, is set to expand at the rate of 7.5% over the period from 2017 to 2024. Increase in the intake of meat in countries such as India, Japan, and China coupled with rising cognisance about the livestock ailments will provide a boost to the business. Execution of stringent food safety norms along with heavy consumer demand for fodder additives is predicted to favourably leverage the development of US animal feed enzymes industry.
Growth in various segments
Livestock such as ruminants, poultry, swine, and aquaculture are the major consumers of animal feed enzymes. Poultry, which accounted for over 40% of animal feed enzymes market share in 2016, is projected to majorly impact the industry revenue in the coming years. Increase in the intake of eggs and meat in the form of protein rich diet will benefit the segment growth, as per analysts.
Aquaculture is a relatively profitable segment of animal feed enzymes industry. Growing consumer consciousness regarding the health benefits of a fish-based diet will undeniably impel animal feed enzymes market size from aquaculture, slated to grow at a cumulative rate of more than 7.5% over 2017-2024.
Ruminant applications are expected to generate a revenue of more than USD$450 million by 2024, thereby lucratively impacting animal feed enzymes industry size. Swine applications, on the other hand, are forecast to register gains of more than 6.5% over the coming timeframe with the growing demand for pork in Asian countries such as Indonesia, China, and Thailand.
Different types of Enzymes
Animal feed enzymes are available in the liquid and dry forms. Dry formulation, which contributed to more than 75% of the overall animal feed enzymes market share in 2016, is predicted to drive the segment growth over the coming years.
Non-starch polysaccharides, phytase, carbohydrase, and protease are the key animal feed enzymes products. Phytase animal feed enzymes market, which made remarkable contributions of over 40% towards the global industry size in 2016. Protease market was valued over USD 150 million in 2016. Enhancing proteins that bind starch within forage ingredients makes more of starch energy available to the livestock.
Source: Global Market Insights