Feed Enzyme Market: Asia Pacific to Lead Present and Future Market Growth
Enzymes are the catalyst chemicals produced in living cells. They expedite the biological reactions for cell growth and sustenance. Feed enzyme are the special type of these catalyst chemicals used with the fodder of farm animals helping in their food digestion. These exogenous chemical compounds synthesized for improving the animal nutritional factors are known as feed enzymes or industrial enzymes. Although the first feed enzyme has been discovered in 1969 it has been commercially used for less than 30 years. The introduction of feed enzymes has opened the possibilities for revolutionary changes in the farm animals rearing. However, the cost and effectiveness have been challenges for the market growth. They add additional benefits over the conventional fodder, thus reducing the overall costs of the feed and are easy to be digested, which makes them suitable for utilization. Also, the dynamic product environment enables them to grow in their respective markets. Feed Enzymes are largely used by poultry, ruminants, swine and aquatic animals sector for the easy digestion and develop the animal products in the most optimized and efficient way. One of the most important feed enzyme used is Phytase that helps in reducing wastage of phosphorous content from the animal’s body. Phytase helps in breaking down the complex undigestible phosphorous content in simpler molecules which can be easily absorbed in the animal’s body.
Phytase feed enzymes is increasing its market owing to the reduction in feed costs and eco-friendly properties. The implementation of government regulations across the countries and the increasing per capita income are contributing toward the growth of feed enzyme market. Europe dominates the feed enzyme market due to the high spending power on these products in the German and Spanish markets. Asia Pacific is another major region that has the second highest demand for feed enzymes due to their usage in the poultry and aquatic animal sectors. The phytase feed enzyme market is facing competition from other cheaper substitutes, such as inorganic phosphorus contents which are more popular in developing countries of Asia Pacific. The increasing penetration of carbohydrase in the developing countries due to its efficiency along with the increasing consumer affordability factors which are driving the overall feed enzyme market.
High frequency of innovations in the field of biotechnology along with improvisation on animal nutrition are key drivers for the high demand of the feed enzyme market in Europe, which is expected to continue to dominate the global market. The global feed enzyme market is expected to grow at a CAGR of 7.3% during the forecast period 2016–2022. The improving poultry sector and the swine livestock industry are driving the market demand for feed enzymes.
The feed enzyme market is a highly competitive market with multinational companies, such as BASF, Novus International, Novozymes, DowDuPont, Cargill etc. competing with each other for additional market shares. Companies which produce more carbohydrase have their presence across the globe. However, there are many smaller key players entering the market that can affect the market share of bigger companies. These new entrants are expected to expand their business and increase the competition with their expertise in their own niche.
The study produced by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. The market has been analyzed based on type segments as Phytase, Protease & Carbohydrase and based on end-user livestock segments as ruminants, swine, poultry, aquatic animals and others.
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