Animal Feed Enzymes Market worth over $2bn by 2024
Posted: Oct 13, 2017
The unprecedented developments in the animal feed enzymes market can be majorly credited to the recent trend of compiling various enzymes in the manufacturing of feed additives to meet the increasing demands from the animal industry. Market players are rigorously focusing on research activities not only to widen these enzymes application spectrum, but also to collect enough substantiations regarding the product’s safety. For instance, in the year 2016, renowned chemical giant, BASF had introduced a completely new enzyme named Natuphose E in India. Reportedly, this phytase group enzyme is claimed to help poultries utilize phosphorous and other key nutrients much efficiently, thereby bringing a plethora of new opportunities for animal feed enzymes industry participants. This innovation itself bears a testimony to the fact that ongoing R&D is indeed leaving a significant impact in the animal feed enzymes market dynamics. Some of the other leading companies involved in the business space include Chr Hansen Holding A/S, Novozymes, Duo Point, DSM N.V, Flavorchem Corporation, and ENMEX.
Speaking of commercialization, phytase almost covered 40% of the overall animal feed enzymes industry in 2016. As it is mentioned before, this category of feed enzymes improves livestock reproduction and metabolism, subject to its high phosphorous content. With increasing fodder consistency and enhanced livestock production, phytase animal feed enzymes market is projected to witness a y-o-y growth of 6.5% over 2017-2024. Estimates claim the overall animal feed enzymes industry to record a valuation of over USD 2 billion by the end of 2024, with a volume coverage of 80 kilotons over the forecast span.
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The exponentially increasing proportion of meat consumption across developing nations, in all likeliness, is one of the major factors shaping the animal feed enzymes market trends. This can be evidenced by some of the factual data- as per estimates, in developing countries of Asia, meat consumption has gained a lift of 3% growth per annum over the last decade. In fact, as per the statistics claimed by FAO (Food and Agriculture Organization), meat production across the globe is likely to grow by 16% in 2025 than what it recorded between the period 2013 -2015. Poultry sector alone consumed 40% of the overall animal feed enzymes industry in 2016 and is deemed to remain one of the major contributors toward the global share. While meat consumption and production is expected to carve an exemplary rise, using nutritional enzyme supplements or healthy livestock has also cropped up, which indeed has stimulated animal feed enzymes market demand.
The fluctuating raw materials price trends on account of its dependence on seasonal crops are likely to create a supply demand gap in future, affecting the value chain of animal feed enzymes market. In addition to this, stringent regulatory approval procedure pertaining to the business space is further creating a complex scenario for the enzyme producers. However, efforts are continuously being taken by raw material producers and manufacturers to bring cost effective, non-conventional products to eliminate the challenges of supposed price trends.
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