The feed enzyme market was valued at $781.7 million in 2012 and expected to increase to $1,193.0 million by 2018, with a CAGR of 7.3% for the forecast period, according to a recent report by Market and Markets.
In 2012, Europe led the global feed enzyme market with a share of 46.0%, followed by Asia-Pacific (23.0%), and North America (21.0%) in terms of value.
The market is growing at a fast pace with new product developments, expansion, mergers and acquisition. The escalating growth of phytase and non-starch polysaccharides (NSP) is one of the prime factors responsible for market expansion. The related technologies have played a vital role in the market enhancement.
The global demand for feed enzyme comes from Europe and APAC and the regions are expected to dominate the global market over the coming years. European market is approaching maturity in this industry. Phytase is growing at the fastest rate in the European market. Majority of the feed enzymes are used in swine feed in Europe. China and India are at the forefront of such growth trend, driving the Asia-Pacific market. ROW is still at developing stage and phytase continues to dominate the market growth. The meat producing industry and the increasing consumer awareness about meat quality and health benefits are the key elements driving the market in these regions.
Various types of enzymes, and their specific characteristics, restrict applicability of these products in a generic manner. In-depth research on these components over the years have resulted in innovating successful formulations for each application and commercializing them. The overall market growth is closely connected to the growth of awareness among consumers with respect to preventive health and wellness of animals. Amongst the feed enzymes types, NSP leads the market. However, phytase dominates as an individual enzyme due to its wide applications and availability. These are the most successful and traditional types used in the feed enzymes industry. Swine feed segment dominated Feed Enzyme Market globally, except in the North American region, where feed enzymes are primarily used in poultry. Poultry feed is the key driver for the market and continues to be so. Clean and healthy environment at farms, cost saving on feed is providing the necessary boost to the feed enzyme market.
For full report see Market and Markets