The animal feed enzymes industry revenue, which was estimated at US$ 1.1 billion in 2016, is anticipated to surpass US$ 2 billion by 2024.
This is according to Global Market Insights Inc. The European animal feed enzymes industry is expected to hit USD$ 860 million by 2024, growing at a rate of more than 6% over the period of 2017-2024. The heavy presence of key business players in the region along with a robust distribution network is projected to drive the industry landscape. There has also been a significant increase in livestock production and pork consumption across some of the nations in the continent, which are expected to further contribute towards the business revenue. Spain, Russia, and Germany are foreseen to be the major revenue drivers.
The European animal feed enzymes industry is expected to hit USD$ 860 million by 2024. Photo: Shutterstock
Meat consumption Asia pushed enzyme demand
The Asia Pacific animal feed enzymes market, which collected a revenue of more than USD$ 220 million in 2016, is predicted to grow at the highest rate of 7.5% over the coming timeline. Growing consciousness regarding livestock diseases coupled with the rapidly flourishing dairy sector is predicted to contribute considerably toward the regional share. High intake of meat across the regions such as China, Japan, and India are expected to push the product demand. Implementation of strict legislations regarding food safety along with the high presence of the livestock manufacturing firms is expected to beneficially impact US animal feed enzymes industry landscape. The US consumes a major chunk of fodder additives such as emulsifiers and vitamins, thereby influencing the regional market.
Phytase and proteases on the rise
Carbohydrase, non-starch polysaccharides, phytase, and protease are the major animal feed enzyme products. Phytase animal feed enzymes industry, which contributed more than 40% of the overall market share in 2016, is stated to record a cumulative growth rate of nearly 6.5% over the years ahead. Protease animal feed enzymes industry, which produced a revenue of more than USD 150 million in 2015, is projected to witness a tremendous surge over the next few years. Escalating product need as a protein digesting molecule will fuel the industry growth.
Enzyme growth per specie
Aquaculture animal feed enzymes market is forecast to grow at an annual rate of 7.5% over the coming timeline. The ever-expanding fishing sector is expected to favourably influence the business space. Poultry, which produced a revenue of more than US$ 500 million in 2016, is expected to make substantial contributions toward animal feed enzymes market share. Rising demand for eggs and meat owing to its high protein contents will steer the industry growth. Ruminants are expected to generate a revenue of more than US$ 450 million by 2024 and will significantly influence animal feed enzymes market growth over the coming years. Escalating product requirement for increasing the protein proportion to improve the animal health will spur the industry size. Swine animal feed enzymes industry is anticipated to register a CAGR of more than 6.5% over the span of the next few years, owing to the large intake of pork in countries such as Indonesia, China, and Thailand.
Source: Global Market Insight