Enzymes is the fastest growing segment in the feed additives market. This is stated by market bureau ‘MarketsandMarkets’, that recently released a new report on the feed additives market.
According to the report, the feed additives market is projected to reach a value of US$20.71 billion by 2021, at a CAGR of 4.3% from 2016 to 2021. The market is driven by factors such as increasing livestock population, increasing demand of meat and other animal products, implementation of innovative animal husbandry practices to improve the quality of meat, and standardisation of the animal feed industry. The high growth potential in emerging markets and untapped regions provides new growth opportunities for the market players.
Enzymes segment is projected to be the fastest-growing market on the basis of type from 2016 to 2021. This was also stated by the company last year. The enzymes segment is projected to grow at the highest CAGR from 2016 to 2021. It provides a wide range of health benefits to livestock such as maximizing nutrient availability which is essential for cell growth and repair. Also phytase and protease (types of enzymes) are required in small quantities in animal feed and are cost-effective solutions to increase animals’ performance.
The aquatic animals segment is one of the major segments in the feed additives market. It is gaining substantial position in the feed additives market due to increasing rearing of aquatic animals and demand for fish and other aquatic animal products. Growth in the aquatic animals’ population has triggered the demand for feed additives. The authors of the report further say that Asia-Pacific has a high growth potential for feed additives. This region has many emerging countries, such as China, India, and Japan. Moreover, factors such as adoption and implementation of innovative animal husbandry practices to improve the quality of meat are driving the growth in the feed additives market in this region.