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Animal feed enzymes market to gain substantial valuation by 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-09 

A drastic change in the consumption patterns of dairy products & processed meat is likely to spur Animal feed enzymes market growth. Consumer trends have also been depicting a change of late, with regards to the ingestion of protein-rich food. Not to mention, the growing consciousness to enhance the fodder quality is expected to create bright growth prospects for the business players who are eager to increase their geographical presence. Supported by intensive consumer preferences for the product over antibiotics, animal feed enzymes market is slated to expand at a lucrative growth rate over 2017-2024. According to Global Market Insights, Inc., “Animal feed enzymes industry, which accumulated a revenue of USD 1.1 billion in 2016, is set to surpass USD 2 billion by 2024.”

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Animal feed enzymes market has adequately established itself across myriad geographies. Europe animal feed enzymes industry, for instance, which is estimated to garner a revenue of more than USD 860 million by 2024, will grow at a CAGR of over 6% during 2017-2024. Escalated presence of industry majors with access to effective distribution network channels will enhance the regional growth. Widespread livestock production in the region is also anticipated to further contribute toward the revenue. As per forecasts, Spain, Russia, and Germany are expected to catalyze the business expansion. In fact, Russia animal fed enzymes industry is expected to accrue a massive revenue, subject to high pork consumption across the country.
Asia Pacific animal feed enzymes industry, which accrued a revenue of over USD 220 million in 2016, is set to expand at the rate of 7.5% over the period from 2017 to 2024. Increase in the intake of meat in countries such as India, Japan, and China coupled with rising cognizance about the livestock ailments will provide a boost to the business. Execution of stringent food safety norms along with heavy consumer demand for fodder additives is predicted to favorably leverage the development of U.S. animal feed enzymes industry.
Livestock such as ruminants, poultry, swine, and aquaculture are the major consumers of animal feed enzymes. Poultry, which accounted for over 40% of animal feed enzymes market share in 2016, is projected to majorly impact the industry revenue in the coming years. Increase in the intake of eggs and meat in the form of protein rich diet will benefit the segment growth, as per analysts.

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Aquaculture is a relatively profitable segment of animal feed enzymes industry. Growing consumer consciousness regarding the health benefits of a fish-based diet will undeniably impel animal feed enzymes market size from aquaculture, slated to grow at a cumulative rate of more than 7.5% over 2017-2024. The heavily expanding fishing industry across the globe has made significant contributions toward animal feed enzymes market growth.
Ruminant applications are expected to generate a revenue of more than USD 450 million by 2024, thereby lucratively impacting animal feed enzymes industry size. Swine applications, on the other hand, are forecast to register gains of more than 6.5% over the coming timeframe with the growing demand for pork in Asian countries such as Indonesia, China, and Thailand.
Protease animal feed enzymes industry, which generated a profit of more than USD 150 million in 2016, is set to generate heavy revenue over the coming years. Lower product costs along with a heavy supply of enzymes such as amino acids and peptides in swine and poultry diet will boost the growth. Growing demand for non-starch polysaccharides as animal feed enzymes can be attributed to its ability to improve digestion, reduce the cholesterol proportion in the human body, act as a binding agent for proteins, and maintain pH levels.

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Global animal feed enzymes industry is characterized by fierce competition, with new entrants and established players vying for securing their position in the business space. Industry participants are trying to establish their dominance by introducing new products, technological innovations, high R&D expenditure, and joint ventures. BASF SE, Chr. Hansen A/S, Beldem S.A., Flavorchem Corporation, Novozymes, Rossari Biotech Limited, Koninklijke DSM N.V., Nutralliance Incorporation, Allied Biotech Corporation, Danisco A/S, RohaDyechem, Divis Laboratories Limited, Alltech, Zhejiang NHU Company Limited, Adisseo AB Vista, and Shenzhen Leveking Bio-Engineering Company Limited are the major business players of animal feed enzymes industry.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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