LOS ANGELES, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Global phytase market is projected to achieve the market worth of more than $1 billion by 2025 and is anticipated to grow at a CAGR of around 6.3% in terms of revenue during the forecasting period 2018 – 2025.
The demand for phytase can be specifically associated to expanding feed request, especially from swine and poultry ranches. Besides, expanding alertness about the advantages of phytase is generating the demand from aquaculture division as well. Also, as phytase diminishes the ecological impact of phosphorous contamination, it is gaining huge penetration in North American and European areas.
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Moreover, rising responsiveness about extra advantages of phytase, for example, it empowers the poultry and swine to process the phytate bound phosphorus effectively present in the plants, helps in decreasing the expense and better the production of domesticated animals. Another prime factor, prompting an increasing interest for phytase is the rising lack of phosphorous. As the demand for biofuel crops builds, the expanding use of fertilizers is crucial, therefore a huge utilization of phosphates channel towards compost generation. This combined with rising ways of living standards, has prompted the interest of washing powders, along these lines making further interest for phosphates. In near future, the rising scarcity of feed phosphates is another reason boosting the demand for phytases.
Varied Features To Aid Market Growth
Phytase improves the digestibility of energy, dietary minerals, and amino acids. It decreases the feed cost and retain or advance animal performance. It improves environment by reducing the amount of phosphorus excreted by animals. Phytase can also decrease phosphorus emission by up to 50%, a feat that would contribute considerably towards environmental safety. Additionally, phytase supplementation leads to the enhanced availability of trace elements and minerals. Adding to its key application in animal nutrition, phytase is also practiced for processing of human foodstuff.
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Regional Stance
In 2017, North America was the largest market for phytase, as it is the largest producer of animal feed. In US, the phytase market will foresee significant gains at over 6% up to 2025. Growing food & beverages and pharmaceutical industry will support the product demand in this region. Food & beverage industry development along with the increasing necessity to improve quality, food flavoring, and texture, will drive phytase market growth. Technological advancement coupled with manufacturer consolidation in terms of product pricing is a major aspect, influencing phytase market price trend. The North American phytase market is closely followed by Asia-Pacific and Europe. The Asia-Pacific region is expected to be the fastest-growing market in the near future owing to the growing meat & milk consumption in the region. Lifting of ban by China on import of frozen beef from Australia will optimistically impact product demand in food & beverages sector. Furthermore, pharmaceuticals and animal feed industry expansion are the key factors, stimulating regional growth. In terms of meat eating, China consumes around 60 kg of meat per person annually and is projected to reach over 85 kg by 2025. Consequently, creates an impelling demand for high-quality dairy and meat products.
Insights on Market Segment
Global phytase market is segmented by type, application and geography. Based on different types, the market is segmented into granular, powder, liquid, thermostable. Also, by application phytase is further bifurcated into food, feed, pharmaceuticals. Based on geography market is further classified into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Competitive Analysis
Global market for phytase is fragmented due to the presence of numerous companies. The market is highly competitive in nature due to the presence of numerous local manufacturers. Key market participants include DSM, AB Vista, BASF, and Danisco Animal Nutrition (DuPont). These players collectively accounted for 40% share of the market in 2017. The chief market players have spend huge amounts in emerging and local countries to enter and improve their market position and distribution network through supply agreements, capacity expansion, and commerce chain build. In 2016, the performance of the Quantum Blue feed enzyme has helped AB Vista climb above Royal DSM into second position. The firm now sits behind DuPont Danisco, which is the leader in the phytase sector.
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