Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global feed enzymes market is expected to grow from USD 1.31 billion in 2019 to USD 2.64 billion by 2027, at a CAGR of 9.2% during the forecast period 2020-2027. Asia-Pacific region is expected to dominate the market and portray the highest growth rate during the forecast period. China and India have the largest share in the area due to high population. The rise in the demand for meat in the region and also increase in awareness regarding safe nutrition practices of animals has driven the growth of the market in the region. Europe and North America have the second and third largest share across the globe. The end-user industry is strong in both the regions with proper distribution channels driving the growth of the market.
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The leading players of the market include Danisco A/S, Novozymes, BASF SE, ENMEX S.A. de C.V., Royal DSM N.V., Advanced Enzymes, Elanco, Adisseo, BioResource International, Inc., AB Vista, and Beldem S.A. The companies are adopting strategies like innovation and development, expansion of market, partnerships, mergers and acquisitions. In 2018, Qingdao Vland Biotech Group signed an agreement with Archer Daniels Midland Co. for research and development of enzymes for its application in animal feed. BASF SE has also invested huge amounts in its research and development facility for the provision of high-quality of feed enzymes.
This study delivers a comprehensive analysis of livestock, type, source, form, and regions. On the basis of livestock, the market can be divided into swine, poultry, aquatic animals, and ruminants. The poultry segment is expected to contribute the highest market share. The rise in the production of meat globally is the primary factor for the growth of the market. On the basis of type, the market can be divided into carbohydrase, phytase, and protease. The phytase segment is expected to dominate the market due to widespread acceptance across the producers of animal feed. Phytase helps in improving bone health, maintaining low pH and helps in gaining body weight. On the basis of source, the market can be divided into plants, microorganisms, and animals. The microorganism segment is expected to hold the largest market share due to its high suitability in the production of feed enzymes. On the basis of form, the market can be divided into dry and liquid. The dry segment is expected to dominate the market due to its excellent thermal stability and ease of handling.
The rise in meat consumption due to increasing urbanization, changes in lifestyle, rise in incomes, and easy affordability has driven the growth of feed enzymes market. Animal feed constitutes 70% of the overall costs incurred for breeding animals. Feed enzymes reduce the feed cost by utilization of cheap ingredients and improving the productivity of animal feed fueling the growth of the market. It also helps to reduce environmental damage related to waste disposal or manure. The rise in demand for dairy products and milk requires improved nutrients for livestock, contributing to the growth of the market.
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About the report:
The global feed enzymes market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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