Global Market Insights study suggests rapid growth for feed enzymes market in 2020s
by Rebecca Sherratt, Features Editor, Milling and Grain
The feed enzymes industry is expected to experience yet more growth in the early 2020s according to a study published by Global Market Insights Inc. The study suggests that, by 2024, the industry could well exceed US $860m, which would be a six percent growth rate since 2017.
In 2018, the animal feed enzymes market brought in $1.3bn and is said to capably reach heights of $2.3bn by 2026. What exactly is causing such major growth? The study suggests that livestock production has seen big increases, especially so in Spain, Russia and Germany. This, coupled with an increasing need for protein in our diets, contributes towards the increased demand for enzymes in feed. As the human population continues to grow, enzyme to ensure quality feed for our animals becomes only more vital to sustain the health of the planet.
The upsurge of middle-class populations has also led to an increase in meat consumption, sale of meat having doubled in the past 50 years. China currently sit in first place as the country that consumes the most meat, eating 28 percent of meat produced in the world, more than half of that of the US.
As the aquaculture industry also continues to grow at a rapid pace, the enzymes market for fish feed is estimated to grow by 7.5 percent. Ruminants are also estimated to produce a growth of $450m by 2024, whilst poultry is expected to increase significantly due to the demand for protein from eggs and chicken meat.
Perhaps not so surprising is the area which will experience the most growth, which is said to be Asia. The Asia Pacific has been predicted by Global Market Insights to increase by 7.5 percent. As the Asia Pacific region grows much more conscious and employs a more responsible approach towards livestock diseases, the increase in use of feed enzymes in this area has been steadily increasing year-on-year. The dairy sector in the east is also growing increasingly more popular, increasing demand in good-quality feed.
Dry formulations are expected to continue to prove more popular than liquid formulations, thanks to its better thermal stability and ease of handling. As dry feed can also be purchased as pellets and powders, the market for this feed is higher as it can be more easily attained in several forms.
The most popular animal feed enzyme products currently include phytase, protease, non-starch polysaccharides and carbohydrase. Use of these products is also said to increase by 6.5 percent through the coming years. Protease, especially, is predicted to see a huge growth in the market as farmers experience an increasing need for protein-digesting molecules in their feed. Phytase may also see an impressive surge, as in recent years it has held 40 percent of market shares in the feed enzymes market.