The increasing global consumption of animal protein has added a potent boost to the animal feed enzymes market which is estimated to exceed $2 billion by 2024. According to research, meat production across the world has tripled over the last four decades with industrial countries have been found to be consuming nearly twice as much meat as developing countries.
Will the different regulatory bodies play any part in the expansion of the animal feed enzymes market?
Stringent regulatory norms have been levied by government bodies to mitigate the outbreak of diseases caused by poor livestock and meat quality which has in turn led to a growth in the animal feed enzymes market. Infectious diseases like swine influenza, foot-and-mouth disease, avian influenza and mad-cow disease can be spread through sick livestock which can eventually lead to enormous economic losses for nations. For instance, the UK has spent nearly $18 billion to $25 billion in a three-year period while combating foot-and-mouth disease.
Use of antibiotics in livestock feed has however been discouraged as it eventually has negative effects on human health conditions. Therefore, the animal feed enzymes market has received favor from government and industry regulators. The U.S. FDA has ratified regulations to endorse safety of livestock fodder and pet food as animal feed enzymes not only helps in reducing livestock wastes but also brings down the phosphorus and nitrogen content in excreta, thus reducing negative impact of livestock breeding on the environment.
Which kind of livestock will make the most significant contribution to the expansion of the animal feed enzymes market?
Poultry apparently was the leader in the animal feed enzymes market with more than 40% of the market share in 2016. In the UK, it was estimated that as cooking meals for one becomes more popular, the consumption of chicken over other kinds of meat has become more prevalent as chicken can be bought in smaller portions and acts as a key ingredient in pasta and stir fry dishes.
Animal feed enzymes market has received a growth avenue through the increased consumption of poultry products as these enzymes are used in improving nutrient content, promoting, weight gain and energy utilization. Consumers are also driving the growth of animal feed enzymes as rising awareness about fodder quality and its effect on livestock as well as on human health is urging industry participants to enhance animal feed enzymes quality through R&D.
Which would be the most widely used types of animal feed enzymes?
Of the different types of animal feed enzymes, Phytase is anticipated to register considerable growth with around CAGR of 6.5% over 2018-2024 because of its high phosphorus content which improves livestock metabolism and reproduction besides increasing fodder consistency. Protease, which was valued at $150 million in 2016 will also contribute significantly to the growth of the animal feed enzymes market as protein digesting molecule is gaining prominence in poultry and pig farming.
It is also of significance that dry type enzymes will account for a considerable portion of the animal feed enzymes market with an estimated use of 60 kilotons by 2024. Due to its thermal stability, ease of handling and handling ease, dry type enzymes will find preference over liquid-based additives.
What would be Europe’s contribution toward the growth of animal feed enzymes market?
The animal feed enzymes market is Europe is expected to surpass $860 million by 2024 owing to the widespread livestock production and consumption across the Europe, with Spain and Germany being the largest producers in the continent. Strong end use sectors and well-organized distribution network will augment the growth of the animal feed enzymes market in this region.
On the other hand, rising meat consumption on the developing nations where disposable income is rapidly increasing will result in the significant growth of the animal feed enzymes market in Asia Pacific. More specifically, the Asia-Pacific animal feed enzymes market is expected to register a 7.5% CAGR over 2018-2024.
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