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Feed Enzymes Market Size, Share Analysis And Report By 2033
Feed Enzymes Market Size
According to The Business Research Company's, The feed enzymes market size has grown strongly in recent years. It will grow from $1.72 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to efficiency in feed conversion, regulatory approval and compliance, awareness of environmental impact, shift toward sustainable agriculture, feed cost reduction, globalization of animal feed industry.
The feed enzymes market size is expected to see strong growth in the next few years. It will grow to $2.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to demand for antibiotic alternatives, focus on gut health, research on enzyme functionality, climate change mitigation in agriculture, global animal health challenges. Major trends in the forecast period include digitalization in feed formulation, integration of enzymes in premixes, customized enzyme blends, advancements in enzyme technology, sustainable and eco-friendly solutions.
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Market Drivers and Trends:
The increase in consumption of meat is expected to propel the growth of the feed enzymes market going forward. Meat refers to the flesh of animals that are used for consumption to offer a good source of protein, vitamins, and minerals in a diet. Enzymes are commonly employed in animal feeds to reduce the negative impacts of antinutritional elements in the structure of feed raw materials and improve performance, which helps to supply more meat per animal at a reduced cost while enhancing overall long-term well-being. For instance, according to the Organization for Economic Co-operation and Development (OECD), a France-based intergovernmental organization for trade, it is anticipated that global meat consumption per capita would rise by 0.3% per year to 35.4 kg in retail weight equivalent by the year 2030, where poultry meat represents 41% of all the protein from meat sources with an increase of 2% in 2030 due to its healthier food choice, cheap price, and convenience of preparation. Therefore, an increase in the consumption of meat drives the feed enzymes market.
Product innovation is a key trend gaining popularity in the feed enzymes market. Major companies operating in the feed enzymes market are adopting new technologies to sustain their position in the market. For instance, in December 2021, BASF SE, a Germany-based chemicals company launched Natupulse TS, a new enzyme product for animal feed. It consists of a non-starch polysaccharide (NSP) enzyme that hydrolyzes ß-mannans into smaller components, such as manno-oligosaccharides (MOS). Natupulse TS cleaves these ß-mannans by the action of mannanase, improving feed nutrient digestion. Additionally, the MOS created by ß-mannan hydrolysis may have prebiotic properties.
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Major Key Players of the Market:
BASF SE; Koninklijke DSM N.V.; Adisseo France SAS; Associated British Foods plc; Alltech Inc.; E. I. du Pont de Nemours and Company; Archer Daniels Midland Company; Novozymes A/S; Novus International Inc.; Kemin Industries Inc.; BioResource International Inc.; Rossari Biotech Limited; Azelis Holding S.A.; Behn Meyer Holding AG; BEC Feed Solutions B.V.; Bioproton Pty. Ltd.; Chr. Hansen Holding A/S; Danisco Animal Nutrition; Enzyme Innovation Oy; Enzyme Supplies Limited; EnzymeWorks Inc.; Epygen Labs Inc.; Feedworks Pty. Ltd.; Guangdong VTR Bio-Tech Co. Ltd.; Huvepharma Inc.; Kerry Group plc; Lallemand Animal Nutrition; Lesaffre Group; Lonza Group AG; MGP Ingredients Inc.; Nutrex NV; Oy Veli-Matti Karkkainen Oyj
Feed Enzymes Market 2024 Key Insights:
• The feed enzymes market will grow to $2.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surging Demand For Meat To Drive Market Growth
• Product Innovations Transforming The Feed Enzymes Market
• Asia-Pacific was the largest region in the feed enzymes market in 2023, and is expected to be the fastest-growing region in the global feed enzymes market during the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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