In the report "Feed Enzymes Market by Type (Phytase, Protease, and Carbohydrase), Livestock (Ruminants, Swine, Poultry, and Aquatic Animals), Source (Microorganism, Plant, and Animal), Form (Liquid and Dry), and Region - Global Forecast to 2022", published by MarketsandMarkets, the feed enzymes market was valued at USD 842.9 Million in 2016. It is projected to grow at a CAGR of 9.3% from 2017, to reach 1,428.6 Million by 2022.
With the globally increasing demand for fish and fish-based products, the demand for feed enzymes in the aquafeed industry is also projected to increase. The rising cost of fishmeal has further encouraged feed manufacturers to use enzymes in aquafeed as an economical alternative protein sources.
On the basis of form, the liquid segment is larger in the global Feed Enzymes Market. It is the more convenient, economical, and effective then dry enzymes in animal feed. Such benefits have opened lead to opportunities for the feed enzymes industry.
Significant growth is also expected in the microorganism segment. The increasing demand for new, enhanced or/and more multipurpose enzymes in order to improve the animal feed and microbial diversity and recent molecular techniques, such as metagenomics and genomics, drive the microorganisms segment.
Asia-Pacific is expected to be the fastest-growing region during the forecast period. Increase in need for food security, high investment in R&D, and change in farming practices form the key to success in the Asia-Pacific region. Growth of population, progressive urbanization, and change in food habits among the consumers (increase in demand for quality meat products) have spurred the demand for feed enzymes in the region. China is estimated as the largest market for feed enzymes in the region. Substantial growth is witnessed in India, Japan, Vietnam, and Pakistan, due to the increase in buying power of the population and demand for protein-rich meat diets. Such factors drive the Asia-Pacific region in the Feed Enzymes Market.