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 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 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.
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The Aquaculturists
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