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Pharmacy benefit management market
Animal Feed Phytase Market Report Overview
The global Animal Feed Phytase market size was valued at USD 514.9 million in 2021 and will reach USD 889.8 million by 2031, exhibiting a CAGR of 5.62% during the forecast period.
Phytase is an enzyme commonly used in animal nutrition, particularly in the feed industry. It plays a crucial role in improving the availability of phosphorus for animals by breaking down phytic acid, a form of phosphorus that is indigestible for monogastric animals like poultry and pigs. Adequate phosphorus is crucial for proper bone development, growth, and overall animal health. Phytase supplementation in feed can contribute to these aspects by improving phosphorus availability.
The growth of the animal feed phytase market is influenced by several factors that contribute to the demand for this enzyme in animal nutrition. The growing global population and rising income levels have led to an increased demand for animal products such as meat and eggs. This drives the need for efficient and sustainable animal farming practices, including enhanced animal nutrition.
COVID-19 Impact: Market Faced a Fall in Demand Due to Disruptions in Supply Chain During the Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with the Animal Feed Phytase market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic led to disruptions in global supply chains, affecting the production and distribution of various products, including animal feed additives. Delays in the supply chain could have impacted the availability of phytase in certain regions.
Latest Trends
"Advancements in Enzyme Technology to Improve the Performance in the Market"
The Animal Feed Phytase market is as dynamic as any other market. Ongoing research and development in enzyme technology may lead to the development of more effective and stable phytase products. Enhanced formulations that offer improved performance and ease of use could become a trend in the market.
Animal Feed Phytase Market Segmentation
- By Type Analysis
According to type, the market can be segmented into granular phytases, powder phytases, liquid phytases, and thermostable phytases.
In terms of services, granular phytases is the largest segment. Granular phytases are a type of phytase enzyme used in animal feed formulations. These enzymes are formulated in a granular or solid form, making them easy to mix into feed pellets or other feed formats.
- By Application Analysis
Based on application, the market can be divided into swine, poultry, ruminants, aquatic animals, and others.
In terms of services, swine is the largest segment. The use of animal feed phytase in swine nutrition is common and beneficial for several reasons. Swine, like many monogastric animals, have limited ability to digest phytic acid, a form of phosphorus found in plant-based feed ingredients.
Driving Factors
"Increasing Demand for Meat and Animal Products have Increased Demand in the Market"
The growing global population and rising income levels contribute to an increased demand for meat and animal products. This drives the need for efficient animal farming practices, including improved animal nutrition through the use of additives like phytase. The rising demand for meat and animal products, driven by global population growth and increasing affluence, leads to higher levels of livestock production. Farmers aim to meet this demand by raising larger numbers of animals. The increasing demand for meat and animal products is a driving force behind the adoption of animal feed phytase. It enables farmers to meet the nutritional needs of intensively raised livestock, optimize feed formulations, and address environmental concerns associated with intensive farming practices.
"Environmental Sustainability have Influenced the Demand in the Market"
The environmental impact of animal agriculture, including concerns about phosphorus runoff and water pollution, has led to increased interest in sustainable farming practices. Phytase helps in reducing the environmental footprint by improving phosphorus utilization and minimizing the excretion of undigested phosphorus in manure. Environmental sustainability is a key driver for the Animal Feed Phytase Market. Phytase, as an enzyme used in animal feed, contributes to sustainability in several ways, addressing environmental concerns associated with intensive animal farming practices. In this way this factor resulted in Animal Feed Phytase market growth.
Restraining Factor
"High Initial Investment leads to a Declining Trend in the Market"
The production and implementation of phytase in animal feed may involve initial investment costs for manufacturers and farmers. This could include the purchase of equipment and technology for production and the cost of incorporating phytase into feed formulations. As a consequence there will a decline in the market growth.
Animal Feed Phytase market Regional Insights
"North America Region Dominates the Market owing to Large Livestock Industry"
North America has the largest Animal Feed Phytase market share as it has a substantial and highly developed livestock industry, including poultry, swine, and cattle farming. The extensive production of meat and animal products creates a significant demand for feed additives, including phytase. The region has a strong focus on research and development, leading to technological advancements in the field of animal nutrition. Continuous innovation and the availability of advanced feed formulations contribute to the widespread use of phytase in animal diets. Farmers and feed producers in North America have a relatively high level of awareness regarding the benefits of phytase in animal nutrition. The understanding of how phytase improves phosphorus utilization and contributes to sustainable farming practices has led to widespread adoption. North America has stringent regulations regarding environmental protection and nutrient management in animal farming. The use of phytase helps address these regulations by reducing phosphorus excretion in manure, aligning with environmental sustainability goals.
Key Industry Players
"Key Players Focus on Research & Development and Quality Assurance for Continuous Improvemnet "
Key players in the Animal Feed Phytase Market are typically companies that are involved in the production, distribution, and marketing of phytase enzymes for use in animal feed. These companies play a crucial role in advancing the market through research, development, and commercialization of phytase products. Key players invest in research and development activities to enhance the effectiveness, stability, and application of phytase enzymes. This involves exploring new formulations, improving production processes, and developing innovative technologies related to phytase. Ensuring the quality and safety of phytase products is paramount. Key players implement rigorous quality control measures to maintain consistent enzyme activity, stability, and adherence to regulatory standards. This includes testing raw materials, monitoring production processes, and conducting quality checks on the final products.
List of Market Players Profile
- VTR (Chile)
- Huvepharma (Bulgaria)
- BASF (Germany)
- DSM (Netherlands)
- Adisseo (China)
INDUSTRIAL DEVELOPMENT
September 2023: The optimization of microbial strains used in the production of phytase is an area of focus. Researchers work to identify and modify strains that can produce phytase more efficiently, leading to cost-effective and sustainable manufacturing processes.
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 514.9 Million in 2021 |
Market Size Value By |
US$ 889.8 Million by 2031 |
Growth Rate |
CAGR of 5.62% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
|
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global Animal Feed Phytase market expected to touch by 2031?
The global Animal Feed Phytase market is expected to touch USD 715 million by 2031.
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What CAGR is the Animal Feed Phytase market industry expected to exhibit during 2024-2031?
The global Animal Feed Phytase market is expected to exhibit a CAGR of 5.62% over 2024-2031.
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What are the factors which help in pushing the Animal Feed Phytase market?
The increasing demand for meat and animal products and environment sustainability are the driving factors of the Animal Feed Phytase market.
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Which are the key players or most dominating companies functioning in the Animal Feed Phytase market?
The Animal Feed Phytase market segmentation that you should be aware of, which includes, Based on type the Animal Feed Phytase market is classified as granular phytases, powder phytases, liquid phytases, and thermostable phytases. Based on application the Animal Feed Phytase market is classified as swine, poultry, ruminants, aquatic animals, and others.