phytases market Report Overview
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The global phytases market size was USD 486.78 million in 2021 and is expected to reach USD 770.51 million by 2027, exhibiting a CAGR of 7.95% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the phytases market experiencing lower-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.
Phytases are enzymes that hydrolyze phytic acid to inorganic phosphate and myoinositol. Phytic acid is the main storage form of phosphorus in plants and also chelates important minerals such as zinc, calcium, magnesium and iron. The importance of phytases lies in their ability to release these minerals from the phytic acid molecule so that they can be absorbed in the human intestine.
The demand for animal feed is increasing significantly due to the adoption of domestic animals, the increase in disposable income and the growth of commercial breeding. For example, Compassion in World Farming estimates that there are about 250 million cows in the world. Phytase improves the digestibility of phosphorus, calcium, amino acids and energy and at the same time reduces harmful ones impact of inorganic P excretion on the environment. Growth in meat and dairy consumption is expected to contribute market expansion. A growing preference for a nutritious diet and a significant increase in disposable income are contributing factors animal husbandry contributing to the growth of the food phytase market.
Market growth is driven by increased demand for phytases from the food industry, pharmaceutical industry, and food industry. The granular phytases segment will dominate the global market during the forecast period due to its ability to break down plant proteins into their amino acids and peptides. North America is projected to lead the global market during the forecast period due to increased awareness about the utility of phytase enzymes in various applications.
COVID-19 Impact: COVID-19 pandemic halted the supply chain and production hence reduced market growth
The recent COVID-19 pandemic is expected to impact the global food enzymes industry. Due to the lack of enzymes, the entire supply chain is thrown out. Despite the relatively stable demand for food, the COVID-19 pandemic has severely affected food supply. The COVID-19 pandemic has moderately affected industrial growth due to strict restrictions and disruptions around the world in the initial phase of the supply chain. In addition, since phytate accumulation is relatively sustainable, production uptake increased in the post-pandemic scenario when producers preferred more cost-effective and environmentally friendly alternatives to the feed industry.
Latest Trends
"Rising adoption of nutritional phytase products cause a market bloom"
Adoption of nutritional phytase products resulting from wide usage of the products is a key driver for the growth of the global nutritional market during the forecast years. Monogastric animals such as pigs do not have enough phytase to release phosphorus. Addition of phytase products to feed can improve the ability to break down phytate and thus the utilization of phosphorus by plants. In addition, the additional benefits of phytase, especially in aquaculture species, will also increase the consumption of nutritional phytase products in the near future. Exogenous enzymes have been shown to have a good effect on nutrient bioavailability and digestibility of agricultural and agroforestry wastes used as animal feed, and help to remove some nutrients. Although animals have endogenous enzymes involved in digestion, they lack the ability to break them down and utilize all of their nutritional components. As a result, the use of exogenous enzymes with positive effects on production and animal performance is becoming increasingly common.
phytases market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Histidine Acid Phosphatases, β-Propeller Phytases, Purple Acid Phosphatases, PTP-Like Phytases. Histidine Acid Phosphatases is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Broiler, Swine, Layer, Turkey, Ruminants. Broiler will be the dominating segment.
Driving Factors
"Growing concern about the health of the population is driving the growth of the market "
As people's health awareness grows, people's attitude from treatment to prevention has changed significantly. Foods high in protein and carbohydrates are in demand because people can afford to buy more. During the forecast period, significant development is expected in the rapidly developing commercial cow breeding, in the increase in the demand for affordable animal feed enzymes, and in the increase in the consumption of poultry and pork products. Growing awareness of POME-based mushrooms (palm oil mill effluent) aims to support animal feed development in phytase industry in the coming years. In addition, rigorous research and development is related to phytase enzymes increase product marketing in the food industry.
"Growing global demand for naturally produced foods expected to drive market growth"
Increasing demand for animal-based products, such as meat products, dairy products, and eggs is also a factor driving revenue growth of the market. For many people around the world, meat is an important source of food. Meat production has more than tripled over the last 50 years, reflecting the increase in global demand for meat. Every year, more than 340 million tons are produced worldwide. Thus, increase in demand for animal products such as meat, milk and egg is expected to increase market revenues. Growing global demand for naturally produced foods and nutritional supplements is another factor expected to drive phytases market growth. The increase in demand is due to the various benefits of nutritional supplements. By overcoming deficiencies, nutritional difficulties and performance problems, nutritional supplements can help increase the value of livestock. Nutrient digestion problems, loss of appetite, difficult pregnancies and weak bone structure can be solved with nutritional supplements. Additives are used to improve feed quality so that livestock producers can see better performance and health in their animals. On the other hand, with the increase in the number of consumers, the demand in the industry has also increased the trend towards processed foods has accelerated the consumption of animal foods, which has increased the demand for enzyme-based foods for animals.
Restraining Factors
"High price and use of limited species of nutritional phytases may hinder the market growth "
However, the high price of the products and the use of limited species of nutritional phytases may hinder the market growth during the forecast period. A recent trend in the market is the introduction of exogenous enzymes as a feed additive for birds and pigs to overcome the negative effects of nutritional factors and improve the digestion of nutritional components and animal performance.
phytases market Regional Insights
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"North America will dominate the market growth due to wide use in animal diets"
North America is expected to hold a major phytases market share during the forecast period. This is because it is widely used in majority of the poultry and pig diets. In 2019, North America accounted for the largest share of turnover. North America dominated the market, accounting for majority of the global animal feed phytases market, and the region is expected to grow at a significant rate in the forecast years due to increasing demand for quality meat and other animal products in the U.S. and Canada. In addition, in the near future, the market will also be strengthened by a huge number of market players who will focus on R&D's activities in developing innovative products. Domestic animals are a constant contributor to the global food supply, and as a result, animal nutrition has become a critical component. In addition, the meat and poultry industries are the largest industries in the U.S. agricultural sector. In addition, the well-developed infrastructure in the region increased feed production. This is also supported by the established presence of feed producers in the region.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Guangdong VTR Bio-Tech Co. (China)
- BASF (Germany)
- Dynavax Europe (Europe)
- Advanced Enzymes (India)
- DSM (Netherlands)
- DuPont (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 486.78 Million in 2021 |
Market Size Value By |
US$ 770.51 Million by 2027 |
Growth Rate |
CAGR of 7.95% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the phytases market expected to touch by 2027?
Based on our research the phytases market is expected to reach USD 770.51 million in 2027.
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What CAGR is the phytases market expected to exhibit by 2027?
The phytases market is expected to exhibit a CAGR of 7.95% by 2027.
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Which are the driving factors of the phytases market?
Growing concern about the health of the population and growing global demand for naturally produced foods are two main driving factors of the phytases market.
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Which are the top companies operating in the phytases market?
The top key players in the phytases market are Guangdong VTR Bio-Tech Co., BASF, Dynavax Europe, Advanced Enzymes, DSM, DuPont, Jinan Tiantianxiang (TTX).