Visiongain has published a new report on Animal Feed Enzymes Market Report to 2031: Forecasts By Product Type ((Phytase, Protease, Carbohydrase (Xylanase, Amylase, Cellulase, Others) Others), By Form (Solid, Liquid), By Livestock (Poultry, Bovine, Equine, Swine, Others), By Source (Plant, Animal, Microorganisms) PLUS Profiles of Leading Animal Feed Enzyme Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Animal Feed Enzymes market was valued at US$ XX million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing consumption of dairy-based products is one of the major factors pushing market growth of animal feed enzymes in major regions and countries.
COVID-19 Impact on Animal Feed Enzymes Market
The impact of COVID-19 has made its impact on the ingredients industry, by disrupting the entire supply chain. However, it has managed to scrape out of the absolute impact, as demand for basic food items such as meat and poultry remained in continuity. However, the disruption in the supply chain created a gap in the demand and supply of ingredients, although minimal. Suppliers of ingredients and raw materials reported little impact due to the pandemic, on their ability to supply their ingredients. The poultry and meat industry is battling rumours that coronavirus could spread though the consumption of meat and meat products. Due to this, consumption of meat and meat products plummeted during the early phases of the pandemic. Prices dropped down to a record low, as meat sellers were finding it difficult to sell the products. However, that phase has crossed, and consumption is on the rise again. Further, the disruption in the supply chain is gradually coming to an end, as most of the countries are coming out of the lockdown phases, and people are beginning to go to work. The effect of this pandemic is likely to continue till the second quarter of 2021. It is expected that the ingredients industry will not have to bear the brunt of the pandemic. However, things might change in case of a second wave.
Growing Dairy Consumption
The growth of the animal feed enzymes market is directly linked to the growing consumption of dairy and dairy products across major regions. India, China, U.S., Brazil and the EU are some of the regions/countries with high milk consumption. For instance, consumption of cow milk in India stood at 77 million tons in 2019, followed by the EU, which stood at 33 million tons in the same year. India is a country where roughly 70% of the population prefer a vegetarian diet. Dairy products are highly preferred among the Indian population, and in fact, its sheer importance in the common Indian diet has led the government to keep dairy shops open for standard hours, even during the pandemic, at a time when normal retail stores operated with limited timings. Dairy products such as cottage cheese is a ‘must have’ in the Indian diet, and is widely consumed among the Indian populace. Apart from that, milk is a common drink in almost every Indian household. These factors have greatly contributed to the feed enzymes market in India and will continue to do so in the coming years as well.
Higher Research and Development Expenses
The animal feed industry requires a higher level of research & development investments and enzyme manufacturing and development abilities in order to produce high quality feed enzymes at a competitive price point. Such organizations require improved infrastructure and laboratories that can perform molecular techniques such as genomics and metagenomics that are used to discover new enzymes. This entire process requires a high amount of investment dedicated to research and development. Further, several manufacturers have a restricted number of research and development facilities. Further, this is also the reason why new players cannot enter this market, hence the majority of the market share is captured by the fortune 500 companies.
Higher Inclusion Rates
Higher level of feed enzymes could have an adverse impact on animal health, by affecting the levels of endogenous enzymes in the gastrointestinal tract. Fluctuation in the level of this effect depends on several factors such as age, diet, type, and inclusion rate of enzymes in feed products. Excess consumption of feed enzymes may result in several side effects such as gastritis, diarrhoea, nausea and swelling in the legs and feet. Further, digestive enzymes results in allergic reactions in few animals. For instance, Bromelain (enzyme derived from pineapple) acts as blood thinner, since it has anti-platelet properties. This enzyme, if fed to animals in high quantities could increase the risk of bleeding.
Some of the companies profiled in the report include BASF SE, Archer Daniels Midlands Company, DuPont De Nemours Inc., Alltech Inc., and Cargill Inc. among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the Animal Feed Enzymes market. For instance, in February 2020, BEC Solutions announced the redeveloped its Carole Park location into a state-of-the-art production facility. This facility is expected to feature a manufacturing plant that is equipped with advanced technology, which is unique to the premixes industry. In order to increase production, this facility will sport a warehouse and a dual storey office building.
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