Description

The global feed enzymes market is expected to grow at a CAGR of 7.5% during the forecast period 2022 to 2028. Animal feed is consisting of variety supplements such as plant materials, vegetable proteins, cereals, and sometimes meat. These materials cannot fully digest and utilized by animals. Feed enzymes are used as feed additives to increase the digestion of animals. In order to save the feed costs, many livestock producers include enzymes in feed additives. This will enable them to produce more meat per animal or to produce the same amount of meat cheaper and faster. Enzymes catalyze chemical processes that convert nutrients into energy and new tissue. Generally, phytases, carbohydrates and proteases are most commonly used in the feed additives. Global Feed enzymes market expected to grow at an unprecedented growth rate owing to increase in meat consumption and growing concerns about animal health worldwide. According to The Food and Agriculture Organization of the United Nations (FAO), total worldwide meat production is estimated 321 million tonnes in 2016. The market is highly competitive in nature due to the presence of a large number of companies around the world. Market players are adopting strategies such as product launches and new product developments in order to increase their market share. For instance, Canadian Bio-System Inc. launched two feed enzyme technology products super enzyme-cs and concentrase-p, custom formulated for livestock industry customers in the Philippines and Southeast Asia. Market players are concentrated on mergers and acquisitions to strengthen feed enzyme product portfolio. For instance, in October 2013, BASF SE, acquired US based biotechnology company, Verenium Corporation to strengthen their R&D in enzyme development.

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