Plant-Based Feed Enzymes Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, July 9, 2024 /EINPresswire.com/ -- The global plant-based feed enzymes market is projected to grow from $1.83 billion in 2023 to $1.89 billion in 2024, at a CAGR of 3.5%. Despite the challenges faced by the industry, the market is anticipated to reach $2.11 billion by 2028, driven by the increasing demand for animal protein and a growing focus on sustainable agriculture and animal husbandry.
Increased Production of Crops Drives Market Growth
Increased production of crops such as wheat and corn is a significant factor contributing to the growth of the plant-based feed enzyme market. The process of cultivating these crops for domestic and commercial use results in a higher availability of plant-based ingredients for animal feed. Plant-based feed enzymes play a crucial role in breaking down the complex components of these feedstocks, enhancing their digestibility for animals
.
For instance,
according to the United States Department of Agriculture, corn for grain production increased to 15.1 billion bushels in December 2022, up 7% from the 2020 estimate. Additionally, as per the Australian Bureau of Statistics, the gross value of wheat climbed by 33% to $13 billion in 2021–22.
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Key Players and Market TrendsMajor companies in the plant-based feed enzymes market include Cargill Incorporated, BASF SE, Associated British Foods PLC, DuPont, DSM, Novozymes, Bluestar Adisseo Co. Ltd., Chr. Hansen Holding A/S, Kemin Industries Inc., Novus International Inc., and Huvepharma. These companies focus on product launches and expansion to sustain their market positions . For example, Danisco Animal Nutrition launched an expansion of its novel phytase enzyme, Axtra PHY GOLD, in Malaysia, Thailand, and Australia in July 2021. This enzyme offers unprecedented flexibility and consistency, delivering greater phosphorus, calcium, energy, and amino acid release, thereby improving sustainability and feed cost savings for producers.
Segments:• Type: Phytase, Protease, Carbohydrase • Form: Liquid, Dry • Livestock: Ruminants, Swine, Poultry, Aquatic animals, Pets, Horses
Geographical Insights: North America Leading the MarketNorth America led the plant-based feed enzymes market in 2023 and is expected to continue its dominance. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Plant-Based Feed Enzymes Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Plant-Based Feed Enzymes Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on plant-based feed enzymes market size, plant-based feed enzymes market drivers and trends, plant-based feed enzymes market major players, competitors' revenues, market positioning, and market growth across geographies. The plant-based feed enzymes market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 09, 2024, 11:15 GMT
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