Phytase for Animal Feed Applications Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 12/07/2018 -- Phosphorus is considered as an essential compound for animal metabolism and thus executes a prime role for livestock growth and production. The phosphorus is primarily stored as phytic acid in various feedstock, which is mostly inaccessible to swine and poultry animals. Thus, conventionally inorganic phosphates are added to meet the phosphorous requirements of these animals, imparting an additional cost. Adding phyatse based enzymes to feed solves this generic problem, by enabling swine and poultry to digest the phytate bound phosphorous in plants. Moreover, as concerns regarding environmental impact of inorganic phosphorous is also gaining limelight, phytase based enzymes are seeing increasing penetration.
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The demand for phytase for animal feed application is anticipated to expand with a decent CAGR throughout the forecast period.
The demand for phytase for animal feed application can be directly correlated to increasing feed demand, particularly from poultry and swine farms. Moreover, increasing awareness about the benefits of phytase is fuelling rapidly increasing demand from the aquaculture sector too. Moreover, as phytase helps to reduce the environmental impact of phosphorous pollution it is gaining significant penetration in European and North American regions. Furthermore, increasing awareness about additional benefits of phytase such as it enables the poultry and swine to digest the phytate bound phosphorus already present in the plants, helps in reducing cost and better livestock production. Another prime factor, leading to an increasing demand for phytase is the rising shortage of phosphorous. As the demand for biofuel crops increases, the increasing usage of fertilisers is indispensable, thus a large consumption of phosphates channel towards fertiliser production. This coupled with rising standards of living globally, has led to the rising demand of washing powders, thus creating further demand for phosphates. Henceforth, the increasing scarcity of feed phosphates is another reason driving demand for phytase for animal feed applications.
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Moreover, rapid research in the development of phytase by prominent chemical and enzyme manufacturing companies, is sprouting out new benefits of phytase, further fuelling increasing demand for phytase across all applications.
The Global phytase for Animal Feed Applications Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). Western Europe is anticipated to lead the market throughout the forecast period, amid presence of large number of poultry and swine farms in the region coupled with high penetration of awareness and benefits of phytase for animal feed applications. North America is expected to be the next leading market for consumption of phytase based animal feed, particularly due to rising awareness about environmental impact of phosphorous application. However, growth in these matured regions particularly in Western Europe is expected to execute a sluggish growth, compared to Asia Pacific Exc. Japan (APEJ) and Latin America, which are expected to execute an impressive CAGR over the forecast period. The Middle East and Africa (MEA) and Easter Europe regions are expected to account for a small market share over the forecast period of 2016-2026.