Feed Phytase Market Trends and Segments Forecast To 2028
The global feed phytase market size was valued at USD 592.5 million in 2021 and is poised to grow at a significant CAGR of 6.3% during the forecast period 2022-2028 owing to the growing population of the world due to which the demand for meat products increases in developing countries as well as developed countries. However, the availability of alternatives for the feed enzymes used by the customers for poultry and other animal husbandry coupled with the prices of feed enzymes is more when compared to other feed additives are the major factors restraining the growth of the market.
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Powder and Granular Phytases Dominate the Feed Phytase Market:
The powder and granular phytases accounted for USD 211.7 million of the market and are expected to grow at a significant CAGR over the forecast period (2022 - 2028) and are estimated to be the fastest-growing segment in the feed phytases market. Increasing veterinary education coupled with an increasing number of poultry farms and other livestock husbandry is the major factor driving the growth of the market. Powder phytase is widely used in animal feed in the poultry and swine industry for increasing digestibility.
The global feed phytase market segmentation:
1) by Product: Histidine Acid Phosphatases (HAPs), B propeller Phytases, Purple Acid Phosphatases, Protein Tyrosine Phosphatase Phytases, and Others.
2) By Animal: Swine, Poultry, Ruminants, Aquatic Animals, and Others.
North America Leads Feed Phytase Market:
North America holds a market share of 26.7% in the Feed Phytase market in the forecast period, and it is projected to grow at a significant CAGR over the forecast years. Product demand in this region will be supported by the expanding food and beverage and pharmaceutical industries. The development of the food and beverage industries, as well as the growing need to improve food quality, flavoring, and texture, will drive phytase market growth.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global feed phytase market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2022, AB Enzymes expanded its animal feed additive portfolio. They have added ruminant products Optipartum C and Axcelera C, along with Axcelera P for piglets, to our already extensive feed additive range.
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Key player’s profiles in the report are Danisco Animal Nutrition-DuPont., Novozymes, Roal Oy, BASF, AB Enzymes, Adisseo, Novus International, Vland Biotech Group, and Advanced Enzyme Technologies Limited.
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