The animal feed phytase market is foreseen to depict sizable expansion through 2030 owing to rising consumer demand for swine and poultry products. In addition, the massive product penetration in the dairy industry is likely to propel market growth over the forecast years.
The COVID-19 pandemic disrupted the global supply chain, encouraging businesses to secure and sustain their supply networks to ensure effective distribution around all regions by entering into supply chain agreements with dealers and distributors. For instance, in August 2020, AB Enzymes, an industrial biotech company, inked an exclusive distribution agreement with chemical distribution firms Dewolf H&IC and Azelis Canada. The agreement helped the company expand its business presence in the U.S. and Canada.
Moreover, key participants in the animal feed phytase market are majorly focusing on innovating new products, engaging in rigorous R&D, and adopting effective growth strategies, such as acquisitions and collaborations, to maintain their market stance, thereby impelling overall industry outlook. For instance, in May 2022, Novus International, a U.S.-based animal health & nutrition company, announced the opening of its new corporate office in India. With this move, the company aimed to widen its customer base and boost its growth.
The animal feed phytase market has been bifurcated in terms of form, class, source, livestock, and region.
With respect to class, the animal feed phytase industry has been classified into 3-phytase, 6-phytase, and others. The 3-phytase segment was valued at about $75 million in 2021 and is anticipated to showcase remarkable growth in the forthcoming years. 3-phytases resemble ?-propeller phosphatases or histidine acid phosphatases structurally.
On the basis of livestock, the animal feed phytase market has been categorized into poultry, swine, cattle, aquaculture, and others. The aquaculture segment was valued at roughly $25 million in 2021 and is speculated to grow at more than 7% CAGR over 2022-2030. Burgeoning demand for fishmeal from consumers around the world is augmenting product adoption. Moreover, surging number of fisheries and rising demand for seafood are encouraging aquaculture farmers to opt for phytase to improve the growth performance, nutrient utilization, and bioavailability of macro and micro minerals in fish.
In the regional context, the Latin America animal feed phytase market is primed to witness steady growth at above 7% CAGR over the study period. The flourishing agricultural and animal husbandry industries as well as high meat consumption in the LATAM region are set to foster regional growth.
Meanwhile, the animal feed phytase industry in North America is expected to progress at over 6.5% CAGR between 2022 and 2030. Consistent investments in R&D for product innovations, along with a positive outlook toward industrial livestock business, are poised to elevate regional growth.