MARKET REPORT 84 FEED & ADDITIVE MAGAZINE November 2022 billion in 2022 and US$ 2.3 billion by the end of 2027, expanding at an annual growth rate of 8.2% between 2022 and 2027. Based on the data in all these reports, average market size for 2022 is estimated about US$ 1.7 billion. Considering that the average growth prospects are at the level of 7.9% CAGR, it can be estimated that the market will reach a size of about US$ 3.6 billion by 2032. MARKET DRIVERS & RESTRAINTS Increase in the production of the livestock such as poultry, swine, and fish has resulted in the upsurge in the demand of animal feed enzymes products, according to the Allied Market Research. According to the company's Animal Feed Enzymes Market report, rising need for feed ingredients, which help in enhancing the quality of livestock is giving momentum to the market. Various health benefits offered by animal feed enzymes such as improving energy level and enhancing metabolism rate are further propelling the growth of the market. In addition, prevalence of various food-borne diseases among animal are increasing the demand of the animal feed enzyme products. The easy availability and economic rate of animal feed enzyme increases the profitability, which is further giving traction to the market. In the upcoming years, the market for feed enzymes is anticipated to be driven by the increasing demand for food products made from animals and the rising concern over animal health, said Future Market Insights in its Feed Enzymes Market report. The company report focuses on the impact of increased meat and dairy products consumption and antibiotic restrictions on the growth potential of the market. According to the report, the global meat business is rising due to increased meat consumption, which is driving the feed enzymes market. Pigs and poultry were the most common animal categories in which feed enzymes were used. Feed enzymes help to enhance the growth rate and strengthen the immune system in pigs and poultry, which has demand around the world. Thus, rising demand for meat products coupled with growing focus towards improving animal health is expected to create sales prospects for animal feed enzymes during the assessment period (2022 - 2032), which will eventually expand the global feed enzymes market. In the dairy sector, feed is one of the most significant cost drivers. As a result of this, dairy farmers will benefit from increased efficiency in converting feed into milk. Market players are developing feed enzymes to boost ruminant efficiency and milk production, which benefits dairy producers by lowering feed costs. Such feed enzymes are expected to acquire favour among dairy sector stakeholders. Similarly, increasing adoption of enzymes in poultry feed will further generate growth prospects within the feed enzymes market in the forthcoming years. Antibiotics as growth boosters for animals continue to be a source of contention. Antibiotics have been used at therapeutic levels to help animals fight microbial illnesses and increase performance and productivity. However, there are still concerns about their harmful influence on the entire food chain. The use of antibiotics as growth promoters in animal feed has already been prohibited by the EU. This has pushed farmers and breeders to seek out alternative ways improving animal performance while minimizing environmental effects and preserving financial margins. Feed enzymes have a positive impact on animal nutritional intake, feed digestibility, and production capacity. Since the recent past, the industry has shown a high level of acceptability for feed enzymes. Rising trend of using enzymes as feed additives in place of antibiotics will continue to act as a catalyst for the growth of feed enzymes market. MARKET STATUS BASED BY TYPE AND SOURCE Based on the product type, the feed enzymes market is divided into four segments as phytase, carbohydrase, protease and others. According to the report of Future Market Insights, phytase is expected to hold the majority of the segment's market during the projection period (2022-2032), as it is chosen
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