MARKET REPORT 78 FEED & ADDITIVE MAGAZINE February 2024 grow at a CAGR of 6.5%, the company predicts that the average size will be USD 3.37 billion in 2032. The estimates of the current size of the market by 5 different research companies evaluated are close to each other, although they differ slightly. However, the projections for growth differ notably. Based on an average calculation based on the data in these 5 reports, it is possible to estimate that the global feed enzymes market will reach USD 1.5 billion in 2023, grow at a CAGR of 5.9% between 2023 and 2030 and reach USD 2.28 billion in 2030. FACTORS SUPPORTING MARKET DEVELOPMENT Growing global population, rapid urbanisation, increasing demand for animal foods such as meat and dairy products, and increasing focus on animal health and welfare are considered to be the factors that will drive the growth of the market. However, the effects of enzymes on animal performance and feed costs make it a valuable feed ingredient. In particular, the need to produce more food for the growing population, utilise limited feed ingredient resources more efficiently, increase animal productivity, and reduce the environmental impact of animal production are stimulating the growth of the feed enzymes market. In addition, important measures to improve meat quality and egg production and the antibiotic ban in many regions are also expected to stimulate the market. FACTORS LIMITING MARKET DEVELOPMENT There are also some constraints and challenges that may hinder the growth of the market. The numerous benefits that can be achieved through feed enzymes are limited by physiological factors that inhibit the enzyme's effectiveness. In addition, feeding enzymes to livestock above the prescribed limits may lead to undesirable results. It is reported that the amount of enzyme to be given to an animal depends on factors such as age, size, species, etc. and this can only be determined by experienced professionals such as veterinarians. It is stated that inappropriate consumption of some enzymes may pose a risk to animal health. All these factors are thought to cause a limiting and challenging effect on the enzyme market. Possible regulatory legislation for feed enzymes may also play a role as a limiting factor. MARKET DEVELOPMENT BY PRODUCT TYPE The feed enzymes market is categorised on the basis of product type into phytase, carbohydrase, protease, and others. In its report, Mordor Intelligence reveals that carbohydrase held the largest share of the feed enzymes market in 2022, accounting for 46% and USD 576.5 million. The company forecasts that carbohydrase will be the fastest growing sub-segment during 2023-2029, with a CAGR of 5.1%, owing to its contribution to reducing feed costs. However, reports by other research companies indicate that the phytase segment is the largest segment in the enzyme market. Phytases, which are most widely used among feed manufacturers and animal breeders, are expected to grow at a CAGR of 4.9% during the same forecast period. The CAGR expectation for proteases and lipases is 5%. MARKET SITUATION BY ANIMAL SPECIES In terms of animal species, the pig segment is expected to exhibit significant growth in the coming period. It is known that pigs have problems in digesting all components of their diets. Therefore, the addition of enzymes such as carbohydrase, protease and phytase to swine feed is seen as an important requirement. The poultry segment is also expected to gain significant growth momentum in the feed enzymes market in the coming period. With the significant increase in the demand for chicken meat and eggs in the daily diet, the poultry population has also increased significantly. The African Swine Fever outbreak and rising meat prices have had a significant impact on this increase. In addition to this, there are significant investments in poultry farms in areas with dense Muslim populations. This demand for poultry products and increasing investments are expected to contribute to the growth of both the feed additives market in general and the feed enzymes market in particular. Another remarkable group in terms of animal spe-
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