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Strategic Analysis of the Global Market for Phytase for Animal Feed Applications : Growth is Expected but Increasing Competition Means Innovation will be Key to Market Growth
Phytases have well-recognized and documented benefits in the animal feed industry, particularly for poultry and pig feeds. The identification and establishment of additional benefits beyond the reduction of the environmental impact of phosphorus pollution has increased market penetration and encouraged the entry of more market participants, thereby increasing competition in the market. Growth trends in the phytase market will largely be in line with feed demand patterns, and a large chunk of the market growth will be from traditional animal species, though aquaculture offers a level of potential.
-The global phytase market was worth $ Million in 2013 and an estimated $ Million in 2014. It is expected to grow at a compound annual growth rate (CAGR) of % from 2013 to 2020.
-Growth trends will be in line with feed demand, however, aquaculture offers a potential for the phytase market but growth will be from traditional animal species.
-Europe dominates the phytase for animal feed market mainly due to the larger market penetration and acceptance. The regulatory ban on antibiotics offers additional support to the demand of feed ingredients that can replace them in the diet.
-However, the overall market maturity in Europe’s animal feed market means that the region will see a shift of market share to other regions which are expected to see considerable growth, as various factors lead to a rise in demand.
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