Growing demand for natural additives after the ban on AGP is expected to drive Global Phytogenic Feed Additives Market in the forecast period, 2024-2028. According to TechSci Research report, “Phytogenic Feed Additives Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the Global Phytogenic Feed Additives Market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing demand for meat and dairy products in developing regions.
The Important Elements of Phytogenic Feed Additives Market
the growing demand for natural additives after banning Antibiotic Growth Promoter (AGP) to enhance livestock performance which is expected to create significant growth during the forecasted period. Similarly, growing innovation in the phytogenic feed additives markets and technological advancements are expected to boost the growth of the market during the forecasted period. Similarly, the growing demand for reducing the use of antibiotics, especially in the poultry diet has demand for the phytogenic feed additives market during the forecasted period. Also, the increasing research and development activities provide a huge market opportunity for the key players and rising awareness about the health benefits associated with phytogenic feed additives to drive the growth of the market in the forecasted period.
However, the elevated price of end products resulting in low-profit margins may hamper the Global Phytogenic Feed Additives Market in the forecast period. Additionally, the higher cost of active ingredients and raw materials used in phytogenic feed ingredients may restrain the overall market growth. Similarly, a lack of awareness about phytogenic feed additives in developing and underdeveloped regions may restrict the growth of the market in the forecasted period. Also, the prevalence of adulteration and side effects of essential oils may hamper the growth of the phytogenic feed additives market during the forecasted period.
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The Global Phytogenic Feed Additives market is segmented based on type, livestock, source, form, function, packaging, and region.
Based on Type, the Global Phytogenic Feed Additives Market can be segmented into Essential Oils, Flavonoids, Saponins, Oleoresins, and Other Types. The Oleoresins segment is expected to dominate the market for the forecast period due to the growing consumption of oleoresins as a phytogenic feed additive is worldwide. Also, due to their desirable characteristics of being able to impart color, flavor, and aroma to livestock feed which enhances the palatability of the feed is expected to enhance the demand for phytogenic feed additives market during the forecasted period.
Based on Livestock, the market can be further segmented into Poultry, Swine, Ruminants, Aquatic Animals, and Other Livestock. The swine segment is predicted to dominate the market in 2022 and maintain its dominance throughout the forecast period. However, the growing consumption of swine meat or pork has increased significantly in recent years and so increasing their feed intake, improve their gut function, and increasing their resistance to various diseases to enhance the demand for phytogenic feed additives market in the forecasted period.
Major companies are operating in the Global Phytogenic Feed Additives Market:
- Cargill, Inc.
- Archer Danield Midland Company
- DuPont de Nemours, Inc.
- Koninklijke DSM N.V.
- Land O Lakes Inc.
- Adisseo Inc.
- Nutreco N.V.
- Kemin Industries Inc.
- Natural Remedies Pvt. Ltd.
- Nor Feed.
In January 2020, a leading company, Delacon Biotechnik GmbH, introduced a new product BioStrong Comfort in the U.S. and Canadian markets. This product is made up of plant-derived antioxidants and is manufactured to lessen the effect of heat stress during high humidity and temperature.
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“Europe is expected to register the highest growth in the Global Phytogenic Feed Additives Market on account of a prohibition on the utilization of antimicrobial substances as growth stimulators and stringent regulatory framework regarding the usage of synthetic feed additives. Also, increasing the feed mills and feed production is expected to create significant growth during the forecasted period. Similarly, some countries that have large livestock populations such as Europe, China, and India will demand Phytogenic Feed Additives over the years. Additionally, growing demand for decreased feed wastage and increased consumption, and finding extensive applications across poultry and ruminant diets significantly enhanced the demand for phytogenic feed additives in the forecasted period. Also, rising awareness regarding animal health and benefits of phytogenic feed additives is expected to propel the market growth till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Phytogenic Feed Additives Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Essential Oils, Flavonoids, Saponins, Oleoresins, Other Types), By Livestock (Poultry, Swine, Ruminants, Aquatic Animals, Other Livestock), By Source (Herbs & Spices, Fruits & Vegetables, Flowers), By Form (Liquid v/s Dry), By Function (Performance Enhances, Antimicrobial Properties, Palatability Enhances, Other Functions), By Packaging (Flexible, Other Packaging) and By Region”, has evaluated the future growth potential of global Phytogenic Feed Additives market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Phytogenic Feed Additives market.
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