COVID-19 Impact on the Global Feed mycotoxin binders and modifiers Market

The feed mycotoxin binders and modifiers market is estimated to account for a value of USD 2.4 billion in 2020 and is projected to grow at a CAGR of 3.0% from 2020, to reach a value of USD 2.8 billion by 2025. Increasing need of green adjuvants, improving efficiency and effectiveness of agrochemicals are some of the factors driving the growth of the feed mycotoxin binders and modifiers market.

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The feed mycotoxin binders and modifiers market includes major product manufacturers and service providers like as Cargill (US), BASF (Germany), ADM (US), Bayer (Germany), Perstorp (Sweden), CHR Hansen (Denmark). These companies have their manufacturing and service facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. The companies in the global market have been affected, logistics and international demand wise. However the many businesses remained operational through the pandemic and were able to mitigate the risks to their businesses instantaneously.

COVID-19 Impact on the Global Feed mycotoxin binders and modifiers Market

Amid the spread of Covid-19 pandemic the demand for meat products fell sharply, due to health concerns in the countries. Thus the production levels and prices of the products fell simultaneously. Regions such as Europe and North America, recorded losses of their feed businesses.

China suspended the operation of 5 of its Brazilian swine meat processing units, as confirmed by the US National Pork Producers Council (NPPC). It also carried out similar operations in the European region and US, inorder to prevent the second wave of Coronavirus in China. Such scenarios have created a situation of instability in the markets and further the logistics and supply chain briers are acting as barriers to smooth flow of operations. However with global efforts are taken to support the feed sector, as meat is an important food source providing an array of nutrition’s to the humans. Which will help return the feed mycotoxin binders and modifiers market scenarios to normalcy in the future.

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The global feed mycotoxin binders & modifiers market was dominated by the North American region. The large market size of the region is attributed to the high adoption of mycotoxin binders & modifiers. This is mainly due to the increase in demand for safe and high-quality livestock-based products, food safety awareness, stringent quality regulations, and aim to reduce, prevent and eliminate the growth and presence of mycotoxin contaminant in the food chain. In the North American region, corn, wheat, and barley are the major crops used in feed production. These crops are highly susceptible to fungal growth and mycotoxin contamination. Adverse climatic conditions such as prolonged drought and flood result in increased incidences of mycotoxin contamination in crops. This also increases the contamination risk in feed, which is projected to result in economic losses. Such factors have led to an increase in demand for feed mycotoxin binders & modifiers in the region.

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