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Feed Phytobiotics Market Grow at CAGR 8.4% from 2019 to 2024: Top Key Players Likes AB Agri Ltd, Archer-Daniels-Midland Company, Alltech, Inc, Cargill Inc, E.I. du Pont de Nemours and Company, Kemin Industries, Inc.
Feed Phytobiotics Market
Feed Phytobiotics Market is expected to register 8.4% CAGR from 2019 to 2024 and reach USD 1.08 billion by the end of 2024. Feed phytobiotics are plant-derived livestock feed formulation, which is added to improve the nutritional content of the feed. The feed phytobiotics helps in stimulation and secretion of digestive enzymes, which, in turn, stimulate an immune response. Feed phytobiotics holds a good anti-microbial, anti-bacterial, antiviral, and antioxidant properties, which are used to improve animal health and reduce the livestock diseases. These probiotics are commonly available in solid, dried, and ground forms.
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Feed phytobiotics are natural growth promoters, which provide additional nutrients and improve the quality of livestock feed. Increasing livestock diseases due to conventional antibiotics and allopathic medicine use has raised the concern of bacterial resistance which has feulled a demand for low cost, high quality and effective alternative in poultry feed additives, which is driving the market for feed phytobiotics. Moreover, increasing awareness of animal health and rising concern for animal nutrition is boosting the feed phytobiotics market.
Governments are taking efforts to limit the use of antibiotics and allopathic medicines for poultry production to prevent consumers from the outbreak of livestock diseases has uplifted the growth of feed phytobiotics market. However, the high cost of processing and raw materials may hamper the feed phytobiotics market over the review period.
Downstream Analysis
Based on the source, feed phytobiotics market is segmented into plant extract, spices, herbs, and others. Among all, the plant extract made feed is dominating the market followed by spices. Essential oils extracted from plants have good antimicrobial properties, which is commonly used in poultry and livestock feed application. The spices segment is growing rapidly owing to anti-inflammatory properties, which is used for preparing livestock feed.
Feed phytobiotics market is segmented on the basis of function such as anti-microbial, anti-oxidants, anti-inflammatory, anti-viral, and others. The anti-microbial segment is dominating the global feed phytobiotics market. However, its application in anti-inflammatory properties is expected to witness high growth over the forecast period.
On the basis of application, the feed phytobiotics are segmented into poultry, ruminants, swine, and others. Among all, poultry is dominating the market based on increased consumption of meat and meat products globally. However, ruminants segment is projected to witness a steady growth over the forecast period owing to growing poultry industry.
Competitive Analysis
The major players in the Feed Phytobiotics Market
AB Agri Ltd. (U.K.)
Archer-Daniels-Midland Company (U.S.)
Alltech, Inc.(U.S.)
Cargill Inc.(U.S.)
I. du Pont de Nemours and Company (U.S.)
Kemin Industries, Inc.(U.S.)
Phytobiotics Futterzusatzstoffe GmbH (Germany)
Regional Analysis
The global feed phytobiotics market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the feed phytobiotics market followed by North America owing to rising population followed by increasing consumption of poultry and meat products in developing regions. Moreover, China is the major exporter of poultry and meat, which, in turn, drives the market of feed phytobiotics in Asia Pacific.
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The U.S. dominates the North American feed phytobiotics market owing to the government regulations imposed on the use of antibiotics and allopathic medicines in livestock.
Moreover, rising demand for poultry products in countries like the U.K. and France in the European region likely to boost the feed phytobiotics market over the forecast period.
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