Governmental Support to Augment the Global Eubiotics Market at CAGR of 7.43% by 2028
Based on Triton Market Research's report, the global eubiotics market is likely to witness growth at a compound annual growth of 7.43% over the forecast period 2021-2028.
Eubiotics refer to feed additives that include prebiotics, probiotics, essential oils, and organic acids. Moreover, it assists in maintaining gut health either with or without reducing the use of antibiotic growth promoters.
Several government bodies are encouraging eubiotics use as they are effective antibiotic alternatives that do not cause issues, such as antimicrobial resistance. Moreover, several countries have banned the use of antibiotics. Thus, governmental support across various nations creates several new opportunities for the eubiotics market. Furthermore, antibiotics play a key role in ensuring animal productivity, preventing antimicrobial resistance. However, several people are unaware of the benefits of eubiotics, restricting the eubiotics market's growth.
Globally, the Asia-Pacific is estimated to become the fastest-evolving region in the eubiotics market over the forecast period. The rise in income is likely to enhance the demand for beef among developing nations. This rise in meat consumption increases the demand for eubiotics. Besides, changing lifestyle is another factor that is estimated to increase the need for eubiotics. Above all, the rising ban on antibiotics in animals is fueling the demand for eubiotics on a large scale. Therefore, all these factors are responsible for the robust growth of the Asia-Pacific eubiotics market.
The prominent companies in the eubiotics market include Koninklijke DSM NV, Lesaffre, BASF SE, Novus International Inc, Behn Meyer Group, Cargill Inc, Dupont De Nemours Inc, Kemin Industries Inc, Neospark Drugs and Chemicals Private Limited, Anpario Plc, Archer Daniels Midland, Lallemand Inc, Beneo GmbH, CHR Hansen Holding AS, and Yara International ASA.
The market is dominated by prominent players such as Cargill Inc, BASF SE, and Kemin Industries. There is a need for high investment in R&D and manufacturing plants to produce a larger product portfolio, which ultimately restricts the entry of new market players. Moreover, several companies are collaborating to strengthen their position, restricting the entry of new players. Furthermore, existing companies are launching new products to widen their footings. For instance, recently, Kemin Industries launched KemTRACE Chromium OR, a feed ingredient for swine, cattle, and horse diets. Hence, the threat of new players is likely to be low, while the competition level among existing players will remain high over the forecast period.
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