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Phytogenic Feed Additives Market Size, Share, Forecast and Outlook 2023-2030
Phytogenic Feed Additives Market-DataM Intelligence
The global Phytogenic Feed Additives Market, which attained a value of USD 869.2 million in 2022, is anticipated to witness significant growth, reaching USD 1585.1 million by 2030. This growth, with a CAGR of 7.8% during the forecast period 2023-2030, can be attributed to various factors influencing the market dynamics.
Rising Demand Fueled by Animal Health Awareness and Technological Innovations
The increasing awareness regarding animal health and feed quality is a prime factor propelling the demand for Phytogenic Feed Additives. The market is witnessing the emergence of technologies such as feed phytogenics encapsulation, catering to consumer preferences for natural products. The affordability of phytogenic additives has risen due to the availability and commoditization of herbs used in these products.
Strategic Deals and Market Opportunities
The demand for phytogenic feed additives is further boosted by the expanding market for animal nutrition, particularly in the domains of pets and aquatic species. Notably, in July 2022, global agricultural giant Cargill announced a significant contractual agreement to acquire Delacon, a leading specialist in plant-based phytogenic additives.
Market Driven by Economic Growth and Dietary Preferences
The global market is witnessing a surge in demand, driven by rapid economic growth and an increase in disposable income. This is fostering the demand for high-quality dairy and poultry products, including eggs, milk, and meat. According to the OECD/FAO 2021 study, a substantial growth in worldwide consumption of beef proteins is anticipated, attributed mainly to income and population growth.
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Phytogenic Feed Additives Market Scope and Key Metrics
CAGR: 7.8%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (US$)
Segments Covered: Type, Livestock, Source, Form, Distribution Channel, Packaging, Function, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Europe
Largest Region: Asia-Pacific
Insights Covered in the Report
The comprehensive report covers various aspects, including Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and other key insights.
Phytogenic Feed Additives Market Dynamics and Trends
Rising Demand for Phytogenic Feed Additives as Alternatives to Antibiotic Growth in Poultry
Plant secondary metabolites, phytochemicals, probiotics, or botanicals, derived from herbs, spices, and essential oils, offer growth-promoting and therapeutic characteristics. The use of phytogenics as an alternative addresses concerns about antibiotic resistance in poultry and contributes to the efficiency of growth and egg production.
Stringent Regulations on Antibiotic Feed Additives
Stringent regulations, such as the European Union's ban on routine antibiotic feeding to farmed animals, are prompting the exploration of alternative solutions. In the United States and India, regulations are in place to control the use of antibiotics in animal feed, creating a demand for creative phytogenic feed additives.
Challenges Due to Expensive Raw Materials
The high cost of essential oils used in phytogenic feed additives poses a challenge to market expansion. Additionally, the blending process involved in producing these additives increases the final product's value.
Phytogenic Feed Additives Market Segmentation Analysis
The global market is segmented based on type, livestock, source, form, distribution channel, packaging, function, and region.
Herbs & Spices Demand in Phytogenic Feed Additives Market
The herbs and spices category plays a significant role in the global phytogenic feed additives market, contributing to the production of essential oils. Research and development activities are focusing on optimizing herbal poultry nutrition using various herbs and spices like thyme, oregano, black cumin, coriander, garlic, ginger, and more.
Geographical Penetration: Increasing Demand for Natural and Organic Products in Europe
Europe stands out as the fastest-growing market for phytogenic feed additives, driven by the increasing demand for natural and organic products. The region's dynamic organic market, coupled with policies promoting organic farming, contributes to the market's growth.
Market Players and Competitive Landscape
Major global players in the Phytogenic Feed Additives Market include Cargill, Incorporated, ADM, Koninklijke DSM N.V., Delacon Biotech Nik Ges.m.b.H., Adisseo, Trouw Nutrition, Kemin Industries, Inc., Natural Remedies, Orffa International Holding B.V., and Danisco Animal Nutrition & Health (IFF).
For more details on this report: https://www.datamintelligence.com/research-report/phytogenic-feed-additives-market
In conclusion, the global Phytogenic Feed Additives Market is poised for substantial growth, fueled by factors such as increasing awareness of animal health, technological innovations, and the demand for natural products. The market's dynamics are further shaped by strategic deals, rising disposable income, and stringent regulations on antibiotic feed additives. The comprehensive report provides detailed insights into the market, covering various metrics and trends shaping the industry's future.
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Feed Concentrate and Basemix Market: https://www.datamintelligence.com/research-report/feed-concentrate-and-basemix-market
Feed Anticcocidials Market: https://www.datamintelligence.com/research-report/feed-anticcocidials-market
Feed Flavors Market: https://www.datamintelligence.com/research-report/feed-flavors-market
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