Phytogenics Market Booms as Sustainability Concerns Mount: Market to Reach USD 1759.12 million by 2032

The global phytogenics market size was USD 880 million in 2022 and is expected to reach USD 1759.12 million in 2032 register a revenue CAGR of 8 % during the forecast period. Factors such as expanding demand for natural feed additives, rising consumer preference for organic and natural food products, and the rising prevalence of animal diseases are driving market revenue growth.

Market Overview and Trends

Phytogenics are plant-derived feed additives that offer a natural alternative to antibiotics and growth promoters in animal feed. They are known to improve gut health, digestion, and animal performance while reducing the risk of disease and promoting overall animal well-being. The growing public awareness of the negative impacts of antibiotics on human health and the environment is driving the demand for phytogenics in the animal feed industry.

Get free copy of the  Phytogenics Market report 2024: https://www.reportsanddata.com/download-free-sample/8457

Key Drivers

Rising Concerns about Antibiotic Resistance: The overuse of antibiotics in livestock farming has led to the emergence of antibiotic-resistant bacteria, posing a significant threat to human health. Phytogenics offer a safe and effective alternative for promoting animal health and reducing reliance on antibiotics.

Focus on Sustainable Livestock Production: Consumers are increasingly demanding sustainable and ethical practices in food production. Phytogenics help to improve animal welfare by promoting gut health and reducing stress, aligning with the growing demand for sustainable livestock production methods.
Growing Meat Consumption: The global population is expected to reach 9.7 billion by 2050, leading to a surge in demand for animal protein. This will necessitate increased livestock production, creating a significant opportunity for the phytogenics market.

Restraints and Challenges

Limited Regulatory Clarity: The regulatory landscape for phytogenics varies across different countries, which can create challenges for market expansion. More standardized regulations are needed to ensure consistent product quality and safety.

Price Fluctuations: The prices of raw materials used in phytogenics production can be volatile, impacting the overall cost of these additives.
Lack of Awareness: While awareness of phytogenics is growing, some livestock producers may not be fully aware of the benefits they offer, hindering market penetration.

Access full Report Description, TOC, Table of Figure, Chart, etc. @ https://www.reportsanddata.com/report-detail/phytogenics-market

Growth Opportunities

Development of Novel Products: There is a growing opportunity for the development of innovative phytogenic products tailored to specific animal species and needs.

Focus on Organic and Natural Feed Additives: The demand for organic and natural feed additives is rising, presenting a significant opportunity for the segment of phytogenics derived from organic sources.

Expansion into Emerging Markets: Developing economies in Asia Pacific are expected to witness significant growth in the phytogenics market due to the rising demand for animal protein and increasing awareness of sustainable practices.

Key Market Insights (Statistics)

The global phytogenics market is expected to reach a value of USD 1.07 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.

Herbs and spices-derived phytogenics are expected to register the fastest growth rate due to their effectiveness in treating digestive ailments in animals
.
The Asia Pacific region is expected to hold the largest market share due to the growing demand for animal protein and increasing disposable income in the region .

SWOT Analysis

Strengths: Natural, safe, and effective alternative to antibiotics; Improves animal health and performance; Promotes sustainable livestock production.
Weaknesses: Limited regulatory clarity; Price volatility of raw materials; Lack of awareness among some livestock producers.
Opportunities: Development of novel products; Focus on organic and natural feed additives; Expansion into emerging markets.
Threats: Substitution by synthetic alternatives; Stringent regulatory changes; Economic downturns impacting consumer spending.

Access Sample Copy @ https://www.reportsanddata.com/download-free-sample/8457

Latest Strategic Developments

The European Union has implemented regulations on the marketing and use of feed additives including phytogenics. These laws specify the composition, labeling and safety requirements for phytogenic ingredients used in animal nutrition.

The U.S. Department of Agriculture has set standards for the use of plant extracts as feed additives with regard to their safety and efficacy.
The FDA's Regulation on New Animal Drugs requires that all new animal drugs including phytogenic compounds be shown to be safe and effective before they can be approved for sale or distribution in the United States.

In Canada, Health Canada's Natural Health Products Regulations control the production, distribution and sale of natural health products including herbal supplements, homeopathic medicines, vitamins, minerals and other dietary supplements.

Key Market Insights :

The global phytogenics market is segmented into essential oils, herbs and spices, oleoresins, and others. In 2022, the essential oils segment accounted for largest revenue share in the global phytogenics market. The increased knowledge of the health advantages of natural products generated from plants is driving revenue growth of the essential oils segment. Essential oils are extracted from many sections of plants, including flowers, leaves, stems, and roots, and have several applications in the food, pharmaceutical, and cosmetic industries.

The global phytogenics market is segmented into livestock categories such as swine, poultry, ruminants, aquatic animals, and others. Of these, the poultry segment accounted for largest revenue share in the global phytogenics market in 2022. The increased understanding of the benefits of natural feed additives in improving animal health, lowering antibiotic use, and improving meat quality is driving demand for phytogenics in poultry. In poultry feed, phytogenics such as essential oils, herbs, and spices are utilized to increase digestion, immunity, and feed efficiency.

In 2022, the Asia Pacific market accounted for largest revenue share in the global phytogenics market. The expanding consumer knowledge of the benefits of natural feed additives, as well as the rising demand for meat products, are driving demand for phytogenics. Furthermore, the growing use of phytogenics as an alternative to antibiotics in animal nutrition is expected to increase demand for phytogenics in the region.

Major Companies and Competitive Landscape

Cargill, Incorporated
DuPont de Nemours, Inc.
Kemin Industries, Inc.
BIOMIN Holding GmbH
Delacon Biotechnik GmbH
Pancosma SA
Phytobiotics Futterzusatzstoffe GmbH
Igusol, Inc.
Nor-Feed Sud
A&A Pharmachem Inc.

Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370

About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision.

This release was published on openPR.