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Feed Palatability Enhancers Market 2024 - By Size, Share Analysis, Future Insights, Current Trends And Global Growth Outlook By 2033
Feed Palatability Enhancers Market
According to The Business Research Company's, the feed palatability enhancers market size has grown steadily in recent years. It will grow from $5.55 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to increasing demand for high-quality animal feed, rising pet population, growing demand for natural and organic palatability enhancers, increasing livestock production, rising income.
The feed palatability enhancers market size is expected to see steady growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to increasing pet population, growing demand for natural and organic palatability enhancers, increasing livestock production, increasing incorporation of technology. Major trends in the forecast period include continued growth of the market, increasing demand for products, rising incorporation of technology, growing demand for natural and organic palatability enhancers, innovative formulations and technologies for palatability enhancers.
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Market Drivers and Trends:
The increase in livestock farming is expected to propel the growth of the feed palatability enhancers market going forward. Livestock farming, or animal husbandry, refers to the agricultural practice of breeding, raising, and managing domesticated animals for various purposes, including food production, fiber, labor, and other products. As incomes increase, people tend to consume more animal products, this shift towards meat-heavy diets contributes to the higher demand for livestock production. Feed palatability enhancers are used in livestock farming to improve the taste, aroma, and overall acceptability of animal feed, encouraging animals to consume it more willingly. For instance, in May 2023, according to the Government Digital Service, a UK-based government body, the entire value of livestock produced in 2022 was $24.63 billion, up $3.45 billion (16.2%) from 2021. Therefore, the increase in livestock farming is driving the growth of the feed palatability enhancers market.
Major companies operating in the feed palatability enhancers market are developing innovative solutions, such as in-feed sweetening solutions, to increase demand in the market. These sweeteners stimulate their sweet taste receptors, promoting increased feed intake when animals switch from liquid to solid feed. For instance, in November 2022, The Archer-Daniels-Midland Company, a US-based food processing company, launched scram mi sweet and specified, in-feed sweetening solutions for livestock species. They are specifically designed to activate the swine's sweet taste, emphasizing piglets at weaning. The weaning stage has demonstrated the effectiveness of in-feed sweeteners as attractants to increase feed intake, thereby supporting the animals' nutritional needs, especially during critical developmental stages.
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Major Key Players of the Market:
Cargill Incorporated, BASF SE, Bayer AG, Yara International, Sumitomo Chemicals, Associated British Foods plc, Syngenta Crop Protection AG, DuPont, Israel Chemical Company, Kerry Group plc, K+S Group, Adama, Symrise AG, Elanco Animal Health, Nufarm Limited, Adisseo France SAS, Alltech, UPL Ltd., Kemin Industries Inc., Compass Minerals, Novus International, Kent Nutrition Group, Ensign-Bickford Industries Inc, Diana Foods, Biomin, Kent Feeds Inc, Nutriad, Impextraco NV, Nutreco, Tanke International Group
Feed Palatability Enhancers Market 2024 Key Insights:
• The feed palatability enhancers market is expected to grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• The Surge in Livestock Farming Fueling Growth in the Feed Palatability Enhancers Market
• Innovative Product Development In The Feed Palatability Enhancers Market
• North America was the largest region in the feed palatability enhancers market in 2023
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