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Feed Taste Enhancers Market 2024 - By Share, Top Companies, Revenue Outlook And Growth Forecast By 2033
Feed Taste Enhancers Market
According to The Business Research Company's, The feed taste enhancers market size has grown rapidly in recent years. It will grow from $2.84 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to environmental factors, consumer demand for quality animal product, feed manufacturing processes, species-specific formulations, feed conversion ratio..
The feed taste enhancers market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to research and development investments, growth in aquaculture and pet food industry, focus on feed efficiency, shift in consumer preferences, demand for functional feed additives.. Major trends in the forecast period include natural and organic solutions, focus on palatability solutions, microencapsulation technology, personalized feed solutions, research in animal behavior and preferences..
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Market Drivers and Trends:
Rising demand for animal feed is expected to propel the growth of the feed taste enhancers market. Animal feed refers to the food given to domestic or farm animals and includes a variety of ingredients such as grains, corn, soybeans, hay, and forage. Feed taste enhancers help improve livestock health and make the feed more palatable and appealing to the animal. For instance, in January 2022, according to the annual feed survey published by Alltech, a US-based agriculture product manufacturer, international feed production accounted for 1.235 billion metric tons in 2021, which increased by 2.3% compared to 1.187 billion metric tons in 2020. Therefore, the rising demand for animal feed is significantly contributing to the growth of the feed taste enhancers market.
Product innovation has emerged as the major trend gaining popularity in the feed taste enhancer market. Major companies operating in the feed taste enhancer market are introducing new innovative feed enhancer products to strengthen their position in the market. For instance, in November 2022, ADM, a US-based animal feed manufacturing company, launched two innovative feed taste enhancer products- SUCRAM M'I Sweet and SUCRAM Specifeek under its SUCRAM series. These new innovative products are sweeteners that aim to enhance the palatability of feed for young animals, especially weanling pigs. By using plants and sweeteners as nutritional solutions, producers can increase feed intake and efficiency, along with promoting the health and overall well-being of the animals.
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Major Key Players of the Market:
Associated British Foods PLC; Kerry Group plc; Symrise AG; Adisseo France SAS; Elanco Animal Health Incorporated; Kent Nutrition Group Inc; Kemin Industries Inc; Diana Food SAS; Tanke International Group Limited; Ensign-Bickford Industries Inc; DuPont de Nemours Inc; Solvay SA; Cargill Incorporated; Nutriad International NV; BASF SE; Agri-Flavors Inc; Alltech Inc; Archer Daniels Midland Company; BIOMIN Holding GmbH; Corbion NV; DSM NV; Flavorchem Corporation; Firmenich SA; Givaudan SA; Ingredion Incorporated; International Flavors & Fragrances Inc; Kalsec Inc; Mane SA; McCormick & Company Incorporated; Naturex SA; Norel Animal Nutrition; Origination O2D
Feed Taste Enhancers Market 2024 Key Insights:
• The feed taste enhancers market will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Surge In Animal Feed Demand Drives Growth Of Feed Taste Enhancers Market
• Product Innovations In The Feed Taste Enhancer Market
• Asia-Pacific was the largest region in the feed taste enhancers market in 2023
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